Connecticut-based NewLake Capital Partners, a cannabis real estate financier, spent $8.8 million on four properties in the north-central Massachusetts town of Fitchburg. The four properties are approximately 32,000 square feet apiece and were each appraised at roughly $2 million.
Previously, NewLake invested in industrial property in Massachusetts in a deal that is estimated to be valued at $21.5 million. Shortly after that, they purchased $20.5 million worth of land near Phoenix. In both transactions, NewLake reached agreements to lease the property to The Mint, an Arizona-based multistate cannabis operator.
Three of the properties were co-owned by Andover-based medical marijuana business Revolutionary Growers and Anwelt Heritage Condominiums. NewLake hasn’t released any official information regarding their plans for the real estate.