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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.
Real estate services firm Cushman & Wakefield has appointed commercial real estate veteran Pay Wu as the New York Tri-State Regional Lead for Global Occupier Services.
Madison International Realty, a real estate private equity firm, has closed its commingled investment fund the Madison International Real Estate Liquidity Fund VII, with $1.2 billion of equity commitments, including sidecars, co-investment vehicles and general partner commitments.
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."