Cannabis real estate financier NewLake Capital Partners announced a deal to acquire land in Phoenix and lease it to Arizona-based, vertically integrated marijuana operator The Mint.
The $20.5 million deal includes $2.4 million to purchase the land and $18.1 million allotted for tenant improvements, according to a Wednesday news release.
The Mint will use the property to build a 130,757-square-foot marijuana cultivation and processing facility, the release noted.
The lease was described as a “long-term, triple net” agreement, meaning The Mint will pay ongoing expenses for the property.
In April, NewLeaf acquired an industrial property in Massachusetts that will also be leased to The Mint for use as a cultivation and processing facility.
Connecticut-based NewLake recently merged with New York-based cannabis real estate investment trust GreenAcreage, creating a major player in marijuana real estate.