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Wednesday, July 17, 2024

16-acre Ocala property purchased for site of $30 million cannabis cultivation facility

A medical marijuana dispensary with more than 60 locations across the state of Florida has acquired a 16-acre property in Ocala for $13 million in order to create a 98,000-square-foot cannabis cultivation facility.

Innovative Industrial Properties, a company that provides real estate capital for the medical-use cannabis industry, announced the acquisition of the property in a press release on Monday.

“Innovative Industrial Properties, Inc. (IIP), the first and only real estate company on the New York Stock Exchange focused on the regulated U.S. cannabis industry, announced today that it closed on the acquisition of a 16-acre property comprising 145,000 square feet of industrial space in Ocala, Florida,” reads the statement from the company.

IIP says it has entered into a “long-term, triple-net lease with a subsidiary of AYR Wellness,” according to a press release issued by the company.

In addition to the acquisition of the property, IIP has agreed to provide “reimbursement of up to $30 million,” taking the project’s total cost to $43 million.

AYR is expected to redevelop a building on the property to create an industrial space that will be used as a regulated cannabis cultivation facility.

Ascend Lansing Grow or LED or HVAC 2048x1536
One of the cannabis cultivation facilities that was acquired by IIP. (Photo: Innovative Industrial Properties)

The location of the property was not provided in the press statement.

Currently, AYR operates 18 production facilities and 91 dispensary locations across eight states, including 64 locations in the state of Florida.

The addition of the Ocala facility will bring the company’s overall production capacity to over 840,000 square feet in the state of Florida.

IIP bills itself as a “self-advised Maryland corporation” that is focused on the acquisition, ownership, and management of specialized industrial properties leased to state-licensed operators for cannabis facilities.