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