Cresco Labs CL CRLBF said Tuesday it has finalized the agreement to sell its Ohio-based Yellow Springs property to Innovative Industrial Properties IIPR.
The sale price was set to around $10.5 million when counting financing for extra tenant enhancements. The property covers around 50,000 sq. feet of industrial space.
At the same time, the company will sign a long-term, triple net lease agreement with Innovative Industrial Properties and will keep on running the property as a licensed cannabis cultivation and processing facility.
“Teaming again with IIP as our long-term real estate partner enables us to further bolster our balance sheet, and redeploy that additional liquidity into higher yielding opportunities,” Joe Caltabiano, President and Co-Founder of Cresco Labs said in a statement. “We are thrilled with the footprint we have established and look forward to deepening our presence in those states, with IIP as one of our trusted capital providers.”
Cresco Labs’ shares were trading 1.9% higher to $6.21 on Tuesday morning.
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