trending Market Intelligence /marketintelligence/en/news-insights/trending/mH6_z8f46IEIAnLaNTwkQg2 content esgSubNav
In This List

Innovative Industrial Properties buys Richmond, Va., asset


Japan M&A By the Numbers: Q4 2023

Case Study

An Investment Bank Taps S&P's Real Estate Modeling Expertise


FIMA EUROPE 2023: Exploring the Intersection of Data, Governance, and Future Trends in Finance


Private Markets 360° | Episode 8: Powering the Global Private Markets (with Adam Kansler of S&P Global Market Intelligence)

Innovative Industrial Properties buys Richmond, Va., asset

Innovative Industrial Properties Inc. paid approximately $11.8 million for a property in Richmond, Va., that is expected to consist of approximately 82,000 square feet of industrial space following completion of development.

The company entered into a long-term, triple-net lease agreement with a Green Leaf Medical LLC unit that aims to operate the property as a licensed medical-use cannabis cultivation, processing and dispensing facility upon completion of development.

The cannabis-focused real estate investment trust also agreed to provide reimbursement of up to about $8.0 million in connection with the completion of development, taking the company's total investment in the property to roughly $19.8 million, assuming full reimbursement.