Innovative Industrial Properties (IIP) said it extended its geographic footprint into Missouri through a sale-leaseback deal with CPC of Missouri-Smithville, a subsidiary of Massachusetts-based multistate operator Calyx Peak.
According to a news release, the San Diego-based real estate investment trust has agreed to pay CPC $1.5 million for an industrial property.
CPC is expected to construct an approximately 83,000-square-foot cultivation and manufacturing facility at the site.
IIP, in turn, agreed to reimburse CPC up to $26.7 million for the construction costs.
Assuming full reimbursement, the REIT said its total investment in the property is expected to be $28.25 million.
CPC will lease the property back from IIP under a long-term deal.
Missouri represents the 19th state where IIP does business. The REIT owns 75 properties across the country.
Innovative Industrial Properties trades on the New York Stock Exchange under the ticker symbol IIPR.