Cannabis REIT IIP Expands NJ Footprint, Partners With Columbia Care

Cannabis REIT Innovative Industrial Properties Inc. IIPR has acquired an additional two properties in New Jersey, just a week after it purchased a property in Blue Anchor for $5.5 million.

The San Diego company confirmed Monday that it has entered into long-term triple-net leases with Columbia Care Inc.’s CCHW CCHWF subsidiaries for both properties.

The $12.4 million purchase includes a 50,000 square-foot industrial building and a retail location spanning 4,000 square feet.  

IIP secured up to $1.6 million for additional tenant improvements for the industrial property, which Columbia Care agreed to complete.

“Columbia Care is one of the preeminent cannabis operators in the United States, and we are thrilled to introduce them as a new tenant partner,” stated Paul Smithers, IIP’s President, and CEO.

IIP will continue to support Columbia Care in New Jersey by providing additional real estate capital for improvement of its cultivation and processing facility, continued Smithers.

The New York-based company debuted in New Jersey last month when it cut the ribbon on its first medical cannabis store in the state.

Columbia Care CEO Nicholas Vita expects the partnership with IIP to secure Columbia Care “access to nondilutive capital that offers flexibility,” as well as the ability to develop their cultivation, production, and retail sectors.

IIP now owns 61 properties across 16 states.