CAPITOL HEIGHTS, MD–Innovative Industrial Properties is purchasing 9220 Alaking Ct., a 72,000-square foot building currently under development from an affiliate of Willco Construction Co., for $8 million (after Willco completes certain development milestones it will be reimbursed $3 million). When it closes the purchase of the building, Innovative Industrial expects to enter into a long-term, triple-net lease with Holistic Industries, which plans to use the facility as the only medical cannabis cultivation facility in Prince George's County. Holistic is one of 15 companies throughout the state of Maryland to receive provisional approval for the cultivation of medical-use cannabis by the Maryland Medical Cannabis Commission. It has also received provisional approval from MMCC for processing and dispensing medical cannabis in Maryland.

Holistic is expected to complete tenant improvements for the building, for Innovative Industrial has agreed to reimburse it $4 million, for a total investment of $15 million in the property.

The initial term of the lease is 16 years, with three options to extend the term for three additional five-year periods. The lease provides for an initial annualized aggregate base rent of 15% of the sum of the initial purchase price, the additional seller reimbursement and the reimbursed tenant improvements, subject to three months of rent abatement at the beginning of the term and the company's establishment of a rent reserve of $1.9 million that is amortized over the initial term of the lease.

The aggregate base rent is subject to 3.25% annual increases during the initial term of the lease, and Holistic is also responsible for paying the company a property management fee equal to 1.5% of the then-existing aggregate base rent.

NEWARK, DE–Delle Donne & Associates and the University of Delaware are partnering to develop a new 120,000-square foot office tower at the University of Delaware's Science, Technology and Advanced Research (STAR) Campus, of which 80,000-square feet will be taken by the university's College of Health Sciences. The site also offers additional acreage for build to suit opportunities. JLL will lead leasing and marketing efforts for the tower, as well future facilities on the adjacent 16 acres of land that falls inside DDA's ground lease for development. UD's STAR Campus, formerly the site of 272-acre Chrysler assembly plant, is home to commercial enterprises, research facilities, classrooms, housing, retail and green spaces.

BRANDYWINE, MD–On May 10 TripleStone Real Estate will officially break ground on the first phase of the 15-acre master planned Cadillac Crossing at 16101 Crain Highway, a retail center anchored by Chipotle and Verizon. The second phase, expected to begin almost immediately after the completion of the first, will add more retail, a Lidl grocery store, a 10,000-square-foot medical center, and a 100 room Marriott hotel.

WASHINGTON, DC–Newmark Grubb Knight Frank has completed three lease transactions totaling 26,332 square feet at 1100 New Jersey Ave., SE in the Capitol Riverfront neighborhood on behalf of the building owner, WC Smith. They are:

• The African Wildlife Foundation, which leased 15,024 square feet on the ninth floor, relocating from 1400 16th Street NW;

• Law firm Watkinson & Miller, which leased the remaining 8,630 square feet on the ninth floor, relocating from One Massachusetts Ave., NW;

• Defense, business and government contractor Assett, which leased the remaining 2,678 square feet on the seventh floor for a new office in DC.

NEWS & NOTABLES

WASHINGTON, DC–The Cushman & Wakefield 20th Annual Race for Hope DC, held on Sunday, May 7, to benefit National Brain Tumor Society and Accelerate Brain Cancer Cure raised over $1.7 million. Nearly 10,000 runners, walkers, survivors and volunteers participated in this year's event, which is the country's largest fundraiser for the brain tumor community.

Cushman & Wakefield began participating in Race for Hope DC 17 years ago when one of the legacy firms' co-founder, Pat Cassidy, fell ill with a brain tumor, according to Roberta Liss, president of the US East Region. “While we lost Pat in 2001, our support of this cause has been unwavering ever since,” she said in a prepared statement. “On the 20th Anniversary, we are honored to serve as the presenting sponsor of the largest fundraiser for brain tumor research in the country.”

DEAL TRACKER

CAPITOL HEIGHTS, MD–Innovative Industrial Properties is purchasing 9220 Alaking Ct., a 72,000-square foot building currently under development from an affiliate of Willco Construction Co., for $8 million (after Willco completes certain development milestones it will be reimbursed $3 million). When it closes the purchase of the building, Innovative Industrial expects to enter into a long-term, triple-net lease with Holistic Industries, which plans to use the facility as the only medical cannabis cultivation facility in Prince George's County. Holistic is one of 15 companies throughout the state of Maryland to receive provisional approval for the cultivation of medical-use cannabis by the Maryland Medical Cannabis Commission. It has also received provisional approval from MMCC for processing and dispensing medical cannabis in Maryland.

Holistic is expected to complete tenant improvements for the building, for Innovative Industrial has agreed to reimburse it $4 million, for a total investment of $15 million in the property.

The initial term of the lease is 16 years, with three options to extend the term for three additional five-year periods. The lease provides for an initial annualized aggregate base rent of 15% of the sum of the initial purchase price, the additional seller reimbursement and the reimbursed tenant improvements, subject to three months of rent abatement at the beginning of the term and the company's establishment of a rent reserve of $1.9 million that is amortized over the initial term of the lease.

The aggregate base rent is subject to 3.25% annual increases during the initial term of the lease, and Holistic is also responsible for paying the company a property management fee equal to 1.5% of the then-existing aggregate base rent.

NEWARK, DE–Delle Donne & Associates and the University of Delaware are partnering to develop a new 120,000-square foot office tower at the University of Delaware's Science, Technology and Advanced Research (STAR) Campus, of which 80,000-square feet will be taken by the university's College of Health Sciences. The site also offers additional acreage for build to suit opportunities. JLL will lead leasing and marketing efforts for the tower, as well future facilities on the adjacent 16 acres of land that falls inside DDA's ground lease for development. UD's STAR Campus, formerly the site of 272-acre Chrysler assembly plant, is home to commercial enterprises, research facilities, classrooms, housing, retail and green spaces.

BRANDYWINE, MD–On May 10 TripleStone Real Estate will officially break ground on the first phase of the 15-acre master planned Cadillac Crossing at 16101 Crain Highway, a retail center anchored by Chipotle and Verizon. The second phase, expected to begin almost immediately after the completion of the first, will add more retail, a Lidl grocery store, a 10,000-square-foot medical center, and a 100 room Marriott hotel.

WASHINGTON, DC–Newmark Grubb Knight Frank has completed three lease transactions totaling 26,332 square feet at 1100 New Jersey Ave., SE in the Capitol Riverfront neighborhood on behalf of the building owner, WC Smith. They are:

• The African Wildlife Foundation, which leased 15,024 square feet on the ninth floor, relocating from 1400 16th Street NW;

• Law firm Watkinson & Miller, which leased the remaining 8,630 square feet on the ninth floor, relocating from One Massachusetts Ave., NW;

• Defense, business and government contractor Assett, which leased the remaining 2,678 square feet on the seventh floor for a new office in DC.