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Innovative Industrial Properties acquires Michigan property

|About: Innovative Industrial Pr... (IIPR)|By:, SA News Editor

Innovative Industrial Properties (NYSE:IIPR) acquired an industrial space of ~156K  sq. ft. in Michigan for $19M.

The company has entered into a long-term, triple-net lease agreement with LivWell Michigan, LLC, a licensee of LivWell Holdings.

The company has agreed to provide reimbursement to tenant of up to $23M for the licensed cannabis cultivation and processing facility, thereby making total investment in the property to $42M.

IIPR +2.2% after hours to $88.1

Source: Press Release

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