The purchase price was set to $19 million without transactions. At the same time, the company signed a triple-net lease agreement with LivWell Michigan, LLC, a licensee of LivWell Holdings, Inc.
LivWell will run the property as licensed cannabis cultivation and processing facility once the improvement is completed. LivWell will finish property enhancements supported by Innovative Industrial Properties in the amount of up to $23 million.
Click here for more information about the upcoming Benzinga Cannabis Capital Conference Oct. 22-23 in Chicago.
“We are excited to announce the beginning of our long-term real estate partnership with LivWell,” Paul Smithers, President and CEO of IIP said in a statement. “LivWell has developed a tremendous track record of success in Colorado during the last decade, and we look forward to supporting the rapid expansion of their operations in Michigan.”
Dean Heizer, Executive Director of LivWell also commented on the partnership.
“The IIP team has been great to work with, throughout this transaction, and we look forward to working with them in the long-term as a proven, reliable real estate partner for this industry. We are full-speed ahead on our redevelopment of this property, building to the specifications we need to deliver the highest quality products to the people of Michigan,” Heizer said.
LivWell is a licensed cannabis operator in Colorado, running 18 dispensary locations, in addition to its businesses in Puerto Rico, Canada, Oregon and Michigan.
Innovative Industrial Properties traded around $77.83 per share at time of publication.
See more from Benzinga
- Innovative Industrial Properties Buys California Properties, Signs Lease With Vertical
- Innovative Industrial Properties Provides Additional M To Ascend Wellness Subsidiary
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.