Investment Highlights
- Liberty Health has 3% rent increase on May 1, 2023 and Marijuana Doctor has 3% rent increase on June 1, 2023
- Cap rate increases to 6.95% effective June 1, 2023
- 6,000 Square Feet of Multi-Tenant Space 100% Occupied by Medical Cannabis Tenants
- New Location Recently Renovated; Marijuana Doctor Now Open, Liberty Health Sciences Currently Under Construction, Projected Opening February 2023
- Both Tenants Have Three Percent Annual Rent Increases and Strong Lease Guarantors
- Property Includes a Drive-Thru Lane
- Average Household Income is $84,190 in One Mile of Property, and $85,099 in Five Miles
- Located on Cypress Gardens Boulevard With a Daily Traffic Count of More Than 34,000 Vehicles | Off US Highway 27 With More Than 42,000 Vehicles Daily
- Approx. Two Miles from Legoland Florida Attracting 2 Million Visitors Annually, the Largest Legoland Park in the World
- Surrounding National Retailers Include Walmart Supercenter, The Home Depot, Lowe’s, Publix, Kohl’s, Beall’s, Crossfit, Pep Boys, Verizon Wireless, Dollar Tree, Wells Fargo, Bank of America, Ruby Tuesday, Golden Corral, Starbucks, Taco Bell, Wendy’s, CVS, Walgreens and Many More
Investment Overview
Marcus & Millichap is pleased to present the opportunity to acquire Liberty Health and Marijuana Doctor, a multi-tenant retail center located in Winter Haven, FL. The Subject Property includes approximately 6,000 square feet of multi-tenant space 100 percent occupied by medical cannabis tenants. All tenants have three percent annual rent increases and strong lease guarantors. This is a recently renovated location; Marijuana Doctor is now open; Liberty Health Sciences scheduled to open first half of 2023. Property includes a drive-thru lane.
Ayr Wellness completed the acquisition of Liberty Health Sciences in an all-stock transaction on February 26, 2021, operating 44 open dispensaries and employs more than 680 people across the state of Florida. Marijuana Doctor is Florida’s leading provider of medical cannabis evaluations and recommendations with 34 locations serving FL.
Winter Haven is located between Tampa and Orlando, with an average household income is $84,190 in one mile of the property, and $85,099 in five miles. The property is located on Cypress Gardens Boulevard with a daily traffic count of more than 34,000 vehicles, and off US Highway 27 With more than 42,000 vehicles daily. It is approximately two miles from Legoland Florida and Peppa Pig Theme Parks, two major tourist attraction in the area. With more than two million visitors annually, Legoland Florida is the largest interactive Legoland Park in the world, out of 8 parks currently open and three more under construction.
The Subject Property is seven miles from Winter Haven Hospital with 527 staffed beds and more than 2,500 employees, making it east Polk County’s largest private employer. Surrounding national retailers include Walmart Supercenter, The Home Depot, Lowe’s, Publix, Kohl’s, Beall’s, Crossfit, Pep Boys, Verizon Wireless, Dollar Tree, Wells Fargo, Bank of America, Ruby Tuesday, Golden Corral, Starbucks, Taco Bell, Wendy’s, CVS, Walgreens and many more.
