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.
