NEWS BRIEF

Cannabis real estate firm NewLake buys MA properties for nearly $9 million

Cannabis real estate financier NewLake Capital Partners closed on yet another acquisition, this time spending almost $9 million on four properties in the north-central Massachusetts town of Fitchburg.

According to the Worcester Business Journal, Connecticut-based NewLake paid $8.8 million for the four properties, which comprised approximately 32,000 square feet apiece and were each appraised at roughly $2 million.

The company didn’t respond to inquiries from reporters about plans for the real estate.

Three of the properties were co-owned by Andover-based medical marijuana business Revolutionary Growers and Anwelt Heritage Condominiums, the Business Journal reported.

NewLake purchased $20.5 million worth of land near Phoenix in July and, a few months before that, invested in an industrial property in Massachusetts in a deal that eventually could be valued at $21.5 million.

NewLake reached agreements in both transactions to lease the property to The Mint, an Arizona-based multistate cannabis operator.

Latest Headlines