HT Medical Cannabis Miami,Florida

$4,348,000
Available
Property type:Single-Tenant Net Lease

The space

  • Price: $4,348,000
  • Cap Rate: 5.75%
  • Rentable Square Feet: 5,000
  • Annual Rent: $250,000
  • Land Area: 0.3 Acres
  • Year Built/Reno: 1956/2022
  • Lease Type: NNN
  • Option Periods: 2, 5-Year Options
  • Lease Expiration: 3/31/2030

Description

698 NE 167th Street
Miami, Florida 33162

Investment Highlights

  • NNN Lease with More Than Eight Years Remaining | Two, Five-Year Tenant Renewal Options
  • Rent Increases at $5 Per Square Foot Every Five Years Throughout Base Term and Option Periods
  • New Project Recently Opened Within Walking Distance of Subject Property With Tenants Including Publix, Marshalls, Five Below, AT&T, Aspen Dental, Chick-fil-A, Chipotle and Dunkin’ Donuts
  • Population Over 500,000 Within a Five-Mile Radius | High Traffic Corridor on 167th Street With a Daily Traffic Count of More Than 49,500 Vehicles
  • One Mile from Jackson North Medical Center, a 382-Bed Acute Care Center Serving North Miami-Dade and South Broward Counties
  • Red White & Bloom is Positioning Itself to Be One of the Top Three Multi-State Cannabis Operators Active in the U.S.

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a HT Medical Cannabis in Miami, FL. This listing offers a triple net lease with eight years remaining and two, five-year tenant renewal options. The lease offers $5 per square foot rent increases every five years throughout the base term and option periods.

Within walking distance of the Subject Property is located a new development that recently opened with tenants including Publix, Marshalls, Five Below, AT&T, Aspen Dental, Chick-fil-A, Chipotle and Dunkin’ Donuts.

Miami and its surrounding area have very strong demographics and traffic counts. The population is over 500,000 within five miles of the Subject Property. The Miami metropolitan area contains roughly 2.7 million residents. HT Medical Cannabis is located on 167th Street with a daily traffic count of more than 49,500 vehicles and is in close proximity to Interstate 95 which has a daily traffic count of more than 234,000 vehicles. Other surrounding national retailers include Aldi, Home Depot, Walmart Supercenter, Rainbow Shops, Ross, McDonald’s, Taco Bell, Arby’s, Popeyes, Starbucks, Bank of America, Chase Bank, AutoZone, Krispy Kreme, Pep Boys, Walgreens, CVS, Wawa and many more.

The subject property is one mile from Jackson North Medical Center, a 382-bed acute care center serving North Miami-Dade and South Broward counties, and four miles From Hard Rock Stadium, home to the NFL’s Miami Dolphins and the Miami Hurricanes, University of Miami’s football team, and Barry University with a total enrollment of more than 7,900 students.

The Subject Property will be operated by Red White & Bloom who is doing business in Florida as HT Medical Cannabis. The company is positioning itself to be one of the top three multi-state cannabis operators active in the U.S. Red White & Bloom is predominately focusing its investments on major markets in the U.S., including Michigan, Illinois, Massachusetts, California, and Florida.

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