Marijuana REIT tops 100 properties with $72 million deal

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Real estate investment trust Innovative Industrial Properties said it acquired a portfolio of 27 cannabis properties in Colorado, North Dakota and Pennsylvania for $72.7 million excluding transaction costs.

As a result, the San Diego-based REIT said it now owns 103 properties with 7.7 million square feet of rentable space in 19 states.

Innovative Industrial Properties (IIP) said in a news release that all the properties in the latest transaction are leased for use as state-legal dispensaries, processing and/or cultivation facilities.

The portfolio consists of 24 properties in Colorado, two in North Dakota and one in Pennsylvania, under the following marijuana operators:

  • 16 are leased to a subsidiary of New York-based multistate operator Columbia Care.
  • Four to subsidiaries of Denver-headquartered Schwazze.
  • Three to subsidiaries of Massachusetts-based Curaleaf Holdings.
  • Three to subsidiaries of Colorado-headquartered LivWell Holdings.
  • One to Colorado-based Kaya Cannabis.

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IIP CEO Paul Smithers said in the release that the transactions represent an expansion of the company’s long-term real estate partnerships with Columbia Care, Curaleaf and LivWell as well as new relationships with Schwazze and Kaya.

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