Innovative Industrial Properties Buys California Properties, Signs Lease With Vertical

Innovative Industrial Properties, Inc (NYSE: IIPR), said Thursday it closed the acquisition of the final parcel of a four-property portfolio in California that consists of around 79,000 square feet of industrial space.

Excluding transaction costs, Innovative Industrial Properties paid $17.3 million for the purchase, the company said. 

At the same time, the company has signed a long-term, triple-net lease at each property with a subsidiary of Medical Investor Holdings LLC, which is doing business as Vertical.

Vertical is a cannabis company licensed for …

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