Innovative Industrial Properties has closed on the acquisition of a property in Wimauma, Florida, which comprises approximately 373,000 square feet of industrial and greenhouse space, from an affiliate of Parallel. Parallel is the corporate parent company to Surterra Wellness.
"The purchase price for the property was $35.3 million (excluding transaction costs)," the team with the company explains. "Concurrent with the closing of the purchase, IIP entered into a long-term, triple-net lease agreement for the property with a subsidiary of Parallel, which intends to continue to operate the property as a regulated medical cannabis cultivation and processing facility. Parallel is expected to complete additional tenant improvements for the property, for which IIP has agreed to provide reimbursement of up to $8.2 million. Assuming full reimbursement for the tenant improvements, IIP’s total investment in the property will be $43.5 million."
For more information:
Innovative Industrial Properties
11440 West Bernardo Court, STE 220
San Diego, CA 92127
858-997-3332
ir@iipreit.com