Investment Highlights
- New, 10-Year, Triple Net (NNN) Lease With 3% Annual Rent Increases
- Brand New Location, Property is Being Renovated by Tenant and Scheduled to Open Summer 2023
- Cap Rate Moves to 6.95% on October 1, 2023
- Average Cap Rate of 7.74% During Base Term of Lease
- Building Includes Multiple Drive-Thru Lanes Used by Former Bank
- Cresco Labs Has One of the Biggest Footprints in the U.S. and Growing With 55 Owned Dispensaries Across 10 States
- High Traffic Area, Excellent Access and Visibility to Approx. 61,000 Vehicles Daily on University Drive | Close Proximity to the Sawgrass Expressway, a Major Roadway in the Area and has a Daily Traffic Count of More Than 91,000 Vehicles
- Adjacent to Plaza Anchored by AutoZone, Applebee’s and Family Dollar | Walking Distance from a Brand-New Apartment Complex Featuring 529 Apartments, Under Construction, Broke Ground in Aug. 2022
- Other Surrounding National Retailers Include Publix Supermarket, Five Below, Ross, Burlington, Rent-A-Center, Pet Supermarket, PetSmart, Staples, Planet Fitness, Staples, Truist Bank, Dollar Tree, Mattress Firm, Advance Auto Parts, First Watch, Chick-fil-A, Chipotle, McDonald’s, KFC, Jersey Mike’s, Denny’s, Taco Bell, Dunkin Donuts, Starbucks, CVS and Many More
Investment Overview
Marcus & Millichap is pleased to present the opportunity to acquire a brand-new Sunnyside Medical Cannabis Dispensary in Tamarac, FL. This is a new location currently being renovated by the Tenant and scheduled to open in Summer 2023. The building includes multiple drive-thru lanes used by a former bank. The property features a 10-year, triple net lease which offers three percent annual rent increases throughout the base term and option periods. There is an average Cap Rate of 7.74% during the base term of the lease. In October 2023, the 3% rent increase will bring the Cap Rate to 6.95%. Cresco Labs has one of the biggest footprints in the U.S. and growing with 55 owned dispensaries across 10 States.
This medical marijuana dispensary is located in a high traffic area with excellent access and visibility to approximately 61,000 vehicles daily on University Drive and within close proximity to the Sawgrass Expressway, a major roadway in the area and has a daily traffic count of more than 91,000 vehicles. The property is directly adjacent to a plaza anchored by AutoZone, Applebee’s, and Family Dollar. Other surrounding national retailers include Publix Supermarket, Five Below, Ross, Burlington, Rent-A-Center, Pet Supermarket, PetSmart, Staples, Planet Fitness, Staples, Truist Bank, Dollar Tree, Mattress Firm, Advance Auto Parts, First Watch, Chick-fil-A, Chipotle, McDonald’s, KFC, Jersey Mike’s, Denny’s, Taco Bell, Dunkin Donuts, Starbucks, CVS and many more.
The surrounding area boasts a population of over 430,000 within a five-mile radius. The property is located within walking distance from a brand-new apartment complex which is under construction and will feature 529 apartment units. The property is also within five miles from Broward Health Coral Springs, a 250-bed hospital staffed by over 1,800 doctors and 8,000 healthcare professionals.
