Innovative Industrial Properties Acquires Michigan Property and Expands Real Estate Partnership with Cresco Labs

Innovative Industrial Properties, Inc. | April 23, 2020

Innovative Industrial Properties, Inc. (IIP), the first and only real estate company on the New York Stock Exchange (NYSE: IIPR) focused on the regulated U.S. cannabis industry, announced today that it closed on the acquisition of a property in Michigan, which comprises approximately 115,000 square feet of industrial space in the aggregate. The purchase price for the property was $5.0 million (excluding transaction costs). Concurrent with the closing of the purchase, IIP entered into a long-term, triple-net lease agreement for the property with a wholly owned subsidiary of Cresco Labs Inc. (Cresco), which intends to operate the property as a regulated cannabis cultivation and processing facility upon completion of redevelopment. Cresco is expected to complete additional tenant improvements for the property, for which IIP has agreed to provide reimbursement of up to $11.0 million. Assuming full reimbursement for the tenant improvements, IIP’s total investment in the property will be $16.0 million.

Spotlight

Nate began his real estate career in 1999, and have been progressing as one of the leading real estate agents in Southern California ever since. This accomplishment is due to his commitment to service and the loyalty and dedication of friends and clients.

Spotlight

Nate began his real estate career in 1999, and have been progressing as one of the leading real estate agents in Southern California ever since. This accomplishment is due to his commitment to service and the loyalty and dedication of friends and clients.

Related News

REAL ESTATE TECHNOLOGY

letus Announces Strategic Partnership with MRI Software to Expand Flexible Rent to Commercial and Residential Real Estate

letus (previously RentMoola) | June 02, 2022

Furthering efforts to help renters balance their paychecks and landlords to collect rent on time, letus (previously RentMoola), an award-winning FinTech platform, announces its partnership with MRI Software, a global leader in real estate technology. The partnership enables commercial and residential real estate companies to streamline the payments process and offer an innovative, flexible payment experience for customers. MRI's partnership with letus will give our Canadian community of renters and landlords easier access to a world-class payments platform. The integration will enable flexible payments, which can be a key differentiator in today's market." Sean Slack, VP of Partner Connect at MRI letus integrates with MRI LivingTM residential management suite and MRI @WorkTM commercial management suite of products to improve the payment experience by reducing manual entry to increase reliability and security. MRI clients now enjoy enhanced experiences through: Streamlined experience with MRI Resident Connect and Tenant Connect Real-time transaction reconciliation Flexible payments and credit reporting to increase credit scores Automated SMS messaging and payments via TXT2PAY Auto-schedule synchronizations The partnership is a step forward in delivering comprehensive and simple solutions that empower landlords to get real-time transaction information while providing flexible payment solutions to customers. Now, MRI clients can access more payment options, financial tools, enhanced communication, and more. "Modern property management requires real-time management," shares Karthik Manimozhi, CEO of letus. "This integration brings ultimate convenience to landlords, providing them automation and data-driven insight to provide value to their tenants." About letus A disruptive cloud platform offering flexible rent payments with credit reporting that empowers renters to better balance their paychecks while landlords achieve predictable and scalable on-time revenue streams. letus has processed $2Billion transactions with 2Million+ individual transactions. About MRI Software A leading provider of real estate software solutions that transform the way communities live, work and play. MRI's open and connected, AI-first platform empowers owners, operators and occupiers in commercial and residential property organizations to innovate in rapidly changing markets. MRI has been a trailblazer in the PropTech industry for over five decades, serving more than two million users worldwide. Through innovative solutions and a rich partner ecosystem, MRI gives real estate companies the freedom to realize their vision of building thriving communities and stronger businesses.

Read More

BROKERAGE,MORTGAGE AND LENDING

Greater Lansing Association of REALTORS® partners with SkySlope to provide members access to breakthrough transaction tools

SkySlope and Greater Lansing Association of REALTORS | August 05, 2022

SkySlope, the leader in real estate transaction and brokerage software, is partnering with the Greater Lansing Association of REALTORS® (GLAR) to offer its premier transaction management solution SkySlope Suite — including SkySlope Forms and DigiSign — as a benefit to GLAR members. SkySlope's suite of products enables real estate professionals to centralize their workflow while remaining compliant. As the transaction management platform that serves over half of the top 20 largest brokerages in the nation, SkySlope is known for its 24/7 award-winning technical support and customized onboarding and training — both benefits that are now available to GLAR agents. "We are ecstatic to offer SkySlope to our members, SkySlope provides a valuable resource for REALTORS® to get the most out of their form libraries and elevate the transaction process across the state. Seeing as SkySlope is dedicated to building innovative, easy-to-adopt solutions, we know our members will thrive using SkySlope." -Aaron Fox, 2022 Greater Lansing Association of REALTORS® President SkySlope launched in 2011 with a mission to create technology that makes life better for real estate professionals. In October 2017, after several years of impressive growth, SkySlope became a part of the Fidelity National Financial family. This partnership reinforces SkySlope's commitment to its vision, providing them with greater resources to innovate. Since then, SkySlope has continued to create groundbreaking products for its growing community of over 450,000 real estate professionals. Located in Lansing, Michigan, the Greater Lansing Association of REALTORS® was founded with a mission to promote the American dream of homeownership through a free enterprise system. They provide support for their REALTORS®, allowing them the ability to take on industry challenges, protect homeowner and private property rights, and build communities. GLAR's partnership with SkySlope will empower its agents with top-tier tools designed to help them succeed. SkySlope Suite for GLAR members will include: SkySlope Suite - Flagship transaction management solution (includes DigiSign and Forms). DigiSign - Send documents for signature quickly and easily with intuitive (and free) features. Forms - Association and MLS forms that are always up-to-date and synced with data from the MLS. The way REALTORS® work today is changing as they take on more clients, adjust to market swings, and adopt more tech, At SkySlope, we are driven to provide tools that make an immediate impact in our customers' lives which is why we designed SkySlope Suite to be simple, flexible, and user-friendly. We are excited to work with GLAR to provide this benefit to all of its members,says Tyler Smith, CEO of SkySlope. About SkySlope Established in 2011, SkySlope is the customer experience platform managing real estate transactions from contract to close. Serving over 450,000 real estate professionals across the U.S. and Canada, SkySlope manages nearly 3 million transactions annually. SkySlope is on a mission to build solutions that reshape the real estate industry by creating the most powerful autonomous transaction platform. About Greater Lansing Association of REALTORS® Founded in Michigan in 1907, the purpose of the Greater Lansing Association of REALTORS® is to promote the American dream of homeownership through a free enterprise system by preserving the right to own, use, and sell real property. GLAR members work together to take on industry challenges, maintain the most accurate housing data, protect homeowners and private property rights, and help build communities.

Read More

REAL ESTATE TECHNOLOGY

Dibbs Opens Construction Bidding App to Massachusetts to Disrupt the Construction Industry

Dibbs | May 17, 2022

Dibbs Technology is excited to announce the expansion of the iOS app to the Massachusetts area. After a successful launch in Rhode Island, the company is ready to expand its marketplace to Massachusetts. The app is the first of its kind in the construction industry to serve as a marketplace for both construction supplies and services. Rated a Top 10 startup company of 2021 and a 2022 Stevie Awards winner, Dibbs is designed to take the friction out of bidding, buying, and selling products and services in the construction and real estate marketplace. Based out of Newport, Rhode Island, the app has been launched in Rhode Island and currently has over 200 bids on the app with a total value of almost 3 million dollars. CEO and Founder Luke Fleury is also a General Contractor and Real Estate Developer in Rhode Island and explains why he created Dibbs. "I was tired of spending countless hours trying to find the best quotes for my projects, this is what inspired me to create Dibbs." Dibbs is an app that will allow contractors, suppliers, homeowners, and more, to find the people and projects that they want to work with. "With our built-in bidding templates, we cut the time it takes to place and receive bids in half" he adds. Having a CEO who understands the field and operates on a day-to-day basis with other contractors and suppliers, helps us to ensure we are creating a tool that actually helps our users. The COO also expressed that, "Dibbs can help people increase productivity and profitability. The app enables users to save money on their next project with more options and lower costs as well as higher quality." Case Olszewski,Dibbs COO and Co-Founder With the success the Dibbs team has already seen in Rhode Island they are expecting tradesmen in Massachusetts to quickly see the benefit of Dibbs and change the way they are bidding on projects. Users can expect an increase in productivity as well as saving money knowing they are getting the best price and quality on materials. Searching and contacting various sellers often requires multiple searches. While other apps offer lead generation tools, Dibbs provides customization and ease with their all-in-one marketplace for construction bidding.

Read More