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The cannabis-focused real estate company Innovative Industrial Properties, Inc (NYSE:IIPR) announced Monday that it has acquired a property in Holyoke, Massachusetts for $3.5 million that includes around 150,000 square feet of industrial space from Trulieve Cannabis Corp. (OTC: TCNNF).
Innovative Industrial Properties said it bought the property for $3.5 million and entered into a triple-net lease agreement with a Trulieve subsidiary with a 10-year term.
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The subsidiary will provide compensation of up to $40 million that will be used for tenant renovations, according to Innovative Industrial Properties.
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The initial annualized base rent is equal to 11% of the total acquisition price plus the compensation amount funded, the company said.
“We are thrilled to add a tenant with the strength of credit and of the caliber of Trulieve to our tenant roster,” Paul Smithers, the president and chief executive officer of Innovative Industrial Properties, said in a statement.
“Through its dedication to providing Florida patients with the highest quality products in a welcoming, compassionate environment, Trulieve has become the preeminent operator in Florida, and we look forward to supporting Trulieve as a long-term real estate capital partner as it continues to expand its operations in Massachusetts.”
Innovative Industrial Properties’s stock gained 75.7% over the last six months and was trading down by 0.2% at $107.37 at the time of publication Monday.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.