Trulieve Cannabis Dispensary Stuart,Florida

$3,217,400
Under Contract
Property type:Single-Tenant Net Lease

The space

  • Listing Price: $3,217,400
  • NOI: $185,000
  • Cap Rate: 5.75%
  • Lease Type: Triple Net (NNN)
  • Guarantor: Corporate Guarantee
  • Rentable Square Feet: 4,279
  • Lot Size: 1.01 Acres
  • Year Built / Renovated: 2007 / 2021
  • Lease Term: 10 Years

Description

6600 S Kanner Hwy.
Stuart, Florida 34997

Investment Highlights

  • New, 10-Year, Triple Net (NNN) Lease with Full Term Remaining
  • Trulieve is the Leading Marijuana Company in Florida With a Market-Share Exceeding 50% of the Entire Cannabis Market for the State
  • New Location Anticipated to Open by Year End; Currently Under Renovation
  • Property Includes Drive-Thru Lanes
  • Two, Five-Year Tenant Renewal Options | 10 Percent Rent Increases Every Five Years Throughout Base Term and Option Periods
  • Outparcel to Publix-Anchored Center | Located on Kanner Highway With More Than 35,000 Vehicles Daily

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a Trulieve Cannabis Dispensary in Stuart, Florida. This listing offers a new, 10-year, triple net lease with two, five-year tenant renewal options. There are 10 percent rent increases every five years throughout base term and option periods. This property is 4,279 square feet on a 1.01-acre lot, with ample parking available in both the front and rear of the building.

Trulieve is the first and leading medical marijuana company in the state of Florida. Its vertically integrated “seed-to-sale” operation has approximately 51 percent of the Florida market. The Company has 85 stores in Florida, and 100 nationwide, with more growth ahead.

The surrounding area has exceptional demographics and traffic counts. The property is situated between Interstate 95, the major roadway in the immediate area with 77,500 vehicles daily, and Florida’s Turnpike with 43,000 Vehicles Daily. The population in a five-mile radius of the Subject Property is more than 80,000, with an average household income within three miles is $104,746, and $95,579 in five miles. The subject property is in a major retail area on Kanner Highway with a daily traffic count of 35,000 vehicles.

Stuart is known as the Sailfish Capital of the World, driving tourism activity in the area, and boasts strong demographics with a population of over 101,800 in five-mile radius. The subject property is 5 miles from downtown Stuart, less than six miles from Cleveland Clinic Martin North Hospital, a 244-bed facility, two miles from Martin South Hospital, with more than 100 beds and 30 physicians, and 5 miles from Witham Field Airport.

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