Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a Trulieve Cannabis Dispensary located in the Phoenix suburb of in Avondale, Arizona. This tenant has been in place since 2017 and recently signed a new long-term lease, showing a strong commitment to the site. This is one of the busiest and top performing stores in the state. They are currently operating as Harvest House of Cannabis and will soon be re-branded as Trulieve Cannabis Dispensary. This opportunity offers a brand new, 10-year, triple net (NNN) lease with four, five-year tenant renewal options. There are three percent annual rent increases throughout the base term and option periods. There is a blended cap rate of 8.03% over the base lease term, with annual increases. The Subject Property is located in Avondale, Arizona and is part of the Phoenix-Mesa-Chandler metro area with a population of approximately 4.95 million residents. Trulieve is 17 miles from Phoenix, the Arizona state capital and most populous city in the metro with more than 1.6 million residents. The construction, high-tech manufacturing, health care and tourism industries dominate the Phoenix Metro economy. Health care is a critical industry, with around 20 hospitals and the University of Arizona Medical School located in the metro. Trulieve is four miles from Mountain Park Health Center Goodyear Clinic, a nonprofit community health center which has 75 doctors and employs over 400 staff members, and five miles from Abrazo West Campus, a 216-bed acute care facility and teaching hospital with 248 practicing physicians.