Cannabis firm buys Sterling cultivation facility for $5M
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23 Chocksett Road, Sterling
A real estate investment firm with ties to The Botanist has bought for $5 million a Sterling building where the cannabis operator has grown its product.
The Botanist, whose retail shops include a location at 65 Pullman St. in Worcester, has been using the 36,000-square-foot building as a cannabis cultivation center. The building at 32 Chocksett Road formerly hosted the medical manufacturing company SMC, which now has local operations in Devens.
GreenAcreage Real Estate Corp., the New York new owner of the site, has what it calls a strategic but non-exclusive relationship with The Botanist's parent company, Acreage Holdings. GreenAcreage provides sale-leaseback and build-to-suit transactions to the regulated cannabis industry.
Acreage, which is also based in New York, has three cannabis product lines in addition to The Botanist, its retail chain with planned locations in Leominster and Shrewsbury. The Botanist has shops in Maryland, North Dakota and New York, with others planned in Florida and Michigan.
The building was last owned by Robert Adler, Lawrence Martin and Cycles Realty Trust.
The sale closed Oct. 24. The 3-acre site was last assessed by the Town of Sterling at $1.2 million.
WBJ Web Partners
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