Multistate operator Cresco Labs closed on the sale of a Pennsylvania cannabis property under a $45 million sale-leaseback agreement with a Chicago-based real estate investment trust.
The sale marks Cresco’s first sale-leaseback transaction with Aventine Property Group, according to a Cresco news release.
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The property, located in Brookville, includes approximately 135,000 square feet of existing cultivation, manufacturing and production capacity.
Cresco was expected to sell off up to $500 million in Columbia Care assets after it agreed to purchase the rival MSO in March in a deal initially valued at $2 billion.
Cresco did not say whether Columbia Care previously owned the Brookeville facility, but the New York-based MSO had operations there.
Under terms of the Aventine sale-leaseback transaction, a Cresco subsidiary will continue to operate the cultivation and production facility.
“This transaction further strengthens our company, unlocking valuable capital from our balance sheet,” Cresco Labs CEO
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