Ayr Wellness Inc. Announces Closing of Triple-Net Lease Transaction with Innovative Industrial Properties, Inc
June 10, 2024 at 07:30 am
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AYR Wellness Inc. announced the closing of a triple-net lease transaction with Innovative IndustrialProperties, Inc. in the State of Florida. Under the terms of the agreement, AYR is leasing a 16-acre property comprising of 145,000 square feet of industrial space in Ocala, Florida from IIP. AYR plans to redevelop a 98,000 square foot building within the property to serve as a regulated cannabis cultivation facility.
IIP has committed to funding AYR up to $30.0 million for the construction. This transaction marks an expansion of AYR?s long-term real estate partnership with IIP. AYR previously partnered with IIP on an 11,000 square foot processing facility in Ohio.
Innovative Industrial Properties, Inc. is an internally managed real estate investment trust (REIT). The Company is focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators for their regulated cannabis facilities. The Company is engaged in the business of providing real estate for the regulated cannabis industry. The Company acquires its properties through sale-leaseback transactions and third-party purchases. The Company owns approximately 108 properties comprising 9.0 million square feet (including 722,000 rentable square feet under development/redevelopment) in 19 states, including Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Jersey, New York, North Dakota, Ohio, Pennsylvania, Texas, Virginia, and Washington. Its subsidiaries include IIP Operating Partnership, LP, Innovative Industrial Properties, LP, IIPR, Inc. and IIP-GP 2 LLC.
INNOVATIVE INDUSTRIAL PROPERTIES, INC. 
