Innovative Industrial Properties, Inc. (IIP) (NYSE: IIPR) announced on May 31st the company has closed their acquisition of a Holliston, Massachusetts property. The property that IIP acquired is an approximate 26,000 sq. ft. industrial facility and 32,000 sq. ft. greenhouse. IIP also agreed to a long-term lease with a PharmaCann LLC subsidiary for 15.25 years.
IIP purchased the property for $3.0 million and will also reimburse PharmaCann’s subsidiary of up to $15.5 million in construction funding. The total investment by IIP, with full construction reimbursement, will be $18.5 million.
The PharmaCann subsidiary will be responsible for a $2,682,500 annual lease payment that is payable on a monthly basis.
IIPR stock has decreased by .53% in value a day after the date of the announcement.
However, IIPR is at an 8.99% increase in value over the last month, and is trading near the highest all-time value.