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Cannabis-focused real estate company Innovative Industrial Properties, Inc. (NYSE:IIPR) confirmed Monday it has finalized the purchase of a Warren, Michigan-based property for around $10.3 million. The acquired property spreads across 85,000 sq. ft. of industrial space.

What happened

In relation to the acquisition, IIP signed a long-term, triple-net lease with a subsidiary of Sozo Companies, Inc. for further use as a cannabis growing, processing and retail facility. A vertically integrated, multi-state cannabis and hemp operator, Sozo is scheduled to finalize extra tenant advancements for the property.

Under the deal, for these improvements, IIP will provide financial support of $5.6 million. With full reimbursement for renovation, IIP’s total investment would amount to $16.0 million.

To read more, click on https://www.benzinga.com/markets/cannabis/21/05/21180260/cannabis-reit-iip-buys-michigan-property-for-10-3-million-signs-lease-with-sozo-companies

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