An indoor cannabis grow facility in Parma has sold for $28.5 million, according to Crain's Cleveland. The property, at 12795 Corporate Drive, has 58,604 square feet of space on a 3.4-acre lot.
The facility was used by Ayr Wellness, which acquired it through its 2022 purchase of Greenlight Management. In 2022, Ayr sold the property to Aventine, a Chicago-based cannabis REIT, in a sale-leaseback that let Ayr continue operations. According to Crain's Cleveland, Ayr remains a tenant and still grows cannabis at the site.
Ayr entered a corporate restructuring plan in 2025, which includes eventual liquidation, though the company said its stores will continue operating and transfer to a new business once the wind-down is complete. Crain's Cleveland notes that Ayr opened a new dispensary on Pearl Road in Parma in November 2025.
The recent sale was from APG Parma, LLC, an Aventine entity, to Parma Propco, LLC, part of Power REIT, a New York firm that invests in indoor cannabis and other controlled-environment facilities, as reported by Crain's Cleveland. It is not yet clear whether Power REIT plans to continue leasing the site to Ayr or use it for another purpose.
