Innovative Industrial Properties Acquires Property in Florida and Enters Into Long-Term Lease with Harvest
Innovative Industrial Properties, Inc. (IIP), the first and only real estate company on the New York Stock Exchange (NYSE: IIPR) focused on the regulated U.S. cannabis industry, announced today that it closed on the acquisition of a property in Alachua, Florida, which comprises approximately 295,000 square feet of industrial space.
The purchase price for the property was $23.8 million (excluding transaction costs). Concurrent with the closing of the purchase, IIP entered into a long-term, triple-net lease at the property with a subsidiary of Harvest Health & Recreation Inc. (Harvest) (CSE: HARV, OTCQX: HRVSF), which intends to continue to operate the property as a licensed cannabis cultivation and processing facility. Harvest is expected to complete additional tenant improvements for the property, for which IIP has agreed to provide reimbursement of up to approximately $10.8 m
January 25, 2021 at 7:23 am Published by NCV Newswire
Harvest Health & Recreation Inc. Announces Sale Leaseback Transaction with Innovative Industrial Properties
PHOENIX, Jan. 25, 2021 /PRNewswire/ Harvest Health & Recreation Inc. (“Harvest”) (CSE: HARV, OTCQX: HRVSF), a vertically integrated cannabis company and multi-state operator in the U.S., today announced the closing of a sale leaseback transaction with Innovative Industrial Properties, Inc. (“IIP”) (NYSE:IIPR).
Harvest sold an industrial property totaling approximately 292,000 square feet for $23.8 million. Concurrent with the sale Harvest entered into a triple net lease with IIP. Harvest plans to continue to operate the property as a licensed cultivation and processing facility and expects to recover up to approximately $10.8 million in tenant improvements from IIP. The total proceeds for the transaction are expected to be approximately $34.6 million.
Innovative Industrial Properties Acquires Property in Florida and Enters Into Long-Term Lease with Harvest
Innovative Industrial Properties Acquires Property in Florida and Enters Into Long-Term Lease with Harvest Innovative Industrial Properties, Inc. (IIP), the first and only real estate company on the New York Stock Exchange (NYSE: IIPR) focused on the regulated U.S. cannabis industry, announced today that it closed on the acquisition of a property in Alachua, Florida, which comprises approximately 295,000 square feet of industrial space. The purchase price for the property was $23.8 million (excluding transaction costs). Concurrent with the closing of the purchase, IIP entered into a long-term, triple-net lease at the property with a subsidiary of Harvest Health & Recreation Inc. (Harvest) (CSE: HARV, OTCQX: HRVSF), which intends to continue to operate the property as a licensed cannabis cultivation and processing facility. Harvest is expected to complete additional tenant
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Innovative Industrial Properties Expands Real Estate Partnership with Holistic Industries in California
January 8, 2021 GMT
SAN DIEGO (BUSINESS WIRE) Jan 8, 2021
Innovative Industrial Properties, Inc. (IIP), the first and only real estate company on the New York Stock Exchange (NYSE: IIPR) focused on the regulated U.S. cannabis industry, announced today that it signed a long-term lease with Holistic Industries Inc. (Holistic) for its property located in Los Angeles, California.
As previously reported, Holistic entered into a definitive agreement to acquire the retail, distribution, cultivation and manufacturing licenses for cannabis operations from the tenant at IIP’s Los Angeles, California property, which was in receivership. Holistic closed on this transaction and concurrent with this closing executed a long-term, triple-net lease with IIP for the entire property. In connection wi
January 08, 2021 at 08:54 AM EST
Innovative Industrial Properties Expands Real Estate Partnership with Holistic Industries in CaliforniaInnovative Industrial Properties, Inc. (IIP), the first and only real estate company on the New York Stock Exchange (NYSE: IIPR) focused on the regulated U.S. cannabis industry, announced today that it signed a long-term lease with Holistic Industries Inc. (Holistic) for its property located in Los Angeles, California.
As previously reported, Holistic entered into a definitive agreement to acquire the retail, distribution, cultivation and manufacturing licenses for cannabis operations from the tenant at IIPâs Los Angeles, California property, which was in receivership. Holistic closed on this transaction and concurrent with this closing executed a long-term, triple-net lease with IIP for the entire property. In connection with the planned redevelopment of the property, IIP has agreed to provide reimbursement to Holistic of up to $11.0 million.