Cresco Labs, a multistate hashish operator headquartered in Chicago, has entered into its fifth sale-leaseback deal with San Diego-based Innovative Industrial Properties (IIP), this time for a vertically built-in marijuana facility in Massachusetts.
According to a information launch, the deal is value $29 million and consists of $21 million for tenant enhancements.
“IIP has proven to be a reliable partner, and we are thrilled to work with them for a fifth lease. This transaction, along with our expanded real estate partnership with IIP, is allowing us to continue building out Cresco’s presence” in Massachusetts, Michigan and Ohio, Cresco CEO Charlie Bachtell stated within the launch.
The sale-leaseback agreement follows comparable offers struck between Cresco and IIP in Illinois, Michigan and Ohio, together with at the very least two such offers in June value $17 million.
In all, Cresco has made at the very least $92 million from sale-leaseback offers thus far.
Much of that cash has been reinvested in firm operations, in keeping with the discharge, and although IIP will now personal the Massachusetts facility, Cresco will proceed to supervise operations.
IIP, an actual property funding belief (REIT), has been on a marijuana actual property shopping for spree for years and has closed comparable offers with many hashish multistate operators, together with Green Thumb Industries and Vireo Health.
IIP trades on the New York Stock Exchange as IIPR.