Innovative Industrial Properties, Inc. (IIP) (NYSE:IIPR) closed on the acquisition of a property in Texas, and entered into a long-term lease with a subsidiary of Texas Original Holdings, LLC.
The purchase price for the property was approximately $12.0 million, which was derived from costs Texas Original incurred to acquire the 25 acres of land and develop the property through the date of closing. At the time of closing, the majority of project sitework had been completed and two of the four buildings have been dried in with interior finish out under construction.
