Innovative Industrial Properties Acquires Virginia Property

Innovative Industrial Properties (NYSE: IIPR), the lone publicly traded real estate investment trust (REIT) specializing in the cannabis industry, is adding another asset to its portfolio.

The company announced Wednesday that it has closed the acquisition of a property in Richmond, Virginia. Innovative made the purchase  for roughly $11.8 million, not including transaction costs. That amount also does not include potential reimbursement of around $8.0 million once development is completed.

Image source: Getty Images.

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Source Fool.com