An out-of-state company desiring to grow and market medical marijuana is currently in the process of purchasing a mill in Massachusetts for this purpose. The commercial real estate property that will be bought is four stories tall and made of brick. It features more than 170,000 square feet of space and sits on a 3.5-acre lot.
At the moment, the mill is only half occupied. The woman who owns the mill owns multiple mills in the area. A former city mayor recently said the property is at an excellent location because it is right off Interstate 79 but also is not undesirably prominent in the local community.
The company that is planning to purchase the mill aims to operate its grow facility in a 20,000-square-foot area of the building. Plans are also in place to set up facilities and offices to be used for converting cannabis into food, lotions and drinks. The former city mayor said that rather than displacing any of the building’s current tenants, the goal is to simply work around who is already there. Multiple real estate sites have listed the property at $1.495 million.
Sometimes commercial real estate purchases go smoothly, but this does not always happen. Failure to identify as well as evaluate the risks that are inherent in any real estate transaction can end up costing a buyer, or if the two sides cannot find common ground, the deal may end up falling through. An applied understanding of the law may help both buyers and sellers of commercial real estate property to navigate this type of transaction in a manner that satisfies their needs and desires in Massachusetts.
Source: heraldnews.com, “Fall River mill eyed by marijuana company represented by former mayor Flanagan“, Kevin P. O’Connor, Dec. 12, 2016