May 27, 2021 4:06 PM EDT
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SAN DIEGO–(BUSINESS WIRE)– Innovative Industrial Properties, Inc. (IIP), the first and only real estate company on the New York Stock Exchange (NYSE: IIPR) focused on the regulated U.S. cannabis industry, announced today that it closed on the acquisition of a property in North Adams, Massachusetts, comprising approximately 70,000 square feet of industrial space.
The purchase price for the property was $3.1 million (excluding transaction costs). Concurrent with the closing of the purchase, IIP entered into a long-term, triple-net lease at the property with Temescal Wellness of Massachusetts, LLC (Temescal) for use as a regulated cannabis cultivation and processing facility upon completion of redevelopment. Temescal is expected to complete additional tenant improvements for the property, for which IIP