IIP inks deal with Columbia Care to acquire properties in New Jersey
Category: #business  By Pranali Mehta  Date: 2020-07-21
  • share
  • Twitter
  • Facebook
  • LinkedIn
IIP inks deal with Columbia Care to acquire properties in New Jersey

Innovative Industrial Properties Inc. (IIP), a real estate investment trust that targets medical-use cannabis properties for acquisition, has reportedly inked a sale-and-leaseback deal with Columbia Care Inc. Apparently, the deal includes around 50,000 sq. ft. industrial building property and a 4,000 sq. ft. retail location.

Sources cite that IIP has acquired the two properties for USD 12.4 million. The company has agreed to reimburse USD 1.6 million for completing property improvements, a main component of their agreements with several cannabis firms. Considering full reimbursement for improvements, the company’s total investment in the two properties will reach around USD 14 million.

Speaking on the acquisition, Paul Smithers, CEO and President of Innovative Industrial Partner said that Columbia Care is one of the leading cannabis operators in the nation and the company is thrilled to collaborate with them as a new tenant partner.

He added that Columbia Care is committed to offering the top quality services to customers and patients and the company is looking forward to supporting them as long-term real estate capital in New Jersey, including offering the added real estate capital for future enhancements to their processing and cultivation facility.

Nicholas Vita, CEO at Columbia Care stated that collaborating with IIP offers the company the access to nondilutive funds that provide flexibility and also offer them the ability to continue to develop and expand the company’s manufacturing, cultivation, and retail capabilities in the important markets.

As per a press release, IIP owns 61 properties in 16 states- Pennsylvania, Virginia, North Dakota, Ohio, New York, Nevada, Minnesota, New Jersey, Massachusetts, Michigan, Illinois, Maryland, Colorado, Florida, Arizona, and California. These sites span a combined 4.5 million sq. ft.

To date, IIP has spent USD 820 million on numerous properties and has agreed to fund USD 213 million in tenant improvements. The company works with several renewed cannabis firms, including Vireo Health, Green Thumb, and many others.

 

Source Credit - https://www.businesswire.com/news/home/20200720005094/en/Innovative-Industrial-Properties-Acquires-Properties-New-Jersey

  • share
  • Twitter
  • Facebook
  • LinkedIn

About Author

Pranali Mehta

Pranali Mehta    

Pranali Mehta boasts of over three years of experience as a content writer. Having completed her graduation in chemical engineering, she worked as safety & environment associate in a chemical company for a year. Harnessing her passion for writing however, Pranali deci...

Read More >>

More News By Pranali Mehta

Neuralink to do trials for brain implants in human post FDA approval
Neuralink to do trials for brain implants in human post FDA approval
By Pranali Mehta

Neuralink Corp., a Elon Musk founded neurotechnology company, has reportedly obtained clearance from the US Food & Drug Administration (FDA) to proceed with its first clinical study involving humans. The approval is a significant leap forward ...

House of Lithium acquires EU micromobility startup Reby for USD 100M
House of Lithium acquires EU micromobility startup Reby for USD 100M
By Pranali Mehta

Canadian private equity firm House of Lithium has reportedly acquired Reby. The company was already a significant shareholder in the micromobility startup. The acquisition transaction was valued at USD 100 million. In a statement, Kevin Taylor, th...

Meesho to slash 251 jobs in new round of layoffs at its core unit
Meesho to slash 251 jobs in new round of layoffs at its core unit
By Pranali Mehta

Indian unicorn Meesho, an eCommerce platform, has recently confirmed a second round of layoffs within one year. This time it will terminate around 15% of its personnel, which is 251 employees, according to a spokesperson. Backed by Softbank and he...