Investment Highlights
- New, 10-Year, Triple Net (NNN) Lease with Full Term Remaining | Two, Five-Year Tenant Renewal Options
- Three Percent Annual Rent Increases Throughout Base Term and Option Periods
- Property Undergoing Extensive Renovations at Tenant’s Expense of Approx. $1 Million
- Property Includes Drive-Thru Lane
- Trulieve is the Largest Fully Licensed Medical Cannabis Company in Florida With More Than 100 Stores in the State
- On October 1, 2021, Trulieve Completed the Acquisition of Harvest Health & Recreation Inc. Creating the Largest and Most Profitable U.S. Cannabis Operator
- Surrounding National Retailers Include Walmart Supercenter, The Home Depot, Lowe’s, Publix, Big Lots, Marshalls, Planet Fitness, Buddy’s Home Furnishing, Bealls, Tractor Supply Company, Harbor Freight Tools, McDonald’s, Taco Bell, Wendy’s, Chili’s, Bank of America, AT&T, Verizon, Walgreens, CVS and Many More
Investment Overview
Marcus & Millichap is pleased to present the opportunity to acquire a Trulieve Cannabis Dispensary in Palatka, Florida. This opportunity offers a new, 10-year, triple net lease with two, five-year tenant renewal options. There are 3 percent annual rent increases throughout base term and option periods. At tenant’s expense of approximately $1 million, ongoing property renovations include new roof, new electrical, updated HVAC, parking lot repaving and striping, and much more (see OM for full list of renovations).
Trulieve is the leading medical marijuana company in the state of Florida. Its vertically integrated “seed-to-sale” operation has approximately 51 percent of the Florida market. The Company has 100 stores in Florida and nationwide.
Palatka is located in Central Florida 30 miles west of St. Augustine, 44 miles east of Gainesville, and 55 miles north of Daytona Beach. The Subject Property is two miles from Palatka Municipal Airport, and Saint Johns River State College with a total enrollment of 7,503 students and 231 faculty and staff. Surrounding national retailers include Walmart Supercenter, The Home Depot, Lowe’s, Publix, Big Lots, Marshalls, Planet Fitness, Tractor Supply Company, Harbor Freight Tools, McDonald’s, Taco Bell, Wendy’s, Chili’s, Bank of America, AT&T, Verizon, Walgreens, CVS and many more.
