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Drug Store

Trulieve Cannabis Dispensary

1921 Alma Dr, Melbourne, FL 32904

Listing Price: $3,130,500

Cap Rate
5.75%
Tenant Name
Trulieve
Years Remaining On Lease
12.9
Guarantor
Corporate Guarantee
Rentable SF
4,500
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$40.00

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a Trulieve Medical Cannabis Dispensary in Melbourne, Florida. This opportunity offers a new, 12-year, triple net lease with two, five-year tenant renewal options. There are three percent annual rent increases throughout the base term and option periods. This is a relocation store and will be renovated by tenant at tenant’s expense. Trulieve is an industry leading cannabis company and multi-state operator in the U.S. operating in 11 states, with leading market positions in Arizona, Florida and Pennsylvania. Its vertically integrated “seed-to-sale” operation has approximately 48 percent of the Florida market. The Company has 115 stores in Florida and 165 nationwide. There is excellent access and visibility to more than 32,000 vehicles daily from Alma Drive. The Property is less than a mile off I-95, which is the main north–south interstate highway on the east coast with more than 81,000 vehicles daily. The Subject Property is 2.5 miles from a major retail corridor which features Melbourne Square, a shopping mall anchored by Dillard’s, JCPenney, Macy’s and Dick’s Sporting Goods with 125 other retailers. Trulieve is located in Melbourne, nine miles from Melbourne Beach. Part of Brevard County in the heart of the Space Coast, the property offers attractive demographics. The county is best known for Kennedy Space Center and Cape Canaveral Space Force Station. The area also has a large concentration on military personnel, it is home to Patrick Air Force Base. It boasts a population of 568,000 residents, and an average household income of $85,116, in five miles of the Property.

Investment Highlights

  • Brand New, 12-Year, Triple Net (NNN) Lease
  • Three Percent Annual Rent Increases Throughout Base Term and Option Periods
  • Relocation Store, To Be Renovated by Tenant at Tenant's Expense
  • The Largest and Most Profitable Cannabis Operator With 165 Operated and Affiliated Dispensaries Nationwide
  • Trulieve is the Largest Fully Licensed Medical Cannabis Company in Florida With More Than 115 Stores in the State
  • Located on Alma Drive With a Daily Traffic Count of More Than 32,000 Vehicles
  • Less Than a Mile Off Interstate 95, the Main North–South Interstate Highway on the East Coast With More Than 81,000 Vehicles Daily
  • Surrounding National Brands Include The Home Depot, Lowe's, Sam's Club, Gordon Food Service, Winn Dixie, Target, Rooms To Go, Baer's Furniture, Ashley Home Furniture, Northern Tool + Equipment, Dollar General, Bank of America, Walgreens, Wawa, Zaxby's, Bennigan's, Olive Garden, Wendy's, McDonald's, Dunkin', Days Inn, Hampton Inn, Comfort Inn & Suites, Fairfield Inn & Suites, Holiday Inn Express, Extended Stay America Premier Suites, WoodSpring Suites and Many More

Exclusively Listed By

Financing By

Drug Store

Trulieve Cannabis Dispensary

Listing Price: $3,130,500

Cap Rate
5.75%
Tenant Name
Trulieve
Years Remaining On Lease
12.9
Guarantor
Corporate Guarantee
Rentable SF
4,500
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$40.00

Investment Highlights

  • Brand New, 12-Year, Triple Net (NNN) Lease
  • Three Percent Annual Rent Increases Throughout Base Term and Option Periods
  • Relocation Store, To Be Renovated by Tenant at Tenant's Expense
  • The Largest and Most Profitable Cannabis Operator With 165 Operated and Affiliated Dispensaries Nationwide
  • Trulieve is the Largest Fully Licensed Medical Cannabis Company in Florida With More Than 115 Stores in the State
  • Located on Alma Drive With a Daily Traffic Count of More Than 32,000 Vehicles
  • Less Than a Mile Off Interstate 95, the Main North–South Interstate Highway on the East Coast With More Than 81,000 Vehicles Daily
  • Surrounding National Brands Include The Home Depot, Lowe's, Sam's Club, Gordon Food Service, Winn Dixie, Target, Rooms To Go, Baer's Furniture, Ashley Home Furniture, Northern Tool + Equipment, Dollar General, Bank of America, Walgreens, Wawa, Zaxby's, Bennigan's, Olive Garden, Wendy's, McDonald's, Dunkin', Days Inn, Hampton Inn, Comfort Inn & Suites, Fairfield Inn & Suites, Holiday Inn Express, Extended Stay America Premier Suites, WoodSpring Suites and Many More

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a Trulieve Medical Cannabis Dispensary in Melbourne, Florida. This opportunity offers a new, 12-year, triple net lease with two, five-year tenant renewal options. There are three percent annual rent increases throughout the base term and option periods. This is a relocation store and will be renovated by tenant at tenant’s expense. Trulieve is an industry leading cannabis company and multi-state operator in the U.S. operating in 11 states, with leading market positions in Arizona, Florida and Pennsylvania. Its vertically integrated “seed-to-sale” operation has approximately 48 percent of the Florida market. The Company has 115 stores in Florida and 165 nationwide. There is excellent access and visibility to more than 32,000 vehicles daily from Alma Drive. The Property is less than a mile off I-95, which is the main north–south interstate highway on the east coast with more than 81,000 vehicles daily. The Subject Property is 2.5 miles from a major retail corridor which features Melbourne Square, a shopping mall anchored by Dillard’s, JCPenney, Macy’s and Dick’s Sporting Goods with 125 other retailers. Trulieve is located in Melbourne, nine miles from Melbourne Beach. Part of Brevard County in the heart of the Space Coast, the property offers attractive demographics. The county is best known for Kennedy Space Center and Cape Canaveral Space Force Station. The area also has a large concentration on military personnel, it is home to Patrick Air Force Base. It boasts a population of 568,000 residents, and an average household income of $85,116, in five miles of the Property.

Exclusively Listed By

Financing By

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