Innovative Industrial Properties Acquires California Property for $17.5 Million, Leases It Immediately
Innovative Industrial Properties (NYSE: IIPR) has expanded its portfolio with the addition of new real estate in California. The company announced Wednesday it has acquired a property consisting of roughly 70,000 square feet of industrial space for $17.5 million, exclusive of transaction costs. It did not specify the site's location.
It did, however, reveal that it has already leased the property to Kings Garden, a privately held marijuana cultivation company active in the state that holds licenses not only for growing, but also production, processing, delivery, and distribution. Kings Garden and Innovative have a history together; this is the fifth property it has leased from the REIT.
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Source Fool.com
