Investment Highlights
- Trulieve is the #1 Cannabis Operator in Florida With Approx. 127 Locations Operating in the State – the Next Closest Brand Currently Operates 71 Locations
- Brand New, 10-Year, Triple Net (NNN) Lease With 10 Percent Rent Increases Every Five Years Throughout Base Term and Option Periods
- New Location is Currently Undergoing Renovations – Opening Soon!
- Store Will Feature a Double Drive-Thru With Smaller Footprint, Which Should Allow Trulieve to Maximize Sales Per Square Foot from This Location
- The Lease is Corporate Guaranteed by Trulieve, Inc. | Trulieve is One of the Largest and Most Profitable U.S. Cannabis Operators With 188 Dispensaries Nationwide With Licenses in Nine States, the Company Recently Expanded With Purchases of Licenses in Connecticut, Pennsylvania and West Virginia
- High Traffic Area, Located on Babcock Street With a Daily Traffic Count of More Than 34,000 Vehicles, Off Palm Bay Road With a Daily Traffic Count of 47,500 Vehicles And Less Than a Mile Off Interstate 95, the Main North–South Interstate Highway on the East Coast With More Than 65,000 Vehicles Daily
- Population of 120,000 Residents Within Five Miles of Property With Multiple Rental Communities Comprising Apartments, Townhomes, and Single-Family Homes, And Ongoing Construction – Contributing to the Area’s Growing Population
- Surrounding National Brands Include Walmart Supercenter, AMC Movie Theater, BJ’s Wholesale, Publix Supermerket, Aldi, Winn Dixie, Bass Pro Shops, Target, LA Fitness, Anytime Fitness, CarMax, Kohl’s, Marshall’s, HomeGoods, Five Below, Petco, Ross, Dollar Tree, GameStop, Advance Auto Parts, Cricket Wireless, Bank of America, Chase Bank, Truist Bank, 7-Eleven, Wawa, Chili’s Grill & Bar, Longhorn Steakhouse, Carrabba’s Italian Grill, Chick-fil-A, Chipotle, McDonald’s, Taco Bell, Starbucks, Dunkin’ and Many More
Investment Overview
Marcus & Millichap is please to present the opportunity to acquire a brand new Trulieve Medical Cannabis Dispensary in Palm Bay, Florida (Melbourne MSA). This brand-new location is currently undergoing renovations and opening soon! This offering includes a brand new 10-year, triple net (NNN) lease, with two five-year tenant renewal options, backed by Trulieve, Inc.’s corporate guarantee. The store will feature a double drive-thru with a smaller footprint, which should allow Trulieve to maximize sales per square foot from this location.
Trulieve holds the top position among cannabis operators in Florida with approximately 127 state locations, while the closest competitor manages 71 locations. Trulieve is one of the largest and most profitable cannabis operators in the United States, operating 188 dispensaries nationwide. The company holds licenses in nine states and has recently expanded by acquiring licenses in Connecticut, Pennsylvania, and West Virginia.
The property is situated in a high traffic area on Babcock Street, with a daily traffic count of more than 34,000 vehicles. Additionally, it is located off Palm Bay Road, with a daily traffic count of 47,500 vehicles. Less than a mile away is Interstate 95, the main North-South interstate highway on the East Coast, which carries more than 65,000 vehicles daily. The surrounding area holds a population of 120,000 residents within a five-mile radius, and there are multiple rental communities, apartments, townhomes, and single-family homes, with ongoing construction contributing to the area’s growing population.
Surrounding national brands include Walmart Supercenter, AMC Movie Theater, BJ’s Wholesale, Publix Supermerket, Aldi, Winn Dixie, Bass Pro Shops, Target, LA Fitness, Anytime Fitness, CarMax, Kohl’s, Marshall’s, HomeGoods, Five Below, Petco, Ross, Dollar Tree, GameStop, Advance Auto Parts, Cricket Wireless, Bank of America, Chase Bank, Truist Bank, 7-Eleven, Wawa, Chili’s Grill & Bar, Longhorn Steakhouse, Carrabba’s Italian Grill, Chick-fil-A, Chipotle, McDonald’s, Taco Bell, Starbucks, Dunkin’ Donuts, Extended Stay America, Hampton Inn & Suites, Home2Suites by Hilton, CVS, Walgreens and many more.
The property is located in the Melbourne Metro, part of the Palm Bay-Melbourne-Titusville Metropolitan Statistical Area. It’s less than five miles from Melbourne, situated near the Kennedy Space Center and Cape Canaveral Space Force Station, which are significant hubs for tourism and space-related attractions. The area is home to various space-related facilities and serves as an economic driver, attracting companies like SpaceX and Boeing. It’s also close to Patrick Air Force Base, USSSA Space Coast Complex (hosting the Washington Nationals’ Spring Training), and Port Canaveral, one of the world’s busiest cruise ports. Melbourne is known for its natural amenities, including beaches, golf, fishing, boating, surfing, and camping. There is no state income tax in Florida.
