Innovative Industrial Real Estate IIPR recently announced the completion of a $21.5 million property acquisition in Massachusetts. The company acquired this property to expand its portfolio and build on sound market fundamentals.
This real estate investment trust (“REIT”), which focuses on a cannabis-centric real estate portfolio, also has long-term triple net leases of real estate, along with a subsidiary of Curaleaf Holdings, Inc.
The facility, which includes approximately 104,000 square feet of industrial space in Webster, operates as a fully developed and regulated cannabis growing and processing facility. It includes growing, manufacturing, office, administration and storage space and is expected to produce around 32,000 pounds of cannabis flowers annually. Expanding our long-term real estate partnership with Curaleaf is a strategic fit. Specifically, Curleaf, headquartered in Wakefield, Massachusetts, is one of the most highly regulated cannabis dealers in the United States. The company has grown to become Europe's largest vertically integrated cannabis company, with locations in 22 countries. By capital expenditure, Curaleaf is IIPR's fifth largest tenant partner.
The legalization of medical marijuana in several U.S. states and recreational marijuana in several U.S. states has created new opportunities for the cannabis industry. As such, Innovative Industrial Properties have incentives to act as a primary source of capital by partnering with experienced medical cannabis operators to acquire and lease back real estate assets. Its strategy is to acquire existing, refurbished and under-development industrial buildings, including gated greenhouse facilities.
Innovative Industrial's expansion efforts will increase the company's footprint to 111 properties with 8.7 million rentable square feet (including approximately 2.1 million rentable square feet under development/new development) I was. These facilities are located in Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Jersey, New York, North Dakota, Ohio, Pennsylvania, Texas, Virginia and Washington.
Over the past month, the third-ranked Zacks-ranked (Hold) company's stock has fallen 8.7%, beating his industry share of 3.9%. A complete list of today's #1 (Strong Buy) Zachs Stocks can be found here.
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