Investment Highlights
- Brand New Location, Recently Renovated and Now Open!
- New 10-Year, Triple Net (NNN) Lease
- Three Percent Rent Bump Upcoming on April 1, 2023, Which Adjusts the Cap Rate to 6.69%
- Ayr Wellness Completed the Acquisition of Liberty Health Sciences in an All-Stock Transaction on February 26, 2021
- Conveniently Located Between Lowe’s and Walmart Supercenter-Anchored Shopping Center
- Two Miles from AdventHealth North Pinellas Hospital, With 168 Staffed Beds and More Than 600 Team Members, and the Largest Employer in Tarpon Springs
- Excellent Access and Visibility to More Than 75,000 Vehicles Daily on Highway 19, the Most Heavily Traveled Arterial Road in Pinellas County
- Other Surrounding National Retailers Include Publix, Big Lots, TJ Maxx, West Marine, Beall’s Outlet, PetCo, Ulta Beauty, Buddy’s Home Furnishings, Staples, Advance Auto Parts, Bank of America, Chase Bank, McDonald’s, Burger King, Wendy’s, Chili’s Grill & Bar, Panera Bread, Dunkin’, Starbucks, Verizon, CVS and Many More
Investment Overview
Marcus & Millichap is pleased to present the opportunity to acquire Liberty Health Sciences Cannabis Dispensary located in Tarpon Springs, FL. This location offers a new, 10-year, triple net (NNN) lease with three percent rent bump upcoming on April 1, 2023, which adjusts the cap rate to 6.69%. This is a brand-new location recently renovated and now open! Ayr Wellness completed the acquisition of Liberty Health Sciences in an all-stock transaction on February 26, 2021 which provides a significant credit enhancement.
The subject property is located along a strong retail corridor, between Lowe’s and Walmart-anchored shopping center with excellent access and visibility to more than 75,000 vehicles daily on Highway 19, the most heavily traveled arterial road in Pinellas County. The population within five miles is over 135,000 and household income of $77,243 within three miles and $80,929 in five miles. The property is within walking distance from a nearly 100-unit apartment community.
Liberty Health Sciences is located just two miles from AdventHealth North Pinellas Hospital, with 168 staffed beds and more than 600 team members, and the largest employer in Tarpon Springs, and 2.5 miles from St. Petersburg College – Tarpon Springs Campus, the school has a total enrollment of 28,853 students across 13 campuses. Other surrounding national retailers include Publix, Big Lots, TJ Maxx, West Marine, Beall’s Outlet, PetCo, Ulta Beauty, Buddy’s Home Furnishings, Staples, Advance Auto Parts, Bank of America, Chase Bank, McDonald’s, Burger King, Wendy’s, Chili’s Grill & Bar, Panera Bread, Dunkin’, Starbucks, Verizon, CVS and many more.
