Innovative Industrial Properties acquires California portfolio for $17.3M
Innovative Industrial Properties announced that it closed on the final parcel of a four-property portfolio in southern California, which comprises approximately 79,000 square feet of industrial space in total. The purchase price for the southern California portfolio was approximately $17.3M in the aggregate. Concurrent with the closing of the purchase, IIP entered into a long-term, triple-net lease at each property with a subsidiary of Medical Investor Holdings for continued operation as licensed cannabis cultivation, extraction, manufacturing and distribution facilities in accordance with California regulations. Vertical is a multi-state operator licensed for cannabis cultivation, extraction, manufacturing and distribution in California and cultivation operations in Arizona and Ohio, with an extensive portfolio of branded cannabis products.