Innovative Industrial Properties, Inc. (NYSE: IIPR) has finalized the acquisition of a property in Michigan.
The SanDiego cannabis REIT purchased the property — located at 29600 Stephenson Highway, north of Detroit — for $6.2 million, excluding transaction costs.
Simultaneously, IIP closed a long-term, triple-net lease deal with Holistic Industries Inc.’s subsidiary for the property.
Holistic opted to manage the property utilizing it for cannabis cultivation, processing, and dispensing, once the development of a roughly 63,000 square-foot industrial building is completed.
