Cannabis REIT IIP Buys 27 Properties In Colorado, Pennsylvania And North Dakota For $72.7M

Cannabis REIT IIP Buys 27 Properties In Colorado, Pennsylvania And North Dakota For $72.7M

Cannabis REIT Innovative Industrial Properties, Inc. IIPR confirmed Tuesday that it has completed the $72.7 million acquisition of a portfolio of 27 properties in Colorado, Pennsylvania and North Dakota that are 100% leased for use as regulated cannabis dispensing, processing and/or cultivation facilities.

“This transaction represents an outstanding addition to our portfolio, and we are thrilled to continue to expand on our long-term real estate partnerships with Columbia Carem, Curaleaf and LivWell, in addition to welcoming Kaya Cannabis and Schwazze to our tenant roster,” Paul Smithers, president and CEO of IIP stated. “The purchase of this portfolio also provides us an opportunity to efficiently add well-located retail space to our portfolio, with strong, established operators in place.”

Property Portfolio Details

  • The property portfolio consists of 24 properties located in Colorado, two in North Dakota and one in Pennsylvania.
  • 16 properties are leased to a subsidiary of Columbia Care Inc. CCHWF;
  • Four properties are leased to subsidiaries of Schwazze SHWZ;
  • Three properties are leased to subsidiaries of Curaleaf Holdings, Inc. CURLF;
  • Three properties are leased to subsidiaries of LivWell Holdings, Inc.;
  • One property is leased to a subsidiary of Southwest Alternative Care, LLC (Kaya Cannabis

As of Dec. 14, the San Diego, California-based cannabis REIT owned 103 properties across 19 states, representing a total of approximately 7.7 million rentable square feet. It also had committed around $2.0 billion across its portfolio, including capital invested to date and additional capital commitments to fund future construction and tenant improvements at IIP’s properties. More recent news from IIP:

This Cannabis REIT Stock Outperformed Nvidia, Amazon, Square And Pfizer

Cannabis REIT IIP Acquires Property in California, Undertakes Long-Term Lease With Gold Flora

Cannabis REIT IIP To Fund $56.2M Goodness Growth Development In New York

Price Action

IIP shares closed Tuesday market session 3.73% lower at $236.80 per share.

Photo: Courtesy of Esteban Lopez on Unsplash

Posted In: Cannabis REITmarijuana stocksPaul SmithersCannabisNewsPenny StocksREITSmall CapMarketsReal Estate