Innovative Industrial Properties Inc. (NYSE:IIPR) valued at $33 million.
The Phoenix, Arizona-based cannabis company sold its cultivation and production facilities in Georgetown, Massachusetts and Olympia, Washington some 181,000 square-feet of industrial space to Innovative Industrial Properties, or IIP.
The proceeds will be utilized to pay the company’s total senior secured debt to affiliates of Gotham Green Partners.
IIP, a real estate investment trust and frequent sale-leaseback dealmaker, signed a long-term, triple-net lease agreement for each 4Front property.
4Front will continue to run the Massachusetts property as a facility for cannabis operations. Furthermore, it will sublease the Washington property to a cannabis license holder.
The Week In Cannabis: Tilray-Aphria Merge, Aurora Continues Layoffs, Financings, Earnings, M&A Benzinga 12/18/2020
Aphria (NASDAQ: APHA) and
Tilray (NASDAQ: TLRY). Benzinga spoke with Aphria CEO and chairman
Irwin D. Simon, who will maintain those two positions in the new company, and Tilray CEO
Brendan Kennedy, who will serve in the new corporation’s board of directors. The executives shared details on how the deal came to be, and their expectations for the future, which, they say, doesn’t include massive layoffs.
Cantor Fitzgerald’s analyst Pablo Zuanic praised the merger. The Canadian cannabis sector is in need of consolidation due to the oversupply problems and “historically low ï¬ower retail prices,” he explained.
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IIP Expands Portfolio to 66 Properties Comprising 5.4 Million Square Feet in 17 States
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 acquisitions of a property in Georgetown, Massachusetts and a property in Olympia, Washington, which collectively comprise approximately 181,000 square feet of industrial space.
The purchase prices for the properties were $33.0 million in total (excluding transaction costs). Concurrent with the closings of the purchases, IIP entered into a long-term, triple-net lease agreement for each property with a subsidiary of 4Front Ventures Corp. (CSE:FFNT) (OTCQX:FFNTF) (4Front), which intends to continue to operate the Massachusetts property as a regulated cannabis cultivation, processing and dispensing facility and to sublease the Washington property to a cannabis license holder for c
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PHOENIX, Dec. 17, 2020 /PRNewswire/ - 4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) ( 4Front or the Company ) is pleased to announce it has completed the sale and leaseback of its cultivation and production facilities in Olympia, WA and Georgetown, MA (the Transaction ) with an affiliate of Innovative Industrial Properties, Inc., (NYSE: IIPR) ( IIP ).
This previously announced Transaction generated proceeds of US$33 million which were used by the Company to pay down the entire outstanding senior secured debt obligation to affiliates of Gotham Green Partners. The balance of the proceeds will be used for general corporate purposes.
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