Innovative Industrial Properties buys MA cannabis facility for $21.5 million

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Innovative Industrial Properties, a San Diego-based real estate investment trust (REIT) that focuses on the regulated cannabis industry, completed its acquisition of a property in Webster, Massachusetts.

The property, consisting of 104,000 square feet of industrial space, cost $21.5 million, according to a news release from the company.

Innovative Industrial Properties (IIP) said the property is already fully built out and operational as a regulated marijuana cultivation and processing facility.

IIP also said it entered into a long-term lease agreement for the property with a subsidiary of Wakefield, Massachusetts-headquartered multistate operator Curaleaf Holdings.

The property is said to have a production capacity of roughly 32,000 pounds of marijuana flower per year.

IIP also leases to Curaleaf four other cultivation and processing facilities and three dispensaries in Illinois, New Jersey, North Dakota and Pennsylvania.

As of Sept. 1, IIP said it owned 111 properties located in 19 states covering 8.7 million square feet.

The REIT trades on the New York Stock Exchange as IIPR.