NewLake Capital Partners is investing $16 million to acquire and retrofit a 58,500-square-foot industrial property in East Hartford, Connecticut, that will be leased to C3 industries, a Michigan-based marijuana multistate operator.
According to a news release, the Connecticut-based marijuana real estate investment trust (REIT) entered into a long-term, triple net lease with an affiliate of C3, High Profile Cannabis Shop.
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High Profile Cannabis Shop operates 21 outlets in Illinois, Massachusetts, Michigan, Missouri and New Jersey.
Under a triple net lease, a tenant pays all property expenses, including real estate taxes, building insurance, maintenance, rent and utilities.
The Connecticut facility will make products for vertically integrated C3’s premium cannabis brands such as Cloud Cover, Galactic and Habitat.
NewLake’s investment consisted of a $4
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