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IIP Expands Portfolio to 66 Properties Comprising 5.4 Million Square Feet in 17 States
Innovative Industrial Properties, Inc. (IIP), the first and only real estate company on the New York Stock Exchange (NYSE:IIPR) focused on the regulated U.S. cannabis industry, announced today that it closed on the acquisitions of a property in Georgetown, Massachusetts and a property in Olympia, Washington, which collectively comprise approximately 181,000 square feet of industrial space.
The purchase prices for the properties were $33.0 million in total (excluding transaction costs). Concurrent with the closings of the purchases, IIP entered into a long-term, triple-net lease agreement for each property with a subsidiary of 4Front Ventures Corp. (CSE:FFNT) (OTCQX:FFNTF) (4Front), which intends to continue to operate the Massachusetts property as a regulated cannabis cultivation, processing and dispensing facility and to sublease the Washington property to a cannabis license holder for c