Innovative Industrial Properties, Inc. targets medical-use cannabis facilities for acquisition, including sale-leaseback transactions, with tenants that are licensed growers. Our leases with growers are typically structured as long-term triple-net leases, where the tenant is responsible for all aspects and costs of the property and its operation during the lease. We believe this industry is poised for significant growth in coming years, with legal market sales to grow to approximately $21.8 billion by 2020 according to ArcView Market Research, with nearly half of those sales from medical-use cannabis.
Our senior management team has proven experience in all aspects of the real estate industry, including acquisitions, dispositions, construction, development, management, finance and capital markets. Our executive chairman, Alan D. Gold, is a 30-year veteran of the real estate industry, including co-founding two NYSE-listed REITs: BioMed Realty Trust, Inc. (formerly NYSE: BMR), a real estate company focused on acquiring, developing, owning, leasing and managing laboratory and office space for the life science industry; and Alexandria Real Estate Equities, Inc. (NYSE: ARE), an urban office REIT focused on collaborative science and technology campuses. Mr. Gold served as chairman and chief executive officer of BioMed Realty from its initial public offering in 2004 through its sale to Blackstone in 2016 for $8 billion.