Cole Morgan Represents BlackStar Industrial Properties and Gold Flora in Sale of Desert Hot Springs Property

Stuart Kane, LLP is pleased to announce that Cole Morgan has successfully represented the seller, BlackStar Industrial Properties, LLC and the tenant, Gold Flora, LLC in a recent property and lease transaction in Desert Hot Springs, CA. The buyer, Innovative Industrial Properties, Inc., a publicly traded company (NYSE: IIPR), purchased property from BlackStar with building square footage of 201,000 for a purchase price of $51,000,000, and entered into a long-term lease with Gold Flora, which includes $9,000,000 in tenant improvement allowance.

Gold Flora is a vertically integrated operator in California, including cultivation, manufacturing, distribution and retail. Gold Flora is led by a seasoned management team with a track record of success in the regulated cannabis industry including Chief Executive Officer Laurie Holcomb.

Cole states, “It was my honor to represent both BlackStar and Gold Flora in this transaction. I look forward to continuing to help them navigate the unique real estate issues facing the cannabis industry.”

Cole focuses his practice on the areas of corporate and commercial real estate law. He handles all aspects of real estate and corporate transactions, including negotiation and drafting of agreements, conducting due diligence, and advising on legal and compliance issues.