Innovative Industrial Properties, Inc. (NYSE:IIPR) real estate company focused on the regulated U.S. cannabis industry, closed the acquisition of a Maryland property comprising approximately 84,000 square feet of industrial and greenhouse space.
The purchase price for the property was $25.0 million. Concurrent with the closing of the purchase, IIP entered into a long-term, triple-net lease agreement for the property with a subsidiary of Maryland Cultivation and Processing, LLC (MCP), which intends to continue to operate the property as a regulated cannabis cultivation facility.
