Investment Highlights
- This Location Serves as the Flagship Location for Sunnyside Cannabis Dispensary Serving the Fast-Growing Tampa Market
- Long-Term, Triple Net (NNN) Lease With Two Percent Annual Rent Increases
- Cap Rate Increases to 6.48% on November 1, 2023 | Blended Cap Rate of Approximately 6.95% During Remaining Base Lease Term
- Outparcel to Walter’s Crossing With Tenants Including Target, The Home Depot and Home Goods
- Walking Distance from Midtown Tampa – the First Mixed-Use Project of its Kind in Tampa Featuring 40+ Retail Shops (Including REI and Whole Foods) and Restaurants, Entertainment, Office and Living Spaces
- Average Annual Household Income is $103,970 in Three Miles
- Located on Dale Mabry Highway With a Traffic Count of More Than 54,000 Vehicles Daily and Located Just Off Interstate I-275 With Over 193,500 Vehicles Daily
Investment Overview
Marcus & Millichap is pleased to present the opportunity to acquire a brand-new Sunnyside Medical Cannabis Dispensary in Tampa, FL. This location will serve as a flagship location for Sunnyside and will serve the fast-growing Tampa market. The property features a long-term triple-net lease. The lease offers two percent annual rent increases in the base term and option periods. This increase will bring the cap rate to 6.48% on November 1, 2023. There is a blended cap rate of approximately 6.95% during the remaining base term of the lease.
Cresco Labs has one of the biggest footprints in the U.S. and growing with 67 owned dispensaries across 10 States.
This medical marijuana dispensary is an outparcel to Walter’s Crossing with tenants including The Home Depot, Burlington, Target, Home Goods, Nordstrom Rack, DSW, Ulta Beauty, PetSmart, and Mattress Firm, and features excellent access and visibility to more than 193,500 vehicles daily off Interstate 275. The property is also within walking distance of newly developed Midtown Tampa, the first mixed-use project of its kind in Tampa featuring 40+ retail shops (including REI and Whole Foods) and restaurants, entertainment, office and apartments. The surrounding area boasts an average household income of $103,970 in three miles, and $96,257 in five miles.
Other surrounding national retailers include Walmart Supercenter, Best Buy, Staples, Whole Foods Market, Ashley Furniture, Floor & Décor, Pet Supermarket, REI, Party City, West Marine, Total Wine & More, Chili’s Grill & Bar, Outback Steakhouse, McDonald’s Chipotle, Chick-fil-A, Wawa and Many More. The surrounding area is also home to numerous hotels including DoubleTree by Hilton, Marriott Tampa Westshore, Hampton Inn Tampa-Intl. Airport, Four Points by Sheraton Suites, Home2 Suites by Hilton, Extended Stay America, and many others. Sunnyside is one mile from International Plaza, adjacent to the airport, and the dominant shopping mall and dining destination on the west coast of Florida featuring 200 specialty stores and 16 restaurants.
