Jungle Boys Medical Marijuana Dispensary Deerfield Beach,Florida

$3,140,000
Available
Property type:Single-Tenant Net Lease

The space

  • Price: $3,140,000
  • Cap Rate:: 5.75%
  • Rentable Square Feet: 4,012
  • Annual Rent: $180,540
  • Price PSF: $782.61
  • Land Area: 1.00 Acre
  • Year Built/Reno: 1990/2022
  • Lease Type: Modified NNN
  • Rent Increases: 10% Every 5 Years
  • Roof & Structure: Landlord
  • Lease Expiration:: February 28, 2030

Description

1299 S. Military Trail
Deerfield Beach, FL 33442

Investment Highlights

  • Long-Term Lease With 10 Percent Rent Increases Every Five
  • Location Undergoing Renovations by Tenant, Estimated Opening Spring 2022
  • Outparcel to Publix-Anchored Center | Ample Parking Provided
  • Property Includes Drive-Thru Lanes
  • Century Village Retirement Community Located Nearby With 28,964 Residents
  • Strong Demographics With Population in Five Miles Over 322,000

 

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a Jungle Boys Medical Marijuana Dispensary in Deerfield Beach, Florida. This listing offers a long-term lease with 10 percent rent increases every five years throughout the base term and option periods. This location is currently undergoing renovations and is expected to open by Spring 2022. The property includes drive-thru lanes and has ample parking provided.

The Subject Property is an outparcel to a Publix-anchored center on Military Trail, which has a daily traffic count of more than 23,500 vehicles. The property is directly across the street from Meadow Lakes Apartments, a mid-rise apartment community of more than 200+ units. The surrounding area has extremely strong demographics with the population over 322,000 in five miles, and the average household income at $90,929. The Property is off SW 10th Street with more than 52,000 vehicles daily and is less than a mile from Interstate 95 with 210,000 vehicles daily.

This Jungle Boys is approximately a half-mile from Century Village, an active adult retirement community which encompasses approximately 750 acres and is home to 28,964 residents. The surrounding area is known for its many golf courses, country clubs and vacation resorts. Also within close proximity to the Subject Property are major universities, such as Florida Atlantic University’s main campus which has an enrollment of 18,715 students, and Palm Beach State College, with 31,816 students across five campuses.

Deerfield Beach is part of the Broward County metro area which has a total population of 1.9 million people. The Subject Property is 15 miles from Fort Lauderdale, 32 miles from West Palm Beach, and 42 miles from Miami. Key economic drivers in the county include tourism, healthcare, biotechnology and commerce.

Jungle Boys is a group of medical marijuana growers based out of Los Angeles, California. The company currently has four locations in Southern California and a Florida license with a vision of growth. They continue to expand with a new store under renovation and opening in Deerfield Beach, Florida. In addition to the Deerfield Beach location, other pending Florida openings include Ocala, Miami Beach, North Miami, and Orlando.

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