Treehouse Real Estate Investment Trust Inc., a private REIT that invests in properties utilized by the cannabis industry, has purchased a future flagship, build-to-suit cannabis-use retail store in Tempe, Arizona for approximately $3.4 million.
“We are excited to announce our first acquisition in the State of Arizona,” said Ryan Nelson, senior associate at Treehouse REIT. “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 REIT said that it plans to 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 drive-through medical cannabis retail facility that will serve the Greater Phoenix Metro area.
Headquartered in Los Angeles, Treehouse Real Estate Investment Trust is a real estate investment company focused on the acquisition, ownership and management of retail and industrial properties leased to state-licensed operators for their regulated adult-use and medical-use cannabis facilities.
Treehouse was formed as a collaboration between MedMen, a private equity-backed medical marijuana dispensary, and Stable Road Capital, a California-based investment firm. The REIT has a management contract with MedMen to oversee day-to-day operations until Treehouse goes public, at which point management will be internalized.