Real Estate: IIPR Announces Sale-Leaseback Deal with Green Thumb Industries
The $2.9 million deal is the latest in a busy cannabis sector.
Innovative Industrial Properties (IIPR) has announced a sales-leaseback deal with Green Thumb Industries (GTBIF). The $2.9 million deal is for a licensed cannabis processing facility in Toledo, Ohio.
Innovative Industrial Properties Dials Up Another Deal
Innovative Industrial – which operates as a REIT – will also provide reimbursement of up to $4.3 million for renovations and property improvements. This is IIPR’s second acquisition and lease with Green Thumb. It likely won’t be the last deal either.
In November of 2019, the firms did a sale-leaseback transaction a medical cannabis cultivation and processing facility in Pennsylvania. Green Thumb has a number of cannabis procurement facilities that could benefit from sale-leaseback transactions.
“Green Thumb continues to distinguish itself with its cannabis product offerings and dedication to patient experience and right to well-being, providing safe, high-quality cannabis products in a compassionate environment,” said Paul Smithers, President and CEO of IIP. “We also commend them on the strength of their commitment to the communities in which they operate, including their recent announcement that over 200 social equity applicants have participated in GTI’s Social Equity Licensing Education Assistance Program (LEAP), providing pro bono mentoring and programming for Illinois craft grower, infuser and transporter licenses.”
As of February 3, 2020, IIPR owned 49 properties. They operate in Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, New York, Nevada, North Dakota, Ohio, Pennsylvania, and Virginia.
Furthermore, the firm has approximately 3.2 million rentable square feet. Finally, recent data shows that IIP properties are 98.9% leased with a weighted-average remaining lease term of approximately 15.6 years.
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