Innovative Industrial Properties Acquires Michigan Property and Enters Into Long-Term Lease with Sozo
18 5월 2021 - 5:15AM
Business Wire
Innovative Industrial Properties, Inc. (IIP), the first and only
real estate company on the New York Stock Exchange (NYSE: IIPR)
focused on the regulated U.S. cannabis industry, announced today
that it closed on the acquisition of a property in Warren,
Michigan, comprising approximately 85,000 square feet of industrial
space.
The purchase price for the property was approximately $10.3
million (excluding transaction costs). Concurrent with the closing
of the purchase, IIP entered into a long-term, triple-net lease at
the property with a subsidiary of Sozo Companies, Inc. (Sozo) for
continued use as a regulated cannabis cultivation, processing and
retail facility. Sozo is expected to complete additional tenant
improvements for the property, for which IIP has agreed to provide
reimbursement of up to approximately $5.7 million. Assuming full
reimbursement for the tenant improvements, IIP’s total investment
in the property is expected to be $16.0 million.
As the pioneering real estate investment trust (REIT) for the
medical-use cannabis industry, IIP partners with experienced
medical-use cannabis operators and serves as a source of capital by
acquiring and leasing back their real estate assets, in addition to
offering other creative real estate-based capital solutions.
“We are excited to welcome Sozo as the newest addition to our
premier tenant roster,” said Paul Smithers, President and Chief
Executive Officer of IIP. “Aaron and his team at Sozo have created
a strong operational platform in Michigan, and we expect this
strategic transaction to unlock key capital for the Sozo team to
significantly enhance their retail presence in the state, along
with additional capital for the facility to drive cannabis
production capacity.”
Sozo, founded in 2018, is led by Aaron Rasty, Founder and Chief
Executive Officer. Sozo is a vertically-integrated cannabis company
with cultivation and processing operations at its Warren, Michigan
headquarters and multiple cannabis dispensaries in Michigan. Sozo
expects to expand operations to an additional six to eight
dispensaries across the state in the coming year. Additional
information regarding Sozo is available at www.sozolife.com.
“Sozo is thrilled to be working with IIP as we enter this next
phase of our growth,” said Aaron Rasty, Founder and Chief Executive
Officer of Sozo. “This opportunity allows Sozo to continue to
expand its brand and reach as a premier, vertically-integrated
cannabis company.”
Michigan voters originally authorized medical-use cannabis in
2008. In 2018, Michigan authorized the establishment of an
adult-use cannabis program, and first sales under this program
began in December 2019. According to New Frontier Data, in just the
first year of the adult-use cannabis program, Michigan was one of
the top ten regulated cannabis markets in 2020, with approximately
$1.0 billion in total regulated adult-use and medical-use cannabis
sales. That growth trajectory has continued in 2021, with April
reaching a monthly record high in total regulated cannabis sales of
approximately $153.6 million, according to the Michigan Marijuana
Regulatory Agency. As of today, IIP’s total investment, including
committed funding for future tenant improvements, for the
properties IIP owns in Michigan is approximately $209.3
million.
As of May 17, 2021, IIP owned 71 properties located in Arizona,
California, Colorado, Florida, Illinois, Maryland, Massachusetts,
Michigan, Minnesota, Nevada, New Jersey, New York, North Dakota,
Ohio, Pennsylvania, Texas, Virginia and Washington, representing a
total of approximately 6.5 million rentable square feet (including
approximately 2.4 million rentable square feet under
development/redevelopment), which were 100% leased with a
weighted-average remaining lease term of approximately 16.8 years.
As of May 17, 2021, IIP had committed approximately $1.6 billion
across its portfolio, including capital invested to date (excluding
transaction costs) and additional capital commitments to fund
future construction and tenant improvements at IIP’s
properties.
About Innovative Industrial Properties
Innovative Industrial Properties, Inc. is a self-advised
Maryland corporation focused on the acquisition, ownership and
management of specialized industrial properties leased to
experienced, state-licensed operators for their regulated
medical-use cannabis facilities. Innovative Industrial Properties,
Inc. has elected to be taxed as a real estate investment trust,
commencing with the year ended December 31, 2017. Additional
information is available at
www.innovativeindustrialproperties.com.
Innovative Industrial Properties
Forward-Looking Statements
This press release contains statements that IIP believes to be
“forward-looking statements” within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
All statements other than historical facts, including, without
limitation, statements regarding the lease of the Michigan
property, Sozo and the Michigan regulated cannabis market, are
forward-looking statements. When used in this press release, words
such as we “expect,” “intend,” “plan,” “estimate,” “anticipate,”
“believe” or “should” or the negative thereof or similar
terminology are generally intended to identify forward-looking
statements. Such forward-looking statements are subject to risks
and uncertainties that could cause actual results to differ
materially from those expressed in, or implied by, such statements.
Investors should not place undue reliance upon forward-looking
statements. IIP disclaims any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210517005191/en/
IIP Contact: Catherine Hastings Chief Financial Officer
Innovative Industrial Properties, Inc. (858) 997-3332
Innovative Industrial Pr... (NYSE:IIPR)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Innovative Industrial Pr... (NYSE:IIPR)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024