Great Deal Between CT Investor and Medical Marijuana Operator
Interesting things are going on in Massachusetts. Namely, NewLake Capital Partners has just invested in two industrial facilities in this city. The action was followed by another financial investment, an NNN lease deal with The Mint. For those of you that are not in the know, The Mint is a successful medical marijuana dispenser operating across different states, while NewLake Capital Partners belongs to a different type of industry as a real estate investor.
The Mint will operate a 40,000 s/f property in Palmer, Massachusetts, as a licensed cultivation and processing facility.
The Mint and NewLake also agreed to buy a property in Phoenix, where they plan to build a 125,000 s/f facility for cultivation and processing, which The Mint will lead. It’s expected that the deal will be closed in the next 3 months, after municipal approval.
The investment cost $25.1 million, including $4 million for the two properties, $15.1 million commitment in Tenant Improvement Allowances for construction, and $6 million allowances for the potential extra costs in the future.
The Mint’s Co-Founder and CEO had to say all the best words about their partnership with NewLake and told that they’re happy to have an opportunity to work with someone like-minded. He noted that The Mint looks forward to working with someone who will help them cement their footprint in their home state Arizona and expand in other states, including Massachusetts.
Hopefully, this partnership will last and result in some fantastic plans and products.