IIP acquires Florida property from AYR Wellness for $13M

Innovative Industrial Properties or IIP (IIPR) announced that it closed on the acquisition of a 16 acre property comprising 145,000 square feet of industrial space in Ocala, Florida, and entered into a long-term, triple-net lease with a subsidiary of AYR Wellness AYR (AYRWF). The purchase price for the property was $13.M . AYR is expected to redevelop one building on the property comprising 98,000 square feet of industrial space for expected use as a regulated cannabis cultivation facility upon completion, for which IIP has agreed to provide reimbursement of up to $30M . Assuming full reimbursement for the construction, IIP’s total investment in the property is expected to be $43 M In addition to this property, IIP owns and leases to AYR one processing facility in Ohio comprising 11,000 square feet.