Innovative Industrial Properties Expands Real Estate Partnership at New York Property with PharmaCann

businesswire | December 14, 2020

Creative Industrial Properties, Inc. (IIP), the sole land organization on the New York Stock Exchange (NYSE: IIPR) zeroed in on the controlled U.S. cannabis industry, reported today that it went into a correction of the rent with PharmaCann Inc. (PharmaCann) in Hamptonburgh, New York, making accessible $31.0 million in subsidizing for huge improvements underway limit and extra overhauls at the 127,000 square foot office. The rent alteration likewise changed the base lease under the rent to consider the extra accessible financing and expanded the term of the rent understanding. Accepting full installment of the extra financing, IIP's absolute interest in the property will be $61.0 million. IIP initially procured the New York property and went into a drawn out rent with PharmaCann in 2016.

Notwithstanding this office in New York, IIP possesses and rents to PharmaCann controlled cannabis development and handling offices in Illinois, Massachusetts, Ohio and Pennsylvania, containing a sum of roughly 363,000 square feet. Accepting full repayment of inhabitant upgrades under the leases, IIP's absolute interest in properties rented to PharmaCann is relied upon to be $167.5 million.

As the spearheading land venture trust (REIT) for the clinical use cannabis industry, IIP accomplices with experienced clinical use cannabis administrators and fills in as a wellspring of capital by procuring and renting back their land resources, notwithstanding offering other imaginative land based capital arrangements.

PharmaCann is a main multi-state cannabis administrator with licenses in Illinois, Maryland, Massachusetts, New York, Pennsylvania and Ohio. Established in 2014 with dispensaries working under the brand Verilife, PharmaCann has brought over $200 million up in value to date, and has more than 650 representatives.

“We are thrilled to partner once again with PharmaCann in its expansion of the New York facility, the first property in our portfolio that now spans 64 properties across 16 states,” said Paul Smithers, President and Chief Executive Officer of IIP. “Since 2016, we have progressively supported PharmaCann as its go-to long-term real estate partner, and we are excited to take this next step with the PharmaCann team to significantly upgrade and enhance production capability at their New York facility, in a market experiencing tremendous and growing patient demand for high quality products.”

“IIP has been a strong, reliable, flexible real estate partner since we initially sold and leased back our New York property to them in 2016,” said Brett Novey, PharmaCann’s Chief Executive Officer. “The New York regulated cannabis market is still in its early stages, and in conjunction with IIP’s unwavering support as our primary real estate capital provider, we expect the significant enhancements to our New York facility to preserve our strategic positioning as we continue to scale our operations to meet the anticipated demand for customers throughout the state.”


Real Estate Asset Management's complexity and impact on portfolio performance have affected businesses and investments. Explore insights to simplify the process.


Real Estate Asset Management's complexity and impact on portfolio performance have affected businesses and investments. Explore insights to simplify the process.

Related News


GTIS Partners Launches Build-to-Rent Community Development Company Tavalo

PRnewswire | April 05, 2023

GTIS Partners ("GTIS"), a global real estate investment firm managing $4.3 billion in gross assets with a U.S. focus on residential and industrial/logistics investments, today announced the launch of Tavalo, a dedicated build-to-rent community development company and a subsidiary of GTIS. Tavalo creates places where people live, play, and gather. Developing purpose built communities that provide a variety of product types and an amenitized lifestyle experience through thoughtful planning and design, reimagining what it means to rent. GTIS conducts macro research into what drives value and returns for build-to-rent communities and applies bespoke approaches to every market in which it develops. By evaluating each location and shaping communities around its research, the company is able to remain agile, adjusting the design, programming, and amenities of each community to fit the needs of all residents. GTIS remains committed to ESG efforts through Tavalo, utilizing design and product construction to deliver sustainable solutions from energy and water efficiency to smart home technology. Tavalo has already completed its first of many planned build-to-rent community projects, called Tavalo at Cadence, which is located in Mesa, Arizona and includes a total of 197 build-to-rent units, a fully equipped gym, a yoga studio, three resort-inspired pools and a spa. Additionally, by using HercuWall, a panelized wall system comprised of concrete, steel, and EPS, energy costs at Cadence have been reduced by 20 to 40%. "We are thrilled to announce the launch of Tavalo," said Tom Shapiro, President and Chief Investment Officer of GTIS. "The unique value of self-developing these build-to-rent projects is that we can bring our team's collective expertise and research capabilities together to create and provide beautiful and thoughtful communities for renters across the U.S." He added, "We look forward to developing additional communities under Tavalo." In addition to Tavalo at Cadence, the company has begun work on seven additional build-to-rent communities in both the greater Phoenix area and South Florida. Locations include Queen Creek, Glendale, Avondale and Surprise in Arizona as well as Wesley Chapel, San Antonio and Port St. Lucie in Florida. Upon completion of these projects, Tavalo and GTIS will have developed approximately 2,100 build-to-rent units. About GTIS Partners GTIS Partners is a global real estate investment firm in the Americas, headquartered in New York with offices in São Paulo, San Francisco, Los Angeles, Atlanta, Charlotte, Phoenix, Dallas, Paris and Munich. The firm was started in 2005 and is managed by President and founder Tom Shapiro and seven other partners The firm manages $4.3 billion in gross assets and is active across a wide range of real estate sectors including single family and multifamily housing, office, industrial/logistics and hospitality as well as opportunity zone investments. The firm invests at various points in the capital structure including credit, common equity and structured equity. In the US, GTIS has invested in over 190 assets across 40 unique markets including growth areas such as Phoenix, Dallas, Houston, Denver, Atlanta, Tampa and Charlotte. In Brazil, GTIS is among the largest real estate private equity firms with holdings including office, residential, logistics, and hospitality investments. Marquee assets developed by GTIS Partners in São Paulo include the Infinity office building and Palácio Tangará, a five-star resort style hotel. For more information, please visit

Read More


In an industry first, Lone Wolf and MLS Property Information Network (MLS PIN) partner to connect digital advertising to listings

PRnewswire | May 05, 2023

Lone Wolf Technologies ("Lone Wolf"), the leading provider of residential real estate technology in North America, is thrilled to announce an expanded partnership with MLS PIN, one of the largest multiple listing services in the U.S., to connect Lone Wolf's leading digital advertising platform, Boost, with MLS PIN's in-house MLS system, Pinergy. With this partnership, MLS PIN will integrate Boost into Pinergy's Listings Manager and Tools page. This will allow MLS PIN's more than 45,000 customers to create and launch digital ads to market their listings and agent profiles immediately through Boost, with their listing data channeling directly from Pinergy into the advertising solution for faster and easier ad creation. "We're honored to partner with MLS PIN and make advertising easier than ever for their customers," said Jimmy Kelly, CEO, Lone Wolf. "In our current market climate, digital advertising takes on bigger importance for real estate professionals. By making real estate's most effective and user-friendly advertising platform available in the same place where their agents upload their listings, MLS PIN is meeting the moment for their customers and truly putting them in a position to succeed, setting a sterling example for all real estate organizations across North America." Boost is Lone Wolf's intelligent and user-friendly digital advertising platform, proven to increase both exposure and click-through rates to bring in quality real estate leads. The platform, trusted by some of the largest brokerages and franchises in the U.S., broadcasts ads on top sites like Facebook, Google, and Nextdoor, and allows agents to reach a targeted audience with automated campaigns. With Boost, agents can also: Create effective ad campaigns and branded lead-generation pages Track performance of all their ads in one place, including audience insights Increase exposure of member's Cloud CMA "What's My Home Worth" landing pages. "We're excited to expand our partnership with Lone Wolf and make Boost, like Cloud CMA, available in Pinergy," said Erminio Grasso, CEO of MLS PIN. "There are a lot of advertising solutions flooding the market right now, but Boost is top among them as an intuitive and effective solution made to help real estate professionals grow their business and see real results. We're confident this partnership will provide our customers with yet another competitive edge in the marketplace." About Lone Wolf Technologies Lone Wolf Technologies is the North American leader in residential real estate software, serving over 1.5 million real estate professionals across Canada, the U.S., and Latin America. With cloud solutions for agents, brokers, franchises, MLSs and associations alike, the company provides the entire real estate industry with the tools they need to amaze clients, build their business, and improve profits—from transactions to back office, insights, and more, all in one place. Lone Wolf's head offices are located in Cambridge, ON, and Dallas, TX. About MLS PIN As the largest multiple listing service in New England, MLS Property Information Network (MLS PIN) connects over 45,000 real estate professionals and millions of consumers throughout the six New England states and New York. MLS PIN's flagship application, Pinergy, is designed and developed in-house, regularly implementing new features based on customer input. Real estate professionals gain access to more than 16,500 current on-market properties and 4.1 million off-market properties. MLS PIN provides in-person training, webinars, customer care seven days a week, and a growing list of third-party offerings. The Realtor/Broker-owned shareholder corporation is centrally located in Shrewsbury, MA. Discover more at

Read More


Best Egg and AppFolio to Offer Renters a Flexible and Personalized Payment Solution

PRnewswire | April 28, 2023

Best Egg, a financial platform that offers simple solutions to help people with limited savings confidently navigate their everyday financial life, has announced a strategic partnership with AppFolio, Inc., a leading provider of cloud business management solutions for the real estate industry. Best Egg, which is owned by Marlette Holdings, Inc. will be integrating its Flexible Rent solution into the AppFolio Property Manager resident portal. This integration will provide more than seven million renters across the U.S. with a flexible and personalized rent payment option without the need to leave their resident portal. "Our partnership with AppFolio is a critical step in making Flexible Rent available to more renters throughout the U.S.," said David Sullivan, Managing Director of Flexible Rent at Best Egg. "With this partnership, Best Egg and AppFolio are paving the way for a more flexible and personalized future of rent payments, making it easier for renters to manage their finances and live with greater financial confidence." Starting in the second quarter of this year, residents whose property manager uses AppFolio Property Manager can choose Best Egg Flexible Rent as a payment option directly from the resident portal. Flexible Rent enhances both the renter and the property manager experience. At no additional cost to property managers, Flexible Rent gives property managers peace of mind that rents are received on time. Additionally, Flexible Rent offers property managers an innovative and diversified approach to receiving rents that is appealing to renters valuing financial flexibility. This convenient payment solution provides renters with the flexibility to divide their rental payments into smaller, more manageable amounts that can be paid throughout the month. With this option, renters can easily take charge of their finances and reduce the financial strain associated with paying one of their most significant recurring expenses. "We are excited to partner with an outstanding team of accomplished innovators at AppFolio to offer renters and multifamily property managers a seamless and innovative payment solution," said Brady Nolan, Chief Business Officer of Flexible Rent at Best Egg. "AppFolio and Best Egg share a commitment to leading the industry forward. Together, we expect to revolutionize the rent payment experience for millions of renters, promoting greater financial balance each month." About Best Egg Owned by Marlette Holdings, Inc., Best Egg is the leading financial confidence platform that provides flexible solutions to help people with limited savings confidently navigate their everyday financial lives. Best Egg supports customers through a growing suite of personal loan, credit card, flexible rent, and financial health tools. Leveraging real-time customer insights and data engineering, Best Egg gives more people access to the resources they need to be money confident. For more information, visit About AppFolio, Inc. AppFolio, Inc. is a leading provider of cloud business management solutions for the real estate industry. Our solutions enable our customers to digitally transform their businesses, address critical business operations and deliver a better customer experience. For more information about AppFolio, visit

Read More