US (MO): NewLake acquires 70.000 sq. ft. research, cultivation, and processing facility

NewLake Capital has purchased a 70.000 square foot facility and entered into a long-term lease with Organic Remedies of Missouri, which operates the property as a cultivation and processing facility.

NewLake's total investment in the property will be $21.1 million, which includes $16 million at closing and a commitment to fund $5.1 million of tenant improvement allowances to complete renovations of the building.

“We are excited to partner with Organic Remedies as they build out their presence in Missouri,” said David Weinstein, NewLake’s Chief Executive Officer. “Our entrance into Missouri marks the eleventh state in which we own properties and further diversifies our real estate portfolio.”