Southeast

IIP entered into a long-term, triple-net lease agreement with a subsidiary of Parallel, which intends to continue to operate the property as a regulated medical cannabis cultivation and processing facility.

The 345,000-square-foot mixed-use development is on track to open in the first half of 2020 and developer Andrew Hellinger answered some questions about the project's path to market.

Buildings that previously housed banks tend to be popular as they already have secure structures that comply with the cannabis industry's unique security provisions.

"Construction projects always have a 'time for completion' component and many contractual provisions may certainly come into play in any construction project which is affected by labor shortages from the coronavirus."

Savills has acquired Macro Consultants, a project management firm that oversees capital projects, including relocations, expansions and modernizations nationally. The acquisition bulks up Savills existing advisory and management platform to offer leaner services to its clients.

As the retail sector continues to evolve, brokers are stepping in as problem solvers to guide owners to the new normal.