A cannabis-focused real estate company is throwing more green into the Michigan market with the purchase of a 156,000-square-foot warehouse in Warren that will be converted into a grow facility.
Innovative Industrial Properties Inc., a publicly-traded property investment trust based in California, said it will invest a total of $42 million in the property — $19 million for the real estate and $23 million for a build-out reimbursement to its tenant, according to a news release. The purchase expands Innovative Industrial Properties’ growing footprint in the state.
Under a triple net lease agreement, the building will be leased to LivWell Holdings Inc., a Denver-based dispensary operator also stretching its tentacles into the market with what would be one of its first grow operations. It is unclear when the grower plans to start operating. Neither the real estate company nor the cannabis grower responded to requests for more information.
Read more at crainsdetroit.com