Trulieve Medical Marijuana Center Palm Beach Gardens,Florida

$3,900,000
Available
Property type:Single-Tenant Net Lease

The space

  • Price: $3,900,000
  • Cap Rate: 6.00%
  • Rentable Square Feet: 5,200
  • Price PSF: $750.00
  • Lease Guarantor: Trulieve, Inc.
  • Lease Type: NNN
  • Lease Term: 10 Years
  • Option Periods: 2, 5-Year Options
  • Rent Increases: 10% Every 5 Years
  • Lease Expiration: 4/19/2031

Description

3555 Northlake Blvd
Palm Beach Gardens, FL 33403

Investment Highlights

  • New, 10-Year, Triple Net (NNN) Lease with Two, Five-Year Tenant Renewal Options; 10 Percent Rent Increases Every Five Years Throughout Base Term and Option Periods
  • Trulieve is the Largest Fully Licensed Medical Cannabis Company in Florida With 83 Stores, and 87 Nationwide
  • Vertically-Integrated “Seed-to-Sale” Operation has Approximately 51 Percent of the Florida Market
  • Located on Northlake Boulevard With a Daily Traffic Count of 37,500 Vehicles
  • Situated Between Interstate 95, the Major Roadway in the Immediate Area With 177,500 Vehicles Daily, and Dixie Highway with 43,000 Vehicles
  • Major Retail Area | Surrounding National Retailers Include Lowe’s, Target, Kohl’s, Costco, Burlington, Publix, Aldi, The Home Depot, At Home, Home Goods, Five Below, Ross, Staples, PetSmart, Winn Dixie, Crunch Fitness, Taco Bell, Chick fil A, Pizza Hut, Panera Bread, Dunkin Donuts, Starbucks, Wells Fargo, Chase Bank and Many More

 

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a Trulieve Cannabis Dispensary in Palm Beach Gardens, Florida. This listing offers a new, 10-year, triple net lease with two, five-year tenant renewal options. There are 10 percent rent increases every five years throughout base term and option periods. This property is 5,200 square feet on a 0.61-acre lot, with ample parking available in both the front and rear of the building.

Trulieve is the first and leading medical cannabis company in the state of Florida. Its vertically-integrated “seed-to-sale” operation has approximately 51 percent of the Florida market. The Company has 83 stores in Florida, and 87 nationwide, with more growth ahead.

The surrounding area has exceptional demographics and traffic counts. This Trulieve is situated between Interstate 95, the major roadway in the immediate area with 177,500 vehicles daily, and Old Dixie Highway with 43,000 vehicles. The population in a five-mile radius of the Subject Property is more than 166,000, with an average household income within three miles is $91,037, and $101,079 in five miles. The subject property is in a major retail area on Northlake Boulevard with a daily traffic count of 37,500 vehicles. Surrounding national retailers include Lowe’s, Target, Kohl’s, Costco, Burlington, Publix, Aldi, The Home Depot, At Home, Home Goods, Five Below, Ross, Staples, PetSmart, Winn Dixie, Crunch Fitness, Taco Bell, Chick fil A, Pizza Hut, Panera Bread, Dunkin Donuts, Starbucks, Wells Fargo, Chase Bank and many more.

Located in Palm Beach County, the area is known for its many golf courses, country clubs and vacation resorts including PGA National Resort & Spa, home to five championship 18-hole golf courses, and less than six miles from the Subject Property. The property is three miles from Palm Beach State College which has an enrollment of more than 28,500 students. Also, four miles from the Atlantic Ocean and John D. MacArthur Beach State Park.

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