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Innovative Industrial closes sale-leaseback deal with PharmaCann for Pa. asset

Innovative Industrial Properties Inc. expanded its partnership with multistate medical cannabis operator PharmaCann LLC with the purchase of a property in Scott Township, Pa., for $942,000 and a long-term lease agreement with a PharmaCann unit.

The PharmaCann unit will build and lease a roughly 23,000-square-foot industrial facility and an approximately 31,000-square-foot greenhouse facility on the property.

The sale-leaseback deal is the fourth transaction between the Cannabis-focused real estate company and PharmaCann.

Innovative Industrial Properties agreed to reimburse up to about $29.1 million for the construction of the project. The total investment of Innovative Industrial Properties in the property will be $30.0 million, excluding transaction costs and assuming full reimbursement for the construction.