Modern Industrial Properties, Inc. (NYSE: IIPR) mentioned Wednesday it has finalized the acquisition of a property in Richmond, Virginia, which ought to account for 82,000 sq. ft of commercial house. The acquisition worth for the property was set to round $11.eight million with out transaction bills.
As well as, the corporate signed a long run, triple-net lease settlement with a Inexperienced Leaf Medical subsidiary, which ought to run the property as a licensed hashish cultivation, processing and allotting facility.
Modern Industrial Properties may even grant compensations for the completion of the property’s improvement within the quantity of as much as $eight million. With full compensation, the corporate’s funding within the property will attain $19.eight million.
Don’t miss out on the highest hashish tales of the day. Click here to join our day by day insider publication.
“We’re excited to staff once more with multi-state operator Inexperienced Leaf Medical as our tenant companion in Virginia,” Paul Smithers, President and CEO of IIP mentioned in a press release. “Inexperienced Leaf Medical continues to execute nicely on its enterprise, dramatically increasing affected person entry within the Northeast. We look ahead to working carefully with them as they full improvement of this state-of-the-art facility to fulfill the affected person demand of the larger Richmond space.”
Philip Goldberg, CEO of Inexperienced Leaf Medical additionally commented on the deal.
“Partnering once more with IIP permits us to unlock our capital and redeploy throughout our multi-state working platform, together with our anticipated launch of operations in Virginia this yr. Our Richmond location will serve sufferers straight by way of our onsite retail dispensary and can act as a hub for our statewide house supply service,” he mentioned.
Modern Industrial Properties closed Wednesday session 1.91% decrease at $82.72 per share.
© 2020 Benzinga.com. Benzinga doesn’t present funding recommendation. All rights reserved.