IIPR - Cannabis REIT IIPR Buys Florida Property For $43M With Reconstruction Reimbursement Expands Lease With Ayr Wellness | Benzinga
Cannabis REIT Innovative Industrial Properties, Inc. (NYSE:IIPR) confirmed Monday it has closed on the acquisition of a 16-acre property comprising 145,000 square feet of industrial space in Ocala, Florida. Under the deal, it has entered into a long-term, triple-net lease with a subsidiary of AyrWellness Inc. (OTCQX:AYRWF).
The purchase price for the property was $13.0 million ($90 per square foot). Ayr is expected to redevelop one building on the property comprising 98,000 square feet of industrial space for expected use as a regulated cannabis cultivation facility upon completion, for which IIP has agreed to provide reimbursement of up to $30.0 million. Assuming full reimbursement for the construction, IIP's total investment in the property is expected to be $43.0 million (excluding transaction costs).
In addition to this property, IIP owns and leases to Ayr one processing facility in Ohio comprising 11,000 square ...