Innovative Industrial Properties announced that it closed on the acquisition of an industrial property in Fall River, Massachusetts. The property is 118,000 square feet and includes cultivation space, a processing facility, and a dispensary that will serve adult use and medical patients. The purchase price was approximately 7.8 million. With the closing of the purchase, the cannabis-centric real estate company entered into a long-term, triple-net lease agreement with Cresco Labs, which will operate the facility. Cresco is expected to complete additional tenant improvements on the property, for which IIP has agreed to provide reimbursement of up to 21 million.
Founded in 2013, Cresco is one of the largest vertically-integrated cannabis companies in the United States, with licensed operations in nine states. Their house of brands includes Sunnyside, Remedi, and Mindy’s, a line of edibles created by James Beard Award-winning chef Mindy Segal.
This sale-leaseback transaction marks IIP’s fifth acquisition and lease with Cresco, with prior IIP acquisitions and leases for four of Cresco’s licensed cannabis cultivation and processing facilities in Illinois, Michigan and Ohio.
