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Innovative Industrial Properties invests $35M in new New Jersey property (NYSE:IIPR)

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Innovative Industrial Properties (NYSE:IIPR) has completed the acquisition of New Jersey property at $5.5M, on which it further commits to reimburse $29.5M for tenant improvements.

The company has executed a long-term, triple-net lease agreement with Curaleaf Holdings’ subsidiary, which intends to operate the property as a regulated medical cannabis cultivation and processing facility.

This acquisition takes IIP portfolio sit at 59 owned properties across 16 States as of July 14.

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