NewLake Tenant, Calypso Enterprises, Closes on Sale of the Company
NEW CANAAN, Conn., Nov. 17, 2023 (GLOBE NEWSWIRE) -- NewLake Capital Partners, Inc. (OTCQX: NLCP) (“The Company” or “NewLake”), a leading provider of real estate capital to state-licensed cannabis operators, today announced that Hero Diversified Associates, Inc. (“HDAI”) has sold, Calypso Enterprises (“Calypso”), which is a NewLake tenant, to Canvas Acquisition Corporation, LLC (“Canvas”).
- NEW CANAAN, Conn., Nov. 17, 2023 (GLOBE NEWSWIRE) -- NewLake Capital Partners, Inc. (OTCQX: NLCP) (“The Company” or “NewLake”), a leading provider of real estate capital to state-licensed cannabis operators, today announced that Hero Diversified Associates, Inc. (“HDAI”) has sold, Calypso Enterprises (“Calypso”), which is a NewLake tenant, to Canvas Acquisition Corporation, LLC (“Canvas”).
- In connection with the closing of the sale of Calypso and under the terms of the revised lease agreement, NewLake has agreed to provide up to $3 million in tenant improvements and has received a six-month rent escrow.
- NewLake also provided Canvas the option to purchase the property at NewLake’s cost basis from December 1, 2024 through December 31, 2025.
- We are appreciative of our partners at HDAI and are excited to work with our new partners at Canvas.”