In a sale-leaseback deal that shows the value of cannabis-related properties on the East Coast, a newly formed real estate firm has agreed to acquire six buildings in New Jersey, Florida and Massachusetts for $28.3 million from Curaleaf Holdings.
Freehold Properties, based in Las Vegas, is set to pay Wakefield, Massachusetts-based Curaleaf $25.5 million in cash and roughly $2.8 million of its common stock in the transaction. The deal was slated to close by the end of August, but both Freehold and Curaleaf could not be reached for comment.
In a statement, Freehold said it will lease the properties long term to Curaleaf, which will pay for taxes, insurance and maintenance. Freehold also has the right-of-first-offer to purchase additional properties from Curaleaf as its "preferred real estate partner."
The six properties included in the sale are: a cultivation/production facility in Webster, Massachusetts; a retail dispensary in Provincetown, Massachusetts; a cultivation/production facility and a retail dispensary, both in Bellmawr, New Jersey; and retail dispensaries in both Fort Pierce and Daytona Beach, Florida.
Curaleaf acquired its 104,000-square-foot facility at 30 Worcester Road in Webster just nine months ago in January. It paid $4.2 million for it, according to CoStar data.