Innovative Industrial Properties Inc. raised gross proceeds of $119.6 million from the sale of 2,990,000 common shares under its follow-on offering.

The industrial real estate investment trust noted that the underwriters fully exercised their option to acquire 390,000 additional shares under the offering.

Ladenburg Thalmann & Co. Inc., Compass Point Research & Trading LLC and BTIG LLC are the joint book-running managers for the offering.