SAN DIEGO–(BUSINESS WIRE)–Innovative Industrial Properties, Inc. (IIP) continues to expand its footprint. Today the real estate investment trust announced that it has closed on the acquisition of a property in Lakeland, Florida.
The purchase price was approximately $19.6 million, and IIP entered into a long-term, triple-net lease agreement for the property with a subsidiary of Parallel, one of the largest privately-held multi-state cannabis operators in the US and the corporate parent company to Florida’s Surterra Wellness.
The property currently consists of approximately 65,000 square feet of industrial and greenhouse indoor cultivation and production space, and Parallel expects to nearly quadruple the size of the operation and continue to operate the property as a regulated medical cannabis cultivation and processing facility.
“This transaction opens up additional significant capital for us to reinvest in our growth and commercial expansion across our five markets,” said Beau Wrigley, Jr., Chairman and CEO of Parallel.