gLeaf Medical Cannabis Midlothian,Virginia

$1,880,000
Available
Property type:Single-Tenant Net Lease

The space

  • Price: $1,880,000
  • Cap Rate: 5.85%
  • Rentable Square Feet: 2,000
  • Annual Rent: $110,000
  • Land Area: 0.55 Acres
  • Built/Renovated: 1975 / 2022
  • Lease Guarantor: Columbia Care, Inc.
  • Lease Type: NNN
  • Lease Term: 10 Years

Description

11601 Midlothian Turnpike
Midlothian, Virginia 23113 (Richmond MSA)

Investment Highlights

  • Two Percent Annual Rent Increases Throughout Base Term and Option Periods | New, 10-Year, Triple Net (NNN) Lease With Full Term Remaining
  • Affluent Community | Average Household Income in One Mile is $113,264, $122,129 in Three Miles and $126,387 in Five Miles
  • Population Nearly 125,000 Within Five Miles of Property, 243,504 in Seven Miles, and 533,435 in 10 Miles
  • Lease Guaranteed by Columbia Care, Inc. – One of the Nation’s Largest and Most Experienced Multi-State Operators
  • Brand New Location! Currently Undergoing Renovations by Tenant at Tenant’s Expense | Projected to Open by Year End 2022 | Property Includes a Drive-Thru Window
  • Catty-Corner from Chesterfield Towne Center, the Largest Enclosed Shopping Mall in the Richmond Market With 120 Retailers – Key Tenants Include Macy’s, JCPenney, At Home, HomeGoods, TJ Maxx, Barnes & Noble, Old Navy, H&M, Crunch Fitness and Many Others
  • Other Surrounding National Brands Include Walmart Supercenter, The Home Depot, Lowe’s, Costco Wholesale, Sam’s Club, Wegmans, The Fresh Market, AMC Dine-In Theater, Burlington, Best Buy, Ross, Staples, Five Below, PetSmart, Best Buy, Bed Bath & Beyond, AutoZone, Advance Auto Parts, McDonald’s, Panera Bread, Taco Bell, Chick-fil-A, Carrabba’s Italian Grill, Texas Roadhouse, Starbucks, Wawa, Porsche, Mercedes Benz, BMW, Infinity and Many More

 

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a gLeaf medical cannabis dispensary in Midlothian, VA which is part of Richmond MSA. This is a brand-new location currently undergoing renovations by tenant at tenant’s expense. This property offers a brand new, 10-year, triple net lease with two percent annual rent increases throughout base term and option periods, and two, five-year tenant renewal options.

The surrounding area has exceptional demographics. Richmond is one of the largest and fastest growing cities in Virginia with 12.3% population growth since 2010. An affluent community, the average household income in one mile is $113,264, $122,129 in three miles, and $126,387 in five miles. The population is nearly 125,000 within five miles of property, 243,504 in seven miles, and 533,435 in 10 miles.

The lease is guaranteed by Columbia Care, Inc. – one of the nation’s largest and most experienced multi-state cannabis operators. The U.S. marijuana industry is expected to reach $32 billion in annual sales in 2022.

The Subject Property is in a prime location in a major retail corridor with excellent access and visibility to more than 77,0000 vehicles daily at hard signalized intersection of Midlothian Turnpike and Courthouse Road. The property is catty-corner from Chesterfield Towne Center, the largest enclosed shopping mall in the Richmond market with 120 retailers – Key Tenants Include Macy’s, JCPenney, At Home, HomeGoods, TJ Maxx, Barnes & Noble, Old Navy, H&M, Crunch Fitness and many others.

Other surrounding national brands include Walmart Supercenter, The Home Depot, Lowe’s, Costco Wholesale, Sam’s Club, Wegmans, The Fresh Market, AMC Dine-In Theater, Burlington, Best Buy, Ross, Staples, Five Below, PetSmart, Best Buy, Bed Bath & Beyond, AutoZone, Advance Auto Parts, McDonald’s, Panera Bread, Taco Bell, Chick-fil-A, Carrabba’s Italian Grill, Texas Roadhouse, Starbucks, Wawa, Porsche, Mercedes Benz, BMW, Infinity and many more.


Broker of Record

Brian Hosey
Lic #: 0225247494

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