NewLake Capital Partners Expands Real Estate Partnership and Closes on Cultivation and Processing Facility with The Mint in Arizona
Total investment of up to $20.5 million including an $18.1 million Tenant Improvement Allowance
NEW CANAAN, Conn., July 07, 2021 (GLOBE NEWSWIRE) — NewLake Capital Partners, Inc. (“NewLake”), a leading provider of real estate capital to state-licensed cannabis operators, today announced the acquisition of a parcel of land for the construction of a 130,757-square-foot cultivation and processing facility in Phoenix, Arizona. Concurrent with the closing of the acquisition, NewLake entered into a long-term, triple-net lease agreement with The Mint, a vertically integrated multi-state cannabis operator based in Tempe, Arizona, which intends to operate the property as a licensed cultivation and processing facility.
The total investment of up to $20.5 million includes a purchase price for the property of $2.4 million and a commitment of $18.1 million in Tenant Improvement Allowance for construction.
Prior to this closing, in April 2021, NewLake completed the acquisition of an approximately 40,000-square-foot industrial property in Palmer, Massachusetts for $1.6 million and committed $3.0 million in Tenant Improvement Allowance with The Mint.
About The Mint
The Mint operates state-of-the-art cannabis facilities across the country. With a reputation for providing a wide variety of high-quality products and personalized service, The Mint offers the most diverse selection of flower/buds, edibles, and concentrates. The Mint was named “Most Innovative Medical Cannabis Dispensary” by the international Commercial Cannabis Awards in 2020, after having worked diligently to create advancements in the industry. The Mint introduced the nation’s first cannabis kitchen of its kind in 2018; added a large on-site grow to its flagship location in 2019; implemented a drive-thru at its Tempe, Arizona dispensary location in 2020; and introduced a curbside pickup option for cardholders at its Mesa, Arizona dispensary. For more information, visit themintdispensary.com.
About NewLake Capital Partners, Inc.
NewLake is a leading provider of real estate capital to state-licensed cannabis operators through sale-leaseback transactions and third-party purchases, as well as funding for build-to-suit projects. NewLake owns a geographically diversified portfolio consisting of 27 properties across 10 states with 8 tenants, comprised of 17 dispensaries and 10 cultivation facilities. NewLake has elected to be taxed as a real estate investment trust for U.S. federal income tax purposes. For more information please visit www.newlake.com.
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