Innovative Industrial Properties (IIP), a San Diego-based real estate investment trust (REIT) focused on the cannabis industry, acquired a $13 million industrial space in Florida that will be leased to multistate operator Ayr Wellness.
As part of the deal, Innovative Industrial Properties (IIP) plans to reimburse Miami-based Ayr up to $30 million for the redevelopment of a 98,000-square-foot building on an Ocala property that will be converted to a marijuana cultivation facility, according to a news release.
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The build-out adds to Ayr’s growing footprint in Florida, where the MSO operates 64 medical marijuana dispensaries and 745,000 square feet of production capacity.
In November, voters will decide on a ballot measure to legalize adult use in the nation’s third-most-populous state.
Nationally, Ayr’s vertically
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