MÜV Dispensary

6863 Navarre Pkwy, Navarre, FL 32566

$2,500,450

Cap Rate 6.75%

Views: 84 Updated: 10.06.23 Posted: 01.17.23 Status: Inactive

Summary

Price $2,500,450	Built/Renov 2001/2021	Tenant MÜV Dispensary
Cap Rate 6.75%	Lease Type Double NN	Guarantor Corporate
Size/SF 5,626	Lease Start 03-01-2023	#Units 150
Price/SF $444.45	Expiration 02-28-2033	Tenant Type Medical/Health
NOI $168,780	R. Term 8.5	Ownership Fee Simple
Rent/SF $30.00	Increases 3.0%/1/yrs	Pop 5Mi 44,328
Lot/AC 0.71	Options 2/5yrs/3%	AHHI 5Mi $102,673

Lease Highlights

MÜV signed a new 10-year lease with 2 (5-year) options to extend. (Commences March 2023)
The lease features 3% annual rental increases throughout the initial term and option periods
Roof was replaced in 2022 and has a transferrable warranty
Limited landlord responsibilities- roof, structure, parking lot
Corporate guarantee by Plants of Ruskin, LLC, subsidiary of Verano Holdings, LLC

Location Description

The subject property benefits from significant street frontage, creating excellent visibility on Navarre Pkwy (45,500 VPD), the primary thoroughfare serving the city of Navarre. The location is supported by shopping centers like Tiger Pavilion (1M+ SF) and the Shoppes of Navarre (300K+ SF) and numerous national retailers such as Lowe’s, Publix, CVS, Walmart, Dollar General and Winn Dixie,...

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Key Features

Roof guarantee
Major thoroughfare
Near major nationals
Strategically located
Strong tenant synergy
Income tax free state
Brand new lease
Long 10+ yr lease
Annual rent increases
Corporate Guarantee

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Links

MUV Dispensary Wikipedia Navarre, Florida Zip Code 32566 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: MÜV Dispensary
Guarantor:Corporate
Company:Plants of Ruskin, LLC.
# Units:150
Stock:(CNSX: VRNO)

About Tenant

MÜV Dispensary is a fully-integrated medical cannabis cultivator and dispensary based in Florida. MÜV Dispensaries by AltMed Florida was formed in 2016 through the partnership of...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	3,805	27,207	48,112
2023 Total Population :	3,651	25,828	45,072
2023 Employed Civilian Pop :	1,389	11,820	20,577
2023 Total Businesses :	92	442	1,082
2023 Average Household Income :	$ 120,189	$ 115,035	$ 114,595
2023 Total Consumer Spending :	$ 140 M	$ 951 M	$ 1674 M
2023 Median Age :	40	39	40
2023 Total Households :	1,366	9,657	17,044
2023 Pop Age 25+: Bachelor's Degree :	403	3,528	6,425
2023 Average Home Value :	$ 416,627	$ 373,285	$ 380,928

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Navarre Parkway	Harvest Village	2021	37,500	1.57 mi
Gulf Breeze Parkway	Gulf Breeze Pkwy	2021	28,000	2.27 mi
E Bay Blvd	Elkhart Dr	2019	5,700	2.65 mi
East Bay Boulevard	Grand Bay Ct	2021	12,000	2.66 mi
East Bay Boulevard	Rusty Ln	2021	5,500	2.70 mi

Listing Broker

Patrick Nutt

SRS National Net Lease Group

Contact

250 Listings
20778 Views
83 Sold

William Wamble

SRS National Net Lease Group

Contact

174 Listings
15568 Views
40 Sold

Patrick Nutt

Patrick Nutt joined SRS as executive vice president for the National Net Lease Group and market leader in the Fort Lauderdale office in 2019. He leads the Fort Lauderdale office where he is tasked with recruiting and expansion efforts in the region and elevating the SRS brand throughout Florida. Additionally, Patrick Co-heads the National Net Lease Group for SRS, a group of 50 investment sales professionals who in 2020 managed over 500 transactions with an aggregate value of nearly $2 Billion

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William Wamble

Will Wamble joined SRS in early 2019 and specializes in the advisory and sale of net leased properties, specifically in the Southeast. With more than $350M worth of transactional experience in his career, Will prides himself on valuing hard work and dedication to his clients. Will emphasizes collaboration and putting the best team together to find creative solutions to getting transactions completed. He started his commercial real estate career in 2013 with Marcus & Millichap where he focus

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