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Innovative Industrial Properties completes 1st sale-leaseback transaction

Innovative Industrial Properties Inc., which recently wrapped up its IPO, closed on its first sale-leaseback transaction in New York.

The company acquired PharmaCann LLC's newly constructed 127,000-square-foot medical-use cannabis cultivation and processing facility for $30 million.

The lease has an initial term of 15 years, with two five-year extension options.