Innovative Industrial Properties, Inc. acquired Taunton Facility, MA from Commonwealth Alternative Care, Inc. for $40 million.
May 15, 2022
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Innovative Industrial Properties, Inc. acquired Taunton Facility, MA from Commonwealth Alternative Care, Inc. for $40 million on May 16, 2022. The all cash net proceeds of the Massachusetts Transaction of approximately $27 million will be used by TILT to pay down its outstanding corporate debt. Concurrent with the closing of the Massachusetts Sale, IIP entered into a long-term, triple-net lease agreement for the Taunton Facility with CAC. The lease agreement is for a term of 20 years, with two 5-year extensions exercisable at the tenant's discretion.
Innovative Industrial Properties, Inc. completed the acquisition of Taunton Facility, MA from Commonwealth Alternative Care, Inc. on May 16, 2022.
Innovative Industrial Properties, Inc. is an internally managed real estate investment trust (REIT). The Company is focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators for their regulated cannabis facilities. The Company is engaged in the business of providing real estate for the regulated cannabis industry. It acquires its properties through sale-leaseback transactions and third-party purchases. The Company owns approximately d 108 properties comprising an aggregate of approximately 8.9 million rentable square feet (including approximately 1.4 million rentable square feet under development/redevelopment) in Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Jersey, New York, North Dakota, Ohio, Pennsylvania, Texas, Virginia, and Washington. Its subsidiaries include IIP-AZ 1 LLC, IIP-AZ 2 LLC, IIP-AZ 3 LLC, IIP-CA 2 LP, and IIP-CA 1 LP.