Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a MÜV Medical Cannabis Dispensary located in Venice, Florida. This property features a long-term, triple net (NNN) lease with two, five-year tenant renewal options and annual rent increases of 3 percent throughout the base term and option periods. This is a newly opened location. The legalization of recreational marijuana sales in Florida will be decided on the November ballot. If approved, recreational sales will commence in 2025 with state economists estimating such a move would generate between $196 Million and $431 Million in annual sales tax revenue. The property is a prime outparcel to a shopping center featuring Target, Bealls, Dollar Tree, and Staples. The location also offers direct access to a center anchored by Home Depot and Publix Supermarket. The property is also across the street from a Walmart Supercenter. The parcel is positioned on Tamiami Trail (U.S. Route 41) with an approximate daily traffic count of 51,500 vehicles. Tamiami Trail serves as a notable east-west highway connecting Miami on the East Coast to Tampa, linking Venice to neighboring communities and destinations along the Gulf Coast. MÜV operates over 70 medical marijuana dispensaries throughout Florida. It ranks among the leading companies in the U.S. cannabis industry based on historical revenue, geographic coverage, and brand performance. The lease is guaranteed by Verano Holdings Corp. Verano achieved a record revenue of $938 million in 2023. The average annual household income within a three-mile radius of the subject property is $85,188, surpassing the national average. It is anticipated to rise to $93,490 by 2028. Less than one mile away lies Jacaranda Trace, a sizable senior living community comprising 245 independent living homes and 55 healthcare apartments. Expansion efforts are underway, adding 78 more independent and 64 assisted living homes, with the expansion slated for completion by the end of 2027. Surrounding national brands include Target, Publix, Lowe’s Home Improvement, Aldi, Marshalls, Harbor Freight Tools, Burlington, Five Below, Petco, Pet Supermarket, Staples, Dollar Tree, Mattress Firm, Dollar Tree, Staples, Office Depot, Planet Fitness, Wells Fargo, Bank of America, Chase Bank, AutoZone, Pep Boys, AT&T, T-Mobile, Verizon, Outback Steakhouse, Chili’s Grill & Bar, McDonald’s, Wendy’s, Applebee’s Grill & Bar, Bonefish Grill, Carrabba’s Italian Grill, Panera Bread, Starbucks, Walgreens, CVS, Wawa and many more.