Innovative Industrial Properties Acquires Massachusetts Property and Expands Real Estate Partnership with Cresco Labs

SAN DIEGO–(Enterprise WIRE)–Impressive Industrial Homes, Inc. (IIP), the initially and only authentic estate business on the New York Inventory Trade (NYSE: IIPR) concentrated on the regulated U.S. cannabis market, introduced these days that it closed on the acquisition of a home in Massachusetts, which includes around 118,000 sq. ft of industrial room in the combination.

The acquire value for the home was around $seven.eight million (excluding transaction expenditures). Concurrent with the closing of the acquire, IIP entered into a long-time period, triple-internet lease settlement for the home with a wholly owned subsidiary of Cresco Labs Inc. (Cresco), which intends to function the home as a regulated cannabis cultivation, processing and dispensing facility upon completion of redevelopment. Cresco is predicted to comprehensive further tenant enhancements for the home, for which IIP has agreed to supply reimbursement of up to $21. million. Assuming comprehensive reimbursement for the tenant enhancements, IIP’s

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