Innovative Industrial Properties investing $46.6M in two IL properties
Innovative Industrial Properties announced that it closed on the acquisitions of two properties in Joliet and Kankakee, Illinois, which comprise approximately 90,000 square feet of industrial space in the aggregate. The purchase prices for the properties were $32.8M in total. Concurrent with the closing of the purchases, IIP entered into a long-term, triple-net lease agreement for each property with a wholly owned subsidiary of Cresco Labs Inc., which intends to continue to operate the properties as regulated cannabis cultivation and processing facilities. Cresco is expected to complete additional tenant improvements for the properties, for which IIP has agreed to provide reimbursement of up to approximately $13.8 million. Assuming full reimbursement for the tenant improvements, IIP's total investment in the two properties will be approximately $46.6M.