Medical Investor Holdings, LLC completed the acquisition of Portfolio of Properties in California from Innovative Industrial Properties, Inc..
March 30, 2023
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Medical Investor Holdings, LLC agreed to acquire Portfolio of Properties in California from Innovative Industrial Properties, Inc. (NYSE:IIPR) for $16.2 million on February 27, 2023. The consideration includes secured seller financing with the buyer of the property for that amount (interest only, payable monthly). Portfolio of Properties in California reported a rental revenue of $27.04 million for the year ended December 31, 2022. The transaction is subject to continued diligence and customary closing conditions, and may not close on the terms described or at all.
Medical Investor Holdings, LLC completed the acquisition of Portfolio of Properties in California from Innovative Industrial Properties, Inc. (NYSE:IIPR) in March 2023. The deal includes a secured loan for $16.1 million with the buyer of the properties.
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. It acquires its properties through sale-leaseback transactions and third-party purchases. The Company owns approximately d 108 properties comprising an aggregate of approximately 8.9 million rentable square feet (including approximately 1.4 million rentable square feet under development/redevelopment) in 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-AZ 1 LLC, IIP-AZ 2 LLC, IIP-AZ 3 LLC, IIP-CA 2 LP, and IIP-CA 1 LP.
INNOVATIVE INDUSTRIAL PROPERTIES, INC. 
