Connecticut-based cannabis logistics investor NewLake
Capital Partners has acquired two new industrial facilities and signed a NNN
lease deal with medical marijuana dispenser, The Mint.
NewLake has acquired a 40,000 s/f industrial property in
Palmer, Massachusetts, which The Mint, a multi-state cannabis operator based in
Tempe, Arizona, will operate a as a licensed cultivation and processing
NewLake and The Mint have also entered into a definitive agreement to purchase a property in Phoenix, Arizona for the build-out of a 125,000 s/f cultivation and processing facility. The deal is subject to final municipal approvals and is expected to close within the next 90 days.
The total investment of up to $25.1 million includes a
purchase price for the two properties of $4 million and a commitment of $15.1
million in Tenant Improvement Allowances for construction, with the potential
for $6 million in additional allowances for expansion in the future.
David Weinstein, NewLake Chief Executive Officer, said, “As
operators of Arizona’s largest retail dispensary, The Mint has established
itself as a unique brand that has built unwavering patient and customer
loyalty, which has resulted in it seizing tremendous market share. As the state
prepares for significant expansion fueled by the launch of its adult-use
cannabis program, we are excited to help The Mint accelerate its growth in
Arizona, while also supporting its expansion into Massachusetts, a state within
which NewLake already owns five properties.”
Eivan Shahara, Co-Founder and CEO of The Mint, said,
“Through strategic vision and smart operations, The Mint has established itself
as a market leader in Arizona and an innovator in the industry. As we look to
the future, NewLake presents the opportunity to align with a like-minded
partner that supports our long-term expansion plans into other strategic high-growth
states, including Massachusetts, while also cementing our footprint within our
home state. We look forward to closing Phoenix and continuing to build our
partnership with the NewLake team.”
The Mint operates state-of-the-art cannabis facilities
across the country. The company offers a selection of flower/buds, edibles, and
concentrates and introduced the nation’s first “cannabis kitchen” for
consumables that includes cooking classes, pop-up cannabis dinners, and even
cannabis caterers. The Mint also has a drive-thru at its Tempe, Arizona
dispensary location and introduced a curbside pickup option for cardholders at
its Mesa, Arizona dispensary.
Based in New Caanan, CT, 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 24
properties across nine states with six tenants, comprised of 17 dispensaries
and seven cultivation facilities.
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