Innovative Industrial Properties, a San Diego-based, marijuana-centric actual property funding belief (REIT), has solidified but another sale-leaseback deal, this time partnering on a New Jersey property with multistate operator Curaleaf Holdings.
Innovative Industrial Properties (IIP) purchased a 111,000-square-foot facility on land in Blue Anchor, New Jersey, for $5.5 million, then leased it again to a subsidiary of Massachusetts-based Curaleaf to be used as a business marijuana facility, Benzinga reported.
The California REIT has additionally agreed to reimburse Curaleaf for as much as $29.5 million in enhancements to the property.
Sale-leaseback actual property offers resembling this have develop into more and more widespread within the U.S. marijuana sector, with IIP having emerged as a dominant participant within the apply.
The firm has additionally brokered offers with cannabis MSOs resembling Cresco Labs, Green Thumb Industries and Trulieve.
Innovative Industrial trades on the New York Stock Exchange below the ticker image IIPR.