California REIT, Curaleaf strike $5.5M cannabis deal on New Jersey property

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Innovative Industrial Properties, a San Diego-based, marijuana-centric real estate investment trust (REIT), has solidified yet another sale-leaseback deal, this time partnering on a New Jersey property with multistate operator Curaleaf Holdings.

Innovative Industrial Properties (IIP) bought a 111,000-square-foot facility on land in Blue Anchor, New Jersey, for $5.5 million, then leased it back to a subsidiary of Massachusetts-based Curaleaf for use as a commercial marijuana facility, Benzinga reported.

The California REIT has also agreed to reimburse Curaleaf for up to $29.5 million in improvements to the property.

Sale-leaseback real estate deals such as this have become increasingly common in the U.S. marijuana sector, with IIP having emerged as a dominant player in the practice.

The company has also brokered deals with cannabis MSOs such as Cresco Labs, Green Thumb Industries and Trulieve.

Innovative Industrial trades on the New York Stock Exchange under the ticker symbol IIPR.

Curaleaf trades on the Canadian Securities Exchange under the ticker symbol CURA and on the U.S. over-the-counter markets as CURLF.