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  "documentTitle": "Innovative Industrial Properties, Inc. (IIPR)",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-04-09 00:00:00",
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      "text": "According to county GIS map, the property 's building value is assessed to be $552,035 and $219,500, for a total of $771,535, merely 20% of what IIPR paid.",
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      "text": "purchase price vs assessed value: 20%",
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      "text": "Independent due diligence: Deed records show that IIPR purchased the property from Trulieve for $3.5M on 07/29/2019 through the form of a quitclaim deed. Trulieve earlier purchased the property from Frankie Chips Assoc Inc for the same amount in June and July of 2019. Frankie Chips Assoc Inc purchased the property from Canal Street Realty INC on 05/09/2008 for $375,000. According to county GIS map, the property 's building value is assessed to be $552,035 and $219,500, for a total of $771,535, merely 20% of what IIPR paid.",
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      "text": "Initial Terms: The initial lease term is ten years, which may be extended for up to an additional 18 months in accordance with the terms of the lease, with two options to extend the term of the lease for five years each. The initial annualized base rent is equal to 11% of the sum of the purchase price for the property and the reimbursement for tenant improvements then funded by IIP.",
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