Curaleaf Dispensary Tampa,Florida

$3,605,000
Closed Single-Tenant
Property type:Single-Tenant Net Lease

The space

  • Price: $3,605,000
  • Rentable Square Feet: 7,287
  • NOI: $243,377
  • Price PSF: $494.71
  • Year Built/Reno: 1987 / 2020
  • Lease Guarantor: Curaleaf Holdings, Inc.
  • Lease Type: NNN
  • Lease Term: 10 Years
  • Option Periods: 2, 5-Year Options
  • Rent Increases: 10% Every 5 Years
  • Lease Expiration: 6/30/2030

Description

3630 West Gandy Blvd
Tampa, FL 33611

Investment Highlights

  • Curaleaf is the Largest National Retail Dispensary Brand in the Country
  • Medical Marijuana Dispensaries are Considered “Essential” Businesses During Coronavirus Pandemic
  • Brand New, 10-Year, NNN Lease with 2, 5-Year Renewal Options
  • 10% Rent Increases Every 5 Years in Base Term and Options
  • New Location Opening Summer 2020; Currently Under Renovation
  • Exceptional Location on Major Retail Corridor, Directly Across the Street from Publix, Target and Starbucks
  • Located One Parcel Over from a New Wawa and Two Parcels from a Chick-fil-A Anchored Plaza
  • Located Near the Entrance Ramp to Selmon Expressway with a Daily Traffic Count of More Than 35,000 Vehicles
  • Tampa Metropolitan Area Contains Roughly 3.1 Million Residents

 

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a Curaleaf, medical marijuana dispensary in Tampa, Florida. During these uncertain times this is a great investment because Medical Marijuana Dispensaries remain open as they are considered “essential” businesses. Curaleaf is the largest national retail dispensary brand in the country.

This Curaleaf offers a brand new, 10-year triple net (NNN) lease which will commence in June 2020. This lease has two, five-year option periods with 10 percent rent increases every five years throughout the base term and option periods. This is a new location, currently undergoing renovations and will open Summer 2020.

The subject property is at an exceptional location along a strong retail corridor, and directly across the street from Publix, Target and Starbucks. It’s also only one parcel over from a new Wawa, and two parcels from a Chick-fil-A anchored center. Other surrounding national retailers include Walmart Supercenter, Home Depot, Outback Steakhouse, Applebee’s, Chipotle, Dunkin Donuts, Starbucks, CVS, Walgreens, Regions Bank and many more. This major retail corridor is off Gandy Boulevard with a daily traffic count of 48,000 vehicles; and located near the entrance ramp to Selmon Expressway with more than 35,000 vehicles.

This Curaleaf is in a high growth submarket of Tampa with an average household income exceeding $100,000. The Tampa metropolitan area contains roughly 3.1 million residents. The subject property is five miles from downtown Tampa and the University of South Florida which has a current enrollment of more than 50,000.

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