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Views: 107 Updated: 05.06.24 Posted: 04.25.23 Status: Inactive 05.07.24

Summary

Price $4,563,738
Built/Renov 2020
Tenant Sanctuary Cannabis
Cap Rate 8.00%
Lease Type Abs NNN
Guarantor Corporate
Size/SF 5,515
Lease Start 11-16-2020
#Units 24
Price/SF $827.51
Expiration 11-30-2030
Tenant Type Medical/Health
NOI $365,099
R. Term 5.11
Ownership Fee Simple
Rent/SF $66.20
Increases 0.0%/1/yrs
Pop 5Mi 259,582
Lot/AC 0.37
Options 2/10yrs/2.33%
AHHI 5Mi $93,594

Lease Highlights

  • Sanctuary Cannabis has 7+ years remaining on the current lease term with 2 (10-year) options to extend
  • Lease features 2.33% annual rental increases throughout the initial term and at the beginning of each option period
  • Absolute NNN lease with zero landlord responsibilities
  • Corporate guarantee by Sanctuary Medicinals, LLC
  • Florida is one of the fastest growing cannabis markets in the U.S. with reported sales of $1.1B in 2021, and projected cannabis sales of $2.0B annually by 2025

 

Location Description

Sanctuary Cannabis is ideally positioned on a hard corner lot at the signalized intersection of Veterans Expressway and West Waters Avenue with direct exposure to over 115K+ vehicles per day. Located within a dense retail corridor, nearby major nationals include Walmart, BJ’s, AMC, Cold Stone, Starbucks, Lowe’s, Target, Office Depot, Planet Fitness, Taco Bell, Publix and many more....

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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 : 5,944 113,516 258,082
2023 Total Population : 6,038 114,124 258,635
2023 Employed Civilian Pop : 3,490 63,419 146,760
2023 Total Businesses : 713 5,950 14,965
2023 Average Household Income : $ 100,646 $ 80,129 $ 93,268
2023 Total Consumer Spending : $ 185 M $ 3056 M $ 8463 M
2023 Median Age : 41 39 40
2023 Total Households : 2,137 43,767 104,585
2023 Pop Age 25+: Bachelor's Degree : 943 17,342 47,685
2023 Average Home Value : $ 281,776 $ 307,312 $ 370,998
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
SR600/DALE MABRY HWY Veterans Expy 2021 38,000 0.04 mi
Veterans Expy W Waters Ave 2012 69,000 0.06 mi
W Waters Ave 2020 5,600 0.09 mi
CR 584 EB/WATERS AVE Veterans Expy 2021 6,500 0.09 mi
AUX LANE TO 10470016 Veterans Expy 2021 4,200 0.13 mi
Veterans Expy W Waters Ave 2016 3,000 0.14 mi
SR 589 SB W Sitka St 2021 6,500 0.15 mi
FL 589 Toll Express Lane W Sitka St 2021 2,200 0.19 mi
W Waters Ave Benjamin Rd 2011 46,400 0.24 mi
Benjamin Rd W Sitka St 2017 16,201 0.25 mi

Listing Broker

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