Atlanta-based real estate investment company UC Asset Limited Partnership announced an all-share deal to acquire an Oklahoma cannabis cultivation property, invest in the property and lease it to its current operator.
The 10,000-square-foot property is operated by Oklahoma medical marijuana cultivator Fire Ranch Farm, according to a news release.
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“This will be our first cannabis property, and it is our one and only selection after screening numerous opportunities in the past 15 months,” UC Asset founder Larry Wu said in a statement.
UC Asset said it will invest $1 million in the property to add another 5,000 square feet of cultivation space.
“UC Asset expects to receive monthly rents representing a 14.4% cash on cash annual return,” according to the release.
“The lease is locked for 3 years, and monthly rent will increase by 5% every 24 months after the first 3 years.”
UC Asset will
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