Innovative Industrial Properties Inc (NYSE:IIPR) Announces The Acquisition Of A Michigan Property

Innovative Industrial Properties Inc (NYSE:IIPR) Announces The Acquisition Of A Michigan Property

Innovative Industrial Properties Inc (NYSE:IIPR) has acquired a new property in Warren, Michigan. This property, according to sources, measures about 156,000 square feet. The company seeks to utilize this industrial space in the best way possible. Innovative Industrial Properties is also pleased to move into a new long-term real estate partnership with LivWell, Michigan, LLC. This partner deals with cannabis products as well.

Thoughts
of top officials

The President and Chief Executive
Officer of IIP Paul Smithers disclosed details as to why they considered
striking this partnership. This official says it was because of the attractive
attributes associated with the partner. He described LivWell as a company with
a remarkable track record that it has upheld in Colorado for over a decade.
Smither says that the company will support LivWell in its business expansion
plans in Michigan.

On the other hand, the Executive
Director of LivWell Dean Heizer has heaped praises on IIP. He says that the
company has a hardworking team that is so easy to work with. The official
states that they look forward to continuing working with them. He also likes
the way the business has grown to become a reliable real estate company in the
dynamic industry.

Heizer opines, “With the ongoing expansion of our operations, we also plan to provide for well-paying jobs, educational and advancement opportunities for our employees and the broad community engagement that are just a few of the hallmarks of our company.”

Details
about the deal

Reports from trusted sources indicate
that that Innovative Industrial Properties spend $19.0 million to acquire the
Michigan property. However, this figure doesn’t take into account the
transaction costs.

On the other hand, LivWell has
outlines that it wants to focus on making tenant improvements for the property.
The company has also gotten into talks with Innovative Industrial Properties to
discuss the way forward. The partner has promised to co-operate with LivWell by
reimbursing it with about $23.0 million.

An official working with Innovative
Industrial Properties has disclosed the total amount they will be spending on
the undertaking. He says that assuming the full reimbursement will scale up their
expenditure on the matter to $42.0 million.

The two business giants agree that the
priority at the moment is to serve the people of Michigan with top quality
products.

Published at Fri, 18 Oct 2019 12:39:28 +0000

Leave a Reply

Your email address will not be published. Required fields are marked *