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  "documentTitle": "Innovative Industrial Properties, Inc. (IIPR)",
  "authorId": "62_Grizzly_Research",
  "authorName": "Grizzly Research",
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  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-04-09 00:00:00",
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  "notes": "The slide uses a 'bear' logo, likely indicating a short-seller research report.",
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      "kind": "callout",
      "text": "We find this 10x growth in property value hard to believe especially considering over $17.7M in improvements are still to go into the property shortly after the closing of the deal.",
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      "kind": "image",
      "text": "Google Maps view of 825 Industrial Dr, Litchfield IL",
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      "text": "purchase price: $10.5M",
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      "kind": "paragraph",
      "text": "When comparing the county's valuation posted on its county's parcel reports, we see that the 2017 sales value was only 2x the county's valuation, while IIPR's transaction well exceeds the 2019's county valuation by 40X.",
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      "kind": "paragraph",
      "text": "Independent due diligence: According to deed records, the property was bought by HSGS properties from Harmac Development for $1.05M on 2/1/2017. IIPR purchased it on 12/23/2019 for $10.5M.",
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      "kind": "paragraph",
      "text": "Core Issue: Overpayment. Transaction details: IIPR closed a deal on a property located in Litchfield, IL, comprising of 70,000 sq. ft. industrial space on 10/30/2019. The purchase price was $10.5M, with reimbursement for improvement up to $17.7M.",
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      "kind": "table",
      "text": "Valuation table showing 2019 and 2018 values for Land/Lot, Buildings, Farm Land, Farm Buildings, and Total.",
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      "kind": "title",
      "text": "Litchfield IL Grassroots",
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