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Innovative Industrial Properties buys Illinois assets for $33M

Innovative Industrial Properties Inc. closed the acquisition of two roughly 90,000-square-foot industrial assets in Joliet and Kankakee, Ill., for $32.8 million.

Following the acquisition, the cannabis-focused real estate company signed a long-term, triple-net lease agreement for each property with a wholly owned unit of Cresco Labs Inc.

As part of the agreement, Cresco intends to complete additional tenant improvements for the properties, and the landlord agreed to provide reimbursement of up to approximately $13.8 million.