Press Releases
Marcus & Millichap Brokers $14.9 Million Sale of Cannabis Facility in Florida
August 08, 2025
PALATKA, Fla., Aug. 8, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Green Dragon Cannabis Cultivation Campus, a 415,733-square-foot industrial facility in Palatka, Florida. The asset sold for $14.9 million.
“The marketing campaign surrounding the asset yielded significant interest, with over a dozen offers generated,” said Scott Sandelin, senior managing director investments. “The Cannabis industry is going through some uncertain times with supply, demand, and different laws for each state that has legalized it either medicinally or recreationally. This separated the buyers who were lured by a higher-yield NNN asset from those who were in the know.”
Sandelin and Edward Romo, investment specialists in Marcus & Millichap’s Miami office, exclusively marketed the property on behalf of the seller, a Florida limited liability company, and procured the buyer, a private fund which focuses its efforts on real estate acquisitions and loans within the cannabis industry.
“The buyer is an industry expert that recognized the value of the asset as a cutting-edge cannabis grow facility,” added Romo, senior director investments. “The buyer also recognized the fundamental value of the underlying real estate, which they were able to acquire at low price metrics for both the land and the building.”
Located at 160 Comfort Road, the 29-acre property is leased to Green Dragon Florida LLC under a long-term triple-net lease. The facility, which supports Green Dragon’s vertically integrated cannabis operations in Florida, includes multiple grow rooms, high-efficiency HVAC systems, on-site water conditioning, heavy power capacity and full fire suppression. The tenant has invested approximately $25 million in upgrades to the property which will provide future value to the new owners.
Green Dragon, operating under the Eaze Inc. umbrella, is among the state’s largest cannabis retailers and cultivators, with 42 dispensaries and continued expansion.
“The marketing campaign surrounding the asset yielded significant interest, with over a dozen offers generated,” said Scott Sandelin, senior managing director investments. “The Cannabis industry is going through some uncertain times with supply, demand, and different laws for each state that has legalized it either medicinally or recreationally. This separated the buyers who were lured by a higher-yield NNN asset from those who were in the know.”
Sandelin and Edward Romo, investment specialists in Marcus & Millichap’s Miami office, exclusively marketed the property on behalf of the seller, a Florida limited liability company, and procured the buyer, a private fund which focuses its efforts on real estate acquisitions and loans within the cannabis industry.
“The buyer is an industry expert that recognized the value of the asset as a cutting-edge cannabis grow facility,” added Romo, senior director investments. “The buyer also recognized the fundamental value of the underlying real estate, which they were able to acquire at low price metrics for both the land and the building.”
Located at 160 Comfort Road, the 29-acre property is leased to Green Dragon Florida LLC under a long-term triple-net lease. The facility, which supports Green Dragon’s vertically integrated cannabis operations in Florida, includes multiple grow rooms, high-efficiency HVAC systems, on-site water conditioning, heavy power capacity and full fire suppression. The tenant has invested approximately $25 million in upgrades to the property which will provide future value to the new owners.
Green Dragon, operating under the Eaze Inc. umbrella, is among the state’s largest cannabis retailers and cultivators, with 42 dispensaries and continued expansion.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
