Investment Highlights
- 10 Percent Rent Increases Every Five Years Throughout Base Term and Option Period
- Brand New Location, Property was Recently Renovated by Tenant in 2021 and Recently Opened
- Cresco Labs is One of the Largest Vertically-Integrated Multi-State Cannabis Operators in the United States
- Located at the Intersection of 9th Avenue and Fairfield Drive With a Combined Daily Traffic Count of More Than 51,000 Vehicles
- Population Over 143,000 Within Five Miles of Subject Property | Half Mile From Ramps for Interstate 110 Which has a Daily Traffic Count of More Than 60,500 Vehicles
- Less Than Two Miles from Sacred Heart Hospital – a 566-bed Acute- Care Facility, Also Home to the Studer Family Children’s Hospital, Northwest Florida’s Only Hospital Dedicated to the Care of Children with Acute Injuries or Illnesses
Investment Overview
Marcus & Millichap is pleased to present the opportunity to acquire a brand-new Sunnyside Medical Cannabis Dispensary in Pensacola, FL. This is a new location that was renovated in 2021 per tenant specs and recently opened. The property features a long-term lease with one, five-year renewal option. The lease offers 10 percent rent increases every five years in the base term and option period.
This dispensary is located at the intersection of 9th Avenue and Fairfield Drive with a combined daily traffic count of more than 51,000 vehicles, and one-half mile from Interstate 110 with more than 60,500 vehicles. The Subject Property is just minutes from a major retail and tourist area. This includes Cordova Mall, which is the largest shopping center serving the northwest gulf coast of Florida and anchored by Dillard’s, Belk, Dick’s Sporting Goods, Best Buy, Bed, Bath and Beyond. The area is also home to Pensacola International Airport, and Pensacola State College with an enrollment of 9,906 students and 320 faculty and staff.
The Emerald Coast area has strong demographics with the population over 143,000 within five miles of the Subject Property. The U.S. Navy has a very large presence in the Pensacola Metro, which is driving the local economy – also supported by the defense industry, tourism and healthcare. This dispensary is less than two miles from Sacred Heart Hospital – a 566-bed acute-care facility, also home to the Studer Family Children’s Hospital, and four miles from West Florida Hospital with more than 390 beds.
