Clinton cannabis site sells for $17M, five months after tenant acquisition
Photo | LoopNet
A rendering of the new cannabis facility on 179 Brook St. in Clinton
The site of a renovation project set to become a cannabis cultivation facility in Clinton sold for $16.6 million on Nov. 18, according to the Worcester South District Registry of Deeds.
Upon completion, the project at 179 Brook St. will house the Liberty Compassion Center.
Liberty Compassion, Inc. is a cannabis manufacturing and cultivating center which signed onto a 64,500-square-foot lease at the Clinton site in 2020, according to CoStar. In June, Liberty Compassion was acquired by the Chicago-based cannabis firm Green Thumb Industries Inc., who is carrying on with the renovation.
The cannabis firm is investing over $9.4 million of capital improvements to renovate the former building, which was built in 1966, according to LoopNet.
The new buyers of the Brook Street site are Equity Industrial Partners, a national industrial real estate firm headquartered in Needham. It bought the property from a corporation registered to three individuals from Greenwich, Conn. and New York City, who bought it for $10 million in June 2020.
The lease with the cannabis company is 15 years with several five-year renewal plans. The tenant is solely responsible for maintaining the property, including the construction, according to LoopNet.
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