Innovative Industrial Properties Enters Sale-Leaseback Deal for New Michigan Property

Expanding its footprint in one of the states that has legalized recreational marijuana, Innovative Industrial Properties (NYSE: IIPR) on Monday announced a new acquisition in Michigan. The company, a real estate investment trust (REIT) that specializes in buildings and land used by the cannabis industry, said it has closed a deal for a property in the town of Windsor, near the city of Lansing. This construes a sale-leaseback deal for Innovative under a triple-net lease agreement.