Innovative Industrial Properties Acquires Property In Detroit Suburb, Signs Lease Agreement With LivWell Michigan

Last week, Cannabis-focused real estate company Innovative Industrial Properties, Inc. (NYSE: IIPR) announced it acquired a 156,000 sq. ft. property in Warren, Michigan.

The purchase price was set to $19 million without transactions. At the same time, the company signed a triple-net lease agreement with LivWell Michigan, LLC, a licensee of LivWell Holdings, Inc.

LivWell will run the property as licensed cannabis cultivation and processing facility once the improvement is completed. LivWell will finish property enhancements supported by Innovative Industrial Properties in …

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