One Plant Cannabis Dispensary Fern Park,Florida

$2,273,215
Closed Single-Tenant
Property type:Single-Tenant Net Lease

The space

  • Price: $2,273,215
  • Cap Rate: 7.00%
  • Rentable Square Feet: 5,713
  • Annual Rent: $159,125
  • Price PSF: $397.90
  • Year Built/Renovated: 1971 / 2020
  • Lease Guarantor: SOL Global Investments Corp.
  • Lease Type: NNN
  • Rent Increases: 10% Every 5 Years
  • Lease Expiration: 1/8/2030

Description

134 Fernwood Blvd
Fern Park, FL 32730 (Orlando MSA)

Investment Highlights

  • Long-Term, Triple Net (NNN) Lease with One, Five-Year Renewal Option
  • 10 Percent Rent Increases Every Five Years Throughout Base Term and Option Period
  • New Location Renovated Per Tenant Specs; Now Open!
  • The Parent Company of One Plant was Recently Acquired by Cresco Labs in a Deal Valued at $213 Million
  • Property Includes Drive-Thru Lanes
  • Medical Marijuana Dispensaries are Considered “Essential” During Coronavirus Pandemic
  • Located in Fern Park, Eight Miles from Downtown Orlando
  • Part of the Orlando Metro Area – One of the Largest and Fastest Growing Areas in Florida
  • Directly Adjacent to Lowe’s Off North Orlando Avenue/US Highway 17/92
  • Surrounding National Retailers Include Burlington, Whole Foods, Marshall’s, Publix, Aldi, Ross, Bealls, Dillard’s, JCPenney, Bed Bath & Beyond, Staples, DSW, Old Time Pottery, Petco, Orange Theory Fitness, YouFit, Chili’s, Panda Express, Chipotle, Starbucks, Advance Auto Parts, Pep Boys, Bank of America, Verizon and Many More

 

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a One Plant cannabis dispensary in the Orlando suburb of Fern Park. This One Plant offers a long-term, triple net (NNN) lease with one, five-year renewal option. This lease has10 percent rent increases every five years throughout base term and option period. The brand-new location is renovated per tenant specs and includes drive-thru lanes. Medical marijuana dispensaries are considered “essential” during coronavirus pandemic. 

The subject property is located eight miles from downtown Orlando; part of the Orlando metro area – one of the largest and fastest growing areas in Florida. One Plant is located off Highway17/92 with a traffic count of 57,500 vehicles, a major retail area on Altamonte Drive with a daily traffic count of 69,000 vehicles. Surrounding national retailers include Burlington, Whole Foods, Marshall’s, Publix, Aldi, Ross, Bealls, Dillard’s, JCPenney, Bed Bath & Beyond, Staples, DSW, Old Time Pottery, Petco, Orange Theory Fitness, YouFit, Chili’s, Panda Express, Chipotle, Starbucks, Advance Auto Parts, Pep Boys, Bank of America, Verizon and many more.

One Plant is two miles from AdventHealth Altamonte Springs, a 398-bed hospital which cares for more than 200,000 patients annually, and 11 miles from the University of Central Florida with nearly 70,000 students, one of the largest student bodies in the U.S.

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