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 North Adams,
Massachusetts, comprising approximately 70,000 square feet of
industrial space.
The purchase price for the property was $3.1 million (excluding
transaction costs). Concurrent with the closing of the purchase,
IIP entered into a long-term, triple-net lease at the property with
Temescal Wellness of Massachusetts, LLC (Temescal) for use as a
regulated cannabis cultivation and processing facility upon
completion of redevelopment. Temescal is expected to complete
additional tenant improvements for the property, for which IIP has
agreed to provide reimbursement of up to $15.0 million. Assuming
full reimbursement for the tenant improvements, IIP’s total
investment in the property is expected to be $18.1 million.
As the pioneering real estate investment trust (REIT) for the
regulated cannabis industry, IIP partners with experienced,
licensed 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 have been following Temescal’s evolution and continued
success in Massachusetts for some time, and are thrilled to begin
this new long-term real estate partnership with Ted Rebholz and his
team,” said Paul Smithers, President and Chief Executive Officer of
IIP. “The Temescal team’s focus and proven success in delivering
consistent, high quality cannabis products to their patients and
customers over the years, in combination with their well-located
dispensaries accessible to a large percentage of Massachusetts
residents, have positioned them very well for the future. We look
forward to supporting their real estate capital needs for many
years to come, including the buildout of this new facility that is
expected to dramatically enhance Temescal’s production capacity as
demand for high quality cannabis products continues for patients
and customers throughout the Commonwealth.”
Temescal, founded in 2015, is led by Ted Rebholz, Founder and
Chief Executive Officer, with a seasoned management team possessing
extensive experience in capital-intensive, highly regulated
consumer sectors, operational logistics and marketing, large-scale
horticulture, information technology and human capital development.
In addition to this facility, Temescal operates a cultivation and
processing facility in Manchester and three dispensary locations in
Framingham, Pittsfield and Hudson, Massachusetts, each of which is
licensed for sales of both adult-use and medical-use cannabis.
Additional information about Temescal is available at
www.temescalwellness.com.
“This new Temescal Wellness facility will bring our existing and
future portfolio of products to a broader number of consumers in
Massachusetts. At the forefront of this project is our new and
larger cultivation space as well as an expanded manufacturing and
production facility,” said Ted Rebholz, Founder and Chief Executive
Officer of Temescal. “We recognize consumers are eager for novel,
innovative and functional cannabis products. In addition to
expanded flower lineages and offerings, we are looking forward to
delivering products like our VSPR cartridges and Subdew low dose
mints to more people, in addition to new products we are developing
in our product pipeline.”
Massachusetts approved cannabis for medical-use by popular vote
in 2012, with first sales in 2014. The Commonwealth launched its
adult-use cannabis program in 2018, with first sales in November of
that year. Notwithstanding a relatively early-stage adult-use
cannabis program, Massachusetts was the eighth largest regulated
cannabis market by sales in 2020 and is expected to capture 5% of
the estimated $41.5 billion in total U.S. regulated cannabis sales
by 2025, according to New Frontier Data. Including this property,
IIP owns seven properties in Massachusetts comprising an aggregate
of approximately 642,000 square feet, and a total investment of
approximately $203.1 million (including commitments to fund future
development, redevelopment and tenant improvements at the
properties, but excluding transaction costs).
As of May 27, 2021, IIP owned 72 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 6.6 million rentable square feet (including
approximately 2.5 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 27, 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 Massachusetts
property, Temescal and the Massachusetts 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/20210527005185/en/
IIP Contact: Catherine Hastings Chief Financial Officer
Innovative Industrial Properties, Inc. (858) 997-3332
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