LOS ANGELES--(BUSINESS WIRE)--PRESS RELEASE--Treehouse Real Estate Investment Trust, Inc. has announced that it has completed the acquisition of a future flagship, build-to-suit cannabis-use retail store in Tempe, Ariz.
“We are excited to announce our first acquisition in the State of Arizona,” said Ryan Nelson, senior associate at Treehouse Real Estate Investment Trust. “We’ve partnered with one of the strongest operators in the region and are thrilled to build out their flagship retail destination while expanding our footprint into a robust, growing cannabis market.”
The Tempe acquisition is approximately $3.4 million and the company will also provide future financing for capital expenditure and tenant improvements. The buildout of the store is estimated to take approximately 18 months and, when fully developed, will be a state-of-the-art, drive-through medical cannabis retail facility that will serve the Greater Phoenix Metro.
