Surterra Wellness Boynton Beach,Florida

$2,526,296
Property type:Single-Tenant Net Lease

The space

  • Price: $2,526,296
  • Rentable Square Feet: 3,590
  • Annual Rent: $170,525
  • Price PSF: $703.70
  • Year Built/Reno: 1984 / 2019
  • Lease Guarantor: Surterra Holdings, Inc.
  • Lease Type: NN
  • Lease Term: 10 Years
  • Rent Increases: 10% Every 5 Years
  • Lease Expiration: 6/30/2029

Description

3975 Boynton Beach Blvd
Boynton Beach, FL 33435

Investment Highlights

  • Brand New, 10-Year, Double Net (NN) Lease With Two, Five-Year Renewal Options
  • 10 Percent Rent Increases Every Five Years Throughout Base Term and Options
  • New Location Now Open; Recently Underwent Renovations
  • Drive-Thru Capabilities
  • Medical Marijuana Dispensaries are Considered “Essential” Businesses During Coronavirus Pandemic
  • Surterra Wellness is One of the Nation’s Fastest Growing Health and Wellness Companies
  • Exceptional Location Just Minutes from Boynton Beach’s Dense Retail Area
  • Strong Demographics With a Population Over 260,000 Within Five Miles of Subject Property
  • Signalized Intersection of Boynton Beach Boulevard and Lawrence Road with a Combined Daily Traffic Count of Approx. 60,000 Vehicles
  • Located Between West Palm Beach, 16 Miles North; and Fort Lauderdale, 33 Miles South

 

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire Surterra Wellness located in Boynton Beach, Florida. This Surterra Wellness offers a brand new, 10-year, double net lease with two, five-year renewal options. There are 10 percent rent increases every five years throughout the base term and option periods. This is a new location that recently underwent renovations and offers drive-thru capabilities.

During these uncertain times this is a great investment because Medical Marijuana Dispensaries remain open as they are considered “essential” businesses. Surterra Wellness is focused on unlocking the natural health benefits of the cannabis-based ingredients. Surterra Wellness is one of the nation’s fastest growing health and wellness companies, with vertical operations in Florida, Texas and Nevada and Massachusetts.

The subject property is exceptionally located just minutes from Boynton Beach’s dense retail area, with surrounding national retailers including Target, Walmart Supercenter, BJ’s Wholesale, Dick’s Sporting Goods, Marshall’s, Bed Bath & Beyond, Old Navy, Publix, Best Buy, Red Lobster, Applebee’s, Olive Garden, Chick-fil-A, Burger King, Orangetheory Fitness, Walgreens, Bank of America, Wells Fargo and many more. This Surterra Wellness is located at the signalized intersection of Boynton Beach Boulevard and Lawrence Road with a combined daily traffic count of approximately 60,000 vehicles.

The subject property is within close proximity to Interstate 95, the major roadway running north and south through the state and has a daily traffic count of 237,000 vehicles. Boynton Beach also has very strong demographics, with a population over 260,000 within a five-mile radius. Boynton Beach is located between West Palm Beach, 16 miles north; and Fort Lauderdale, 33 miles south.

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