Innovative Industrial Properties, Inc. IIPR closed on the acquisition of a property comprising approximately 104,000 square feet of industrial space in Webster, Massachusetts.
The purchase price for the property was $21.5 million, which is fully built out and operational as a regulated cannabis cultivation and processing facility. Concurrent with the closing of the purchase, IIP entered into a long-term, triple-net lease agreement for the property with a subsidiary of Curaleaf Holdings, Inc. CURLF CURA
The property consists of cultivation, manufacturing, office, administrative and storage space, and is estimated to produce approximately 32,000 pounds of cannabis flower annually. Together with this facility in Massachusetts, IIP owns and leases four other cultivation and processing facilities and three dispensary locations in Illinois, New Jersey, North Dakota and Pennsylvania to Curaleaf, comprising a total of approximately 578,000 square feet. Curaleaf is IIP’s fifth largest tenant partner in terms of capital investment.
Curaleaf reported second quarter 2022 total revenues of $338 million ($1.4 billion annualized), and adjusted EBITDA of $86 million ($344 million annualized), reflecting quarter-over-quarter sequential growth in these metrics of 8% and 18%, respectively. Curaleaf also continued to add to its management team in 2022, including Ed Kremer as CFO, Camilo Lyon as chief investment officer, Mitch Hara as chief strategy officer and Tyneeha Rivers as chief people officer.
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