Revolutionary Industrial Properties, a actual estate investment trust (REIT) that focuses on acquiring and leasing warehouses in the marijuana space, paid $17 million to Trulieve Cannabis for a 5-constructing cultivation facility in Florida.
Trulieve will lease back the 150,000-square-foot marijuana cultivation centers in Quincy, Florida, from IIP.
The initial lease is for 10 years, with the rent equal to 11% of the buy value.
Trulieve, primarily based in Tallahassee, Florida, has two choices to extend the lease by 5 years each and every, or for a further 10 years.
Earlier this year, Revolutionary Industrial signed a sales-leaseback deal with Trulieve for a 150,000-square-foot industrial facility in Holoyke, Massachusetts. In that deal, the buy value was $three.five million.
The REIT will reimburse Trulieve up to $40 million for improvements to the constructing.
San Diego-primarily based Innovate Industrial Properties trades on the New York Stock Exchange as IIPR.
Trulieve trades on the more than-the-counter markets as TCNNF and on the Canadian Securities Exchange as TRUL.
For a lot more on the Trulieve leaseback deal, click right here.
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