Innovative Industrial Properties Acquires Michigan Property and Enters Into Long-Term Lease with Sozo caribbeannewsglobal.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from caribbeannewsglobal.com Daily Mail and Mail on Sunday newspapers.
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Innovative Industrial Properties (NYSE:IIPR), ever on the hunt for suitable properties to add to its portfolio, has found another one in Pennsylvania. The specialty marijuana real estate investment trust (REIT) announced Friday it has closed a deal for a site in Pittsburgh. It is paying $41.8 million to a subsidiary of privately held multi-state operator (MSO) Parallel for the property.
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Parallel confirmed Friday it has sold its Pittsburgh, Pennsylvania warehouse to an affiliate of a cannabis REIT,
Innovative Industrial Properties, Inc. (NYSE:IIPR), for roughly $68 million.
In relation to the sale, both companies also signed a long-term lease agreement.
Parallel noted it plans to use the collected proceeds to finalize the original construction of the warehouse that will serve as goodblend’s state-of-the-art cannabis cultivation and processing facility. The Pennsylvania facility expects to launch its activities in the middle of this year.
Upon finalizing phase one of the renovation, the warehouse will have around 124,000 sq. ft. of available space for Parallel, and an extra 36,000 sq. ft. for further expansion.
Cannabis company Parallel confirmed Friday it has sold its Pittsburgh, Pennsylvania warehouse to an affiliate of a cannabis REIT, Innovative Industrial Properties, Inc. (NYSE: IIPR), for roughly $68 million.
In relation to the sale, both companies also signed a long-term lease agreement.. Read More. Don t Miss Any Updates! News Directly in Your Inbox Subscribe to: