Annual report pursuant to Section 13 and 15(d)

Real Estate Transactions

Real Estate Transactions
12 Months Ended
Dec. 31, 2017
Real Estate Transactions  
Real Estate Transactions



In November 2017, the Company closed on a 137,500 square foot industrial property located on 21.95 acres in New Bedford, Massachusetts. Approximately half of the available square footage is leased to a non-cannabis manufacturing company under a 5-year lease. The Company has started development of the remaining half of the building into a cannabis cultivation and processing facility which will be leased to a cannabis licensee under a 20-year lease, the term of which will start after the completion of construction.


In July 2017 the Company purchased a 22,700 square foot retail and warehouse building located on the main street of Middleborough, Massachusetts. The Company is currently constructing a 10,000 square foot retail dispensary which will be leased to the same cannabis licensee tenant of our New Bedford location, under a 20-year lease starting mid-2018.


In January 2017, the Company purchased a long-standing 180,000 square foot former manufacturing facility in Hagerstown, Maryland, which was rehabilitated by the Company into a cultivation and processing facility for a licensed cannabis tenant under a 20-year lease that started January 1, 2018.


In 2016, the Company finalized construction of two free-standing retail dispensaries, each approximately 3,400 square feet, in the cities of Anna and Harrisburg in Illinois. The facilities are leased to licensed cannabis dispensary companies under 20-year leases with 18 years remaining.


The Company leases approximately10,000 square feet of an industrial building that it has built out into a cannabis cultivation facility. This facility is subleased to a licensed cannabis company under a sub-lease which is coterminous with the Company’s lease for 10 years with 6.25 years remaining.


The Company owns a 45,070 square foot facility on 2.25 acres in Wilmington, Delaware, which was purchased in September 2016, and developed into a cannabis cultivation, processing, and dispensary facility. The facility is leased to a cannabis licensee company occupying 100% of the space under a 20-year lease with 16 years remaining.


The Company leases 4,122 square feet of retail space in a newly-built multi-use building in Lewes, Delaware. This five-year lease with a five-year option to extend the term commenced in October 2016. The Company built out the space into a cannabis dispensary which is sub-leased to the same licensed cannabis company occupying the Wilmington facility, under a five-year lease with a five-year option to extend.


The Company’s corporate office is located in Newton, Massachusetts. The space is subleased from a related party at a cost of $24,000 per year. The lease for this office will expire in July 2018.