Investment Highlights
- New, 10-Year, Triple Net (NNN) Lease
- 3% Annual Rent Increases Throughout Base Term and Option Periods, Starting Year 3 of the Lease Term
- Brand New Location | Extensive Remodel by Tenant in Process With Anticipated Opening Summer 2023
- Remodel to Include New Roof, New A/C Units, New Front Façade, Replacing All Windows with Miami-Dade Hurricane Rated Windows, Along With Many Other Upgrades
- Limited Competition in Area Due to Zoning Regulations | Cannabis Dispensaries are Not Permitted in Nearby Homestead
- There Are Over 60 MÜV Medical Cannabis Dispensaries Across the State of Florida
- Excellent Access and Visibility to 42,500 Vehicles Daily on Dixie Highway
- Close Proximity to Florida’s Turnpike (Ronald Reagan Turnpike), a Major North–South Toll Road With More Than 96,000 Vehicles Daily in the Immediate Area
- Part of the Miami Metro Area With a Population of More Than 2.7 Million Residents
Investment Overview
Marcus & Millichap is pleased to present the opportunity to acquire a brand-new MÜV medical cannabis dispensary in Naranja, FL (Miami MSA). This is a new location with an extensive remodel by the Tenant in process – anticipated opening Summer 2023. The remodel includes a new roof, new a/c units, new front façade, replacing all windows with Miami-Dade hurricane rated windows, along with many other upgrades. The property features a new, 10-year, triple-net (NNN) lease with two, five-year tenant renewal options. The lease offers three percent annual rent increases, which starts year 3 of the base term.
The tenant is Plants of Ruskin, LLC doing business as MÜV Medical Cannabis Dispensary. There are 66 MÜV Medical Cannabis Dispensaries across the state of Florida. In the third quarter of 2022, the company furthered their Florida retail expansion by opening 11 new dispensaries across the state.
This cannabis dispensary has excellent access and visibility to more than 42,500 vehicles daily on Dixie Highway. The Property is also within close proximity to Florida’s Turnpike (Ronald Reagan Turnpike), which is a heavily traveled, major north–south toll road with more than 96,000 vehicles daily in the immediate area.
Surrounding national brands include Walmart Neighborhood Market, Fresco y Más Supermarket, Dollar General, Dollar Tree, Family Dollar, Advance Auto Parts, AutoZone, Tire Kingdom, Cricket Wireless, T-Mobile, Metro by T-Mobile, Papa John’s Pizza, Domino’s Pizza, Exxon Gas Station, Popeyes Louisiana Kitchen, McDonald’s, Burger King, America’s Best Inn and many more. There are also a significant number of homes and apartment developments in the immediate area.
MÜV is located in Naranja, Florida which is part of the Miami metro area with a population of more than 2.7 million residents and is expected to add more than 81,000 people over the next five years. Miami is the largest city in the metro with a strong tourism industry. Naranja and neighboring Homestead are considered the gateway to the Florida Keys (25 miles of Key Largo) and is located between Biscayne and Everglades National Park. The Subject Property is four miles from Baptist Health Homestead Hospital, which is a full-service 147-bed facility serving the area with 464 doctors. And less than five miles from Miami Dade College, Homestead Campus – Miami Dade College has an enrollment of 51,679 students across eight campuses.
