Innovative Industrial Properties acquires Michigan property
Innovative Industrial Properties announced that it closed on the acquisition of a property in Warren, Michigan, which comprises approximately 156,000 square feet of industrial space. The purchase price for the Michigan property was $19M. Concurrent with the closing of the purchase, IIP entered into a long-term, triple-net lease agreement with LivWell Michigan, a licensee of LivWell Holdings, which intends to operate the property as a licensed cannabis cultivation and processing facility upon completion of redevelopment. LivWell is expected to complete tenant improvements for the property, for which IIP has agreed to provide reimbursement of up to $23M. Assuming full reimbursement for the tenant improvements, IIP's total investment in the property will be $42M.