Investment Highlights
- Brand New, 10-Year, Triple Net (NNN) Lease with Two, Five-Year Renewal Options
- Three Percent Annual Rent Increases Throughout Base Term and Option Periods
- New Location Opening Year End 2020; Currently Under Renovation
- Medical Marijuana Dispensaries are “Essential” Businesses During Coronavirus Pandemic
- Curaleaf is the Largest National Retail Dispensary Brand in the Country
- Surrounding National Retailers Include Costco Wholesale, Sam’s Club, Macy’s, Marshall’s, Ross, Bed Bath & Beyond, Burlington, Ashley HomeStore, Big Lots, Harbor Freight Tools, Kay Jewelers, Ruby Tuesday, Panera Bread, McDonald’s, Popeyes, Chipotle, CVS, Verizon, Advance Auto Parts, Wells Fargo and Many More
Investment Overview
Marcus & Millichap is pleased to present the opportunity to acquire a new Curaleaf, a medical marijuana dispensary in Gaithersburg, Maryland, and part of the Washington, D.C. MSA. 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 lease with the full lease term remaining. This lease offers two, five-year renewal options and three percent annual rent increases throughout the base term and option periods. This is a new location, currently undergoing renovations and is scheduled to open in Fall 2020.
This location has exceptional demographics with the average household income exceeding $100,000 in a one and three-mile radius, and $125,000 within five miles. The population within five miles of the subject property is over 275,000. This Curaleaf is in a busy retail corridor with surrounding national retailers including Costco Wholesale, Sam’s Club, Macy’s, Marshall’s, Ross, Bed Bath & Beyond, Burlington, Ashley Furniture HomeStore, Big Lots, Harbor Freight Tools, Kay Jewelers, Ruby Tuesday, Panera Bread, McDonald’s, Popeyes, Chipotle, CVS, Verizon, Advance Auto Parts, Wells Fargo and many more.
Part of the Washington, D.C. MSA, the subject property is 27 miles North of Washington, D.C. and 45 miles West of Baltimore, Maryland. This property is only two miles from Interstate 270 which is the major roadway in the area connecting to Washington, D.C. and has a daily traffic count of 290,000 vehicles. The population in the area is expected to grow by nearly 295,000 through 2024 with employment gains contributing to this growth. This population growth outpaces the national average.
Broker of Record
Bryn Merrey
Broker of Record
Lic. # 646476
