Innovative Industrial Properties acquires Massachusetts property for $40M

  • Innovative Industrial Properties (NYSE:IIPR) has acquired a property comprising ~104K square feet of industrial space in Taunton, Massachusetts.
  • The purchase price for the property was $40.0M, which is fully built out and operational as a regulated cannabis cultivation, processing and dispensing facility.
  • Concurrent with the closing of the purchase, IIP entered into a long-term, triple-net lease agreement for the property with a subsidiary of TILT Holdings Inc.
  • TILT was a tenant of the prior owner of the property, and executed a purchase agreement with the prior owner to acquire the property for $13.0 million (approximately $125 per square foot).
  • The property consists of approximately 60,000 square feet of cultivation space, 8,000 square feet of production space (including a full commercial kitchen and extraction facility), 2,400 square feet of retail space and mechanical, office, administrative and storage space.
  • As of May 16, 2022, IIP owned 110 properties globally representing a total of ~8.2 million rentable square feet (including approximately 2.4 million rentable square feet under development / redevelopment).
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