NewLake Capital Partners, Inc Announces the Acquisition of 58,500 Square-Foot Industrial Property in East Hartford
May 08, 2024 at 04:05 pm
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NewLake Capital Partners, Inc. announced the acquisition of a 58,500 square-foot industrial property in East Hartford, Connecticut and entered into a long-term triple net lease with an affiliate of C3 industries Inc. (?C3?), a leading multi-state, vertically integrated cannabis company headquartered in Ann Arbor, Michigan. NewLake?s investment will be $16 million, consisting of a purchase price of $4 million and a $12 million Construction Allowance to retrofit the former cold-storage facility. This will be NewLake?s second transaction with C3, having partnered with the company on their cultivation facility in Missouri.
NewLake Capital Partners, Inc. is an internally-managed real estate investment trust that provides real estate capital to state-licensed cannabis operators through sale-leaseback transactions and third-party purchases and funding for build-to-suit projects. The Company supplies necessary real estate capital primarily to companies that cultivate, produce and/or dispense cannabis. The Company owns a portfolio of approximately 31 properties comprised of 14 cultivation facilities and 17 dispensaries. The Company's properties are leased to single tenants on a long-term, triple-net basis, which obligates the tenant to be responsible for the ongoing expenses of a property, in addition to its rent obligations. Its properties are located in Florida, Pennsylvania, Illinois, Massachusetts, Missouri, Nevada, Arizona, California, Ohio, North Dakota, Arkansas and Connecticut.
NEWLAKE CAPITAL PARTNERS, INC. 
