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Innovative Industrial Properties buys SoCal property portfolio

Innovative Industrial Properties Inc. acquired a portfolio of four properties in southern California for approximately $17.3 million, excluding transactions costs.

The portfolio totals about 79,000 square feet of industrial space.

The industrial real estate investment trust concurrently entered into a long-term triple-net lease at each property with a unit of Medical Investor Holdings LLC, doing business as Vertical.

Vertical is a multistate operator and distributor of cannabis- and hemp-based products.