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Innovative Industrial Properties amends lease at Barry, Illinois, property

Innovative Industrial Properties Inc. amended its lease agreement with an Ascend Wellness Holdings LLC subsidiary involving a property in Barry, Ill.

The amended lease provided for $8 million in additional financing to expand Ascend's cannabis cultivation and processing facilities at the property, adjusted the base rent and extended the lease term.

The cannabis-focused real estate company initially bought the asset and signed a long-term lease with the vertically integrated cannabis company in December 2018. Its investment in the property will total $33 million, assuming full payment of the additional funding.

Innovative Industrial also purchased and signed a lease with Ascend for its regulated cannabis cultivation and processing facilities in Michigan in July.