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Innovative Industrial Properties Acquires Texas Property and Enters Into Long-Term Lease with Texas Original.

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Vincent

MANews-(C)2009-2022

California-based cannabis industry-focused real estate company Innovative Industrial Properties, Inc (NYSE: IIPR) has entered into a long-term lease with a subsidiary of Texas Original Holdings, LLC, the company said.

The purchase price for the property was approximately USD 12m (excluding transaction costs), which was derived from costs Texas Original incurred to acquire the 25 acres of land and develop the property through the date of closing.

At the time of closing, the majority of project sitework had been completed and two of the four buildings have been dried in with interior finish out under construction.

Texas Original is expected to complete construction of the approximately 85,000 square foot industrial and hybrid greenhouse facility, for which IIP has agreed to provide reimbursement of up to approximately USD 10m, consisting of completion of building shell, interior buildout of cultivation and production rooms, and mechanical, electrical and plumbing systems.

Assuming full reimbursement for the construction, IIP's total investment in the property is expected to be USD 22m (excluding transaction costs), or approximately USD 259 per square foot.

Upon completion, the property is expected to include approximately 49,000 square feet of cultivation space, with the balance of the space utilized for manufacturing...

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