NewLake Capital Partners, a sale-leaseback real estate company for the cannabis industry, announced on Wednesday it has closed the acquisition of a parcel of land in Phoenix, Arizona for a total investment of up to $20.5 million.
The land will be leased to The Mint, a vertically integrated multi-state cannabis operator based in Tempe, Arizona. The Mint will operate a 130,757-square-foot cultivation and processing facility that will be constructed on the site.
The lease includes an $18.1 million “tenant improvement allowance” for construction.
The Mint operates two dispensaries in Arizona and has operations in Michigan and Massachusetts.
In April, the two companies entered a similar agreement, by which NewLake acquired a 40,000-square-foot industrial property in Palmer, Massachusetts. The Mint will operate the property as a licensed cultivation and processing facility.
New Lake owns 27 properties across 10 states with 8 different tenants. These host 17 dispensaries and 10 cultivation facilities.
Photo by Sven Mieke on Unsplash
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