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Innovative Industrial Properties purchases Warren, Mich., asset

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Innovative Industrial Properties purchases Warren, Mich., asset

Cannabis landlord Innovative Industrial Properties Inc. acquired a roughly 156,000-square-foot industrial property in Warren, Mich., for $19.0 million and signed a long-term, triple-net lease with a LivWell Holdings Inc. licensee.

LivWell Michigan LLC aims to operate the property as a licensed cannabis cultivation and processing facility after redevelopment.

Innovative Industrial Properties agreed to provide reimbursement of up to $23.0 million for planned improvements at the property, taking the real estate investment trust's total investment in the asset to $42.0 million, assuming full reimbursement.