Sunnyside Medical Cannabis Dispensary Pensacola,Florida

$3,305,000
Available
Property type:Single-Tenant Net Lease

The space

  • Listing Price: $3,305,000
  • NOI: $190,000
  • Cap Rate: 5.75%
  • Lease Type: Double Net
  • Guarantor: Corporate Guarantee
  • Rentable Square Feet: 3,963
  • Lot Size: 0.89 Acres
  • Year Built: 2006

Description

2122 West 9 Mile Road
Pensacola, Florida 32534

Investment Highlights

  • New, 10-Year Lease With Full Term Remaining
  • Two Percent Annual Rent Increases Throughout Base Term and Option Periods
  • Brand New Location, Opening Fall 2022
  • Building is Being Renovated by Tenant at Tenant’s Expense
  • Cresco Labs Has One of the Biggest Cannabis Footprints in the U.S. and Growing With 51 Retail Licenses and 50 Owned Dispensaries | One of the Largest Vertically-Integrated Multi-State Cannabis Operators in the United States
  • Outparcel to Publix Super Market Shopping Center & Just Three Miles From Navy Federal Credit Union Campus That Recently Underwent Massive Expansion
  • Located on 9 Mile Road With a Daily Traffic Count of More Than 25,000 Vehicles | One Mile from Ramps To/From Interstate 10 Which has a Daily Traffic Count of More Than 51,000 Vehicles
  • Other Surrounding National Retailers Include Lowe’s, The Home Depot, Walmart Neighborhood Market, Walmart Supercenter, Harbor Freight Tools, Tractor Supply Company, Hibbett Sports, Planet Fitness, Bank of America, Synovus Bank, AT&T, Dollar General, O’Reilly Auto Parts, Tire Kingdom, Chili’s, Starbucks, Denny’s, Applebee’s, Taco Bell, Arby’s, Wendy’s, Dunkin, Pizza Hut, Walgreens and Many More

 

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, opening fall 2022. The property features a new, 10-year lease with full term remaining. The lease offers two percent annual rent increases throughout base term and option periods. The building is being renovated by tenant at tenant’s expense.

This dispensary is outparcel to Publix Super Market shopping center located on 9-Mile Road with a daily traffic count of more than 25,000 vehicles, just one mile from ramps to/from Interstate 10 which has a daily traffic count of more than 51,000 vehicles. This dispensary is less than three miles directly down 9-mile road from Navy Federal Credit Union (NFCU), Heritage Oaks Campus – recently expanded to include two, 490,000-sf high rise call centers, a 156,000-sf amenities building, two 2,380-car parking decks and provides space for 10,000 NFCU employees.

Other surrounding national retailers include Lowe’s, The Home Depot, Walmart Neighborhood Market, Walmart Supercenter, Harbor Freight Tools, Tractor Supply Company, Hibbett Sports, Planet Fitness, Bank of America, Synovus Bank, AT&T, Dollar General, O’Reilly Auto Parts, Tire Kingdom, Chili’s, Starbucks, Denny’s, Applebee’s, Taco Bell, Arby’s, Wendy’s, Dunkin, Pizza Hut, Walgreens and many more.

The Emerald Coast area has strong demographics with the population over 151,000 within seven 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.

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