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Cannabis REIT Acquires Michigan Property, Leases It To Cresco Labs

Cresco plans to run the property as a cannabis cultivation and processing facility

Cannabis-focused REIT Innovative Industrial Properties Inc. said it has finalized the acquisition of a Michigan property with around 115,000 square feet of industrial space.

Innovative Industrial Properties spent $5 million for the purchase and signed a triple-net lease agreement for the property with a subsidiary of Cresco Labs Inc..

Cresco plans to run the property as a cannabis cultivation and processing facility once the proposed renovations are finalized.

IIP is expected to provide additional financing of up to $11 million for needed tenant enhancements managed by Cresco. With a full reimbursement, IIP’s total investment would reach $16 million.

“Cresco has emerged as one of the best-in-class multistate cannabis operators in the United States,” Paul Smithers, president, and CEO of IIP, said in a statement. “We are thrilled to support their continued progress through our fourth real estate transaction with them.”

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