Innovative Industrial Properties (IIP), a real estate investment trust based in San Diego that specializes in sale-leaseback deals in the marijuana industry, spent $17.5 million to do such a transaction near its Southern California headquarters.
IIP bought a 70,000-square-foot facility and quickly signed a long-term lease with Kings Garden, a cannabis company based in the Coachella Valley, about 150 miles from San Diego.
This is the fifth leasing arrangement between IIP and Kings Garden, the release noted.
The purchase, which comes only one month after IIP engineered a $49 million sale-leaseback in Boston, adds to a cannabis real estate portfolio that includes 56 properties across 15 states that are home to legal marijuana markets.
As of mid-May, IIP has invested roughly $740 million in marijuana-related properties, according to the release.
Innovative Industrial Properties trades on the New York Stock Exchange as IIPR.