Cannabis REIT Buys Michigan Property For $6.2M, Inks Lease Deal With Holistic

Innovative Industrial Properties, Inc. (NYSE: IIPR) has finalized the acquisition of a property in Michigan.

The SanDiego cannabis REIT purchased the property — located at 29600 Stephenson Highway, north of Detroit — for $6.2 million, excluding transaction costs.

Simultaneously, IIP closed a long-term, triple-net lease deal with Holistic Industries Inc.’s subsidiary for the property.

Holistic opted to manage the property utilizing it for cannabis cultivation, processing, and dispensing, once the development of a roughly 63,000 square-foot industrial building is completed.

IIP agreed to fund …

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