Innovative Industrial Properties acquires Michigan property for $4.8M
Innovative Industrial Properties, or IIP, announced that it closed on the acquisition of a property in Lansing, Michigan, which comprises approximately 145,000 square feet of industrial space. The purchase price for the Michigan property was approximately $4.8M. Concurrent with the closing of the purchase, IIP entered into a long-term, triple-net lease agreement with a subsidiary of Ascend Wellness, or AWH, which intends to operate the property as a licensed medical-use cannabis cultivation and processing facility upon completion of redevelopment. AWH is expected to complete tenant improvements for the building, for which IIP has agreed to provide reimbursement of up to $15M. Assuming full reimbursement for the tenant improvements, IIP's total investment in the property will be approximately $19.8M. This Michigan property represents IIP's second real estate transaction with AWH.