Harvest Health & Recreation has closed a sale-leaseback transaction with Innovative Industrial Properties.
Harvest sold an industrial property totaling approximately 292,000 square feet for $23.8 million. Concurrent with the sale Harvest entered into a triple net lease with IIP. Harvest plans to continue to operate the property as a licensed cultivation and processing facility and expects to recover up to approximately $10.8 million in tenant improvements from IIP. The total proceeds for the transaction are expected to be approximately $34.6 million.
"We are pleased to secure real estate financing to support expansion activities at our Alachua cultivation and processing facility," said Chief Executive Officer Steve White. "Florida is one of our core markets with a rapidly growing medical patient population. We look forward to opening new retail locations in Florida after additional capacity at Alachua comes online."
Harvest currently operates six medical dispensaries in Gainesville, Jacksonville, Kissimmee, Longwood, North Port, and Tallahassee supported by a cultivation and processing facility in Alachua and a cultivation facility in Gainesville.
For more information:
Harvest Health & Recreation
harvestinc.com