Curaleaf sells Webster facility for $9.4M as part of $28.3M leaseback deal
Cannabis retailer Curaleaf has sold its Webster cultivation facility for about $9.4 million, more than double what it paid for the building just several months ago in January.
The Wakefield-based company, which operates its grow and manufacturing operations out of the building, sold the property to FHP of Webster MA-CP LLC in a deal that closed Tuesday.
That entity is registered to Jeff Walraven and is affiliated with Freehold Properties Inc. of Franklin, Tennessee, according to land records.
Curaleaf last week announced a $28.3 million leaseback agreement with Freehold Properties that covers six facilities in Massachusetts, Florida and New Jersey. In the press release, Curaleaf did not detail the specific properties.
"This transaction provides an additional stream of liquidity for us with an attractive cost of financing previously not available in our industry," said Joseph Lusardi, CEO of Curaleaf, in a statement. "We are delighted to see more traditional sources of financing becoming available to the cannabis industry and intend to deploy the proceeds to continue our rapid expansion and create shareholder value."
Curaleaf will retain the use of the properties for cultivation, processing and retail while the $28.3 million covers investments, tenant improvements and expansion plans.
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