Cannabis-focused real estate investment trust Innovative Industrial Properties Inc. closed a five-building property acquisition in Quincy, Fla., for $17.0 million.
The buildings total about 120,000 square feet of industrial space and were sold by Trulieve Cannabis Corp.
The REIT signed a triple-net lease agreement with a subsidiary of Trulieve to continue operations as a licensed medical cannabis cultivation facility. The initial lease term is 10 years, with two five-year extension options.
The initial annualized base rent is equivalent to 11% of the property's purchase price.
Innovative Industrial also acquired a property in Holyoke, Mass., from Trulieve in a sale and leaseback deal in July.