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Views: 114 Updated: 05.06.24 Posted: 04.25.23 Status: Inactive 05.07.24

Summary

Price $2,949,525
Built/Renov 2020
Tenant Sanctuary Cannabis
Cap Rate 8.00%
Lease Type Abs NNN
Guarantor Corporate
Size/SF 5,000
Lease Start 09-30-2020
#Units 24
Price/SF $589.90
Expiration 09-30-2030
Tenant Type Medical/Health
NOI $235,962
R. Term 5.10
Ownership Fee Simple
Rent/SF $47.19
Increases 0.0%/1/yrs
Pop 5Mi 99,055
Lot/AC 0.72
Options 2/10yrs/2.33%
AHHI 5Mi $72,675

Lease Highlights

  • New 2020 construction
  • Tenant has over 7 years remaining on the current lease term with 2 (10-year) options to extend
  • Lease features 2.33% annual rent increases throughout the initial term and each option period
  • Absolute NNN with zero landlord responsibilities
  • Corporate guarantee by Sanctuary Medicinals, LLC

Location Description

Sanctuary Cannabis is ideally positioned at the hard corner, signalized intersection of South Highway 1 and Midway Road with exposure to 55,900+ vehicles passing daily. Located along a primary retail corridor, nearby major national retailers include Winn-Dixie, Planet Fitness, Family Dollar, Walgreens, CVS, 7-Eleven, Advance Auto Parts, AutoZone Auto Parts, Wendy’s and many more. The 5-mile...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Sanctuary Cannabis
  • Guarantor:Corporate
  • Company:Sanctuary Medicinals, LLC
  • # Units:24
  • Stock:Private

About Tenant

Sanctuary Medicinals, LLC (dba Sanctuary Cannabis) is a vertically integrated cannabis company with operations in Florida, New Hampshire, and Massachusetts. Founded in 2015, the company is...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 5,308 33,634 104,821
2023 Total Population : 5,236 33,185 102,323
2023 Employed Civilian Pop : 2,183 14,218 44,106
2023 Total Businesses : 295 1,561 3,967
2023 Average Household Income : $ 69,170 $ 71,600 $ 74,220
2023 Total Consumer Spending : $ 133 M $ 866 M $ 2577 M
2023 Median Age : 55 45 43
2023 Total Households : 2,214 13,870 39,815
2023 Pop Age 25+: Bachelor's Degree : 609 3,960 11,604
2023 Average Home Value : $ 299,985 $ 288,832 $ 279,778
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
West Midway Road Hwy 1 2021 17,100 0.09 mi
US Hwy 1 W Midway Rd 2005 41,300 0.10 mi
US Hwy 1 W Midway Rd 2005 39,000 0.11 mi
AL 55 Dickson Dr 2020 27,000 0.30 mi
2018 32,000 0.30 mi
Oleander Ave W 1st St 2005 6,200 0.47 mi
Oleander Ave Midway Rd 2005 9,900 0.48 mi
Midway Rd Elm St 2005 19,100 0.53 mi
W Weatherbee Rd Hwy 1 2005 4,700 0.54 mi
US 1 US Hwy 1 2021 32,000 0.68 mi

Listing Broker

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