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Innovative Industrial Properties unit amends lease at Willcox, Ariz., facility

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Capital Markets View – January 2021


Innovative Industrial Properties unit amends lease at Willcox, Ariz., facility

A subsidiary of Innovative Industrial Properties Inc.'s operating partnership, IIP Operating Partnership LP, amended its lease agreement with SGS Arizona LLC, formerly known as Sun Grown Solutions LLC.

The tenant, which occupies the building at 5900 W. Greenhouse Drive in Willcox, Ariz., will receive a reimbursement of up to an additional $2.0 million from the landlord, IIP-AZ 1 LLC, for the completion of certain additional property improvements.

The amendment also extended the initial lease term to Dec. 15, 2037, and provides for a lease guaranty by The Pharm LLC.

From the start of 2020 through Jan. 17, the industrial real estate investment trust had sold 973,282 common shares under its at-the-market equity offering program at an average price of $79.96 apiece, for roughly $76.3 million in net proceeds.

The REIT also sold 782,200 common shares under the program for net proceeds of about $59.4 million from Nov. 8, 2019, to Dec. 31, 2019.