Cannabis REIT Innovative Industrial Properties Acquires Florida Facility for $43M, Secures Ayr Wellness Lease

Innovative Industrial Properties, Inc. IIPR, a key player in the cannabis real estate investment trust (REIT) market, has recently expanded its portfolio with the purchase of an expansive property in Ocala, Florida. This investment reflects the company's continuous commitment to supporting the growth of America's regulated cannabis industry.

Strategic Acquisition in the Sunshine State

IIPR has successfully finalized the acquisition of a 16-acre piece of property which encompasses a comprehensive 145,000 square feet of industrial space. This strategic move not only bolsters the company's asset base but also reinforces its position in the burgeoning Florida market. The $43 million transaction demonstrates IIPR's confidence in the potential of regulated medical cannabis facilities and their importance as an emerging asset class within the real estate sector.

Building a Partnership with Ayr Wellness

As part of the transaction, IIPR has also entered into a long-term, triple-net lease with a subsidiary of Ayr Wellness, a notable operator in the medical cannabis industry. This establishes a sustainable revenue stream for IIPR while providing Ayr Wellness with the necessary infrastructure to scale its operations in the state. The agreement includes provisions for IIPR to reimburse certain reconstruction costs, thereby ensuring that the property meets the specific operational requirements of its tenant.

Innovative Industrial Properties focuses on fruitful partnerships with experienced state-licensed operators, leveraging its expertise in real estate to facilitate the growth of regulated medical cannabis facilities. IIPR's approach combines strategic property acquisitions with comprehensive management services—demonstrating a unique sector synergy aimed at fostering long-term success for both IIPR and its tenants.

Investment, Cannabis, REIT