Drug Store
Sunnyside Dispensary
2122 W 9 Mile Rd, Pensacola, FL 32534
Listing Price: $2,823,943
Investment Overview
Marcus & Millichap is pleased to exclusively present Sunnyside Medical Cannabis Dispensary, the First National Retail Brand of Cresco Labs. This property features a long-term lease with attractive 2% annual rental increases throughout base term and options. This location was renovated and opened for Sunnyside in 2022, with renovations being completed by the tenant, at the tenant's expense, showing a strong commitment to the site.
Additionally, the legalization of recreational cannabis sales will be on the November 2024 ballot for Florida. Florida voters will determine if the state will join 24 other states that have approved recreational cannabis sales. With an already well-established medical cannabis industry of about $2 billion in sales, sales in Florida are anticipated to grow to between $4.9 billion and $6.1 billion during the first year of recreational sales.
Subject property has strong surrounding drivers including being a grocery (Publix) outlot, new multi-family developments nearby, multiple colleges, and more. It is situated in a dense area with 85,400 people living within five miles and 74,000 people working within five miles - being only 3 miles from the largest employer in Pensacola - Navy Federal Credit Union Heritage Oaks Campus (9,100 employees).
Sunnyside Dispensary
Investment Highlights
- Sunnyside Medical Cannabis Dispensary | First National Retail Brand of Cresco Labs
- Long-Term Lease With Attractive 2% Annual Increases Throughout Base Term and Option Periods
- New Location - This Location was Renovated and Opened for Sunnyside in 2022 | Renovation was Completed by Tenant at Tenant's Expense Displaying a Strong Commitment to the Site
- The Legalization of Recreational Cannabis Sales Will be on the November 2024 Ballot for Florida - State Economists Estimate that the Legalization of Recreational Sales Would Generate Between $195.5 Million and $431.2 Million in New Sales Tax Revenue
- Grocery Outlot with Many Other Notable Retailers Nearby - Shadow-Anchored by a Publix Super Market Anchored Center | This Publix had Over 800,000 Visits in the Last 12 Months (Placer.ai)
- Strong Surrounding Drivers Including New Developments, Colleges, and More
- 85,401 People Live Within Five Miles | Anticipated to Grow 5.7% by 2027
- Three Miles from Navy Federal Credit Union Heritage Oaks Campus | The Largest Employer in Pensacola with Over 9,100 Employees
Listing Price: $2,823,943
Investment Highlights
- Sunnyside Medical Cannabis Dispensary | First National Retail Brand of Cresco Labs
- Long-Term Lease With Attractive 2% Annual Increases Throughout Base Term and Option Periods
- New Location - This Location was Renovated and Opened for Sunnyside in 2022 | Renovation was Completed by Tenant at Tenant's Expense Displaying a Strong Commitment to the Site
- The Legalization of Recreational Cannabis Sales Will be on the November 2024 Ballot for Florida - State Economists Estimate that the Legalization of Recreational Sales Would Generate Between $195.5 Million and $431.2 Million in New Sales Tax Revenue
- Grocery Outlot with Many Other Notable Retailers Nearby - Shadow-Anchored by a Publix Super Market Anchored Center | This Publix had Over 800,000 Visits in the Last 12 Months (Placer.ai)
- Strong Surrounding Drivers Including New Developments, Colleges, and More
- 85,401 People Live Within Five Miles | Anticipated to Grow 5.7% by 2027
- Three Miles from Navy Federal Credit Union Heritage Oaks Campus | The Largest Employer in Pensacola with Over 9,100 Employees
Investment Overview
Marcus & Millichap is pleased to exclusively present Sunnyside Medical Cannabis Dispensary, the First National Retail Brand of Cresco Labs. This property features a long-term lease with attractive 2% annual rental increases throughout base term and options. This location was renovated and opened for Sunnyside in 2022, with renovations being completed by the tenant, at the tenant's expense, showing a strong commitment to the site. Additionally, the legalization of recreational cannabis sales will be on the November 2024 ballot for Florida. Florida voters will determine if the state will join 24 other states that have approved recreational cannabis sales. With an already well-established medical cannabis industry of about $2 billion in sales, sales in Florida are anticipated to grow to between $4.9 billion and $6.1 billion during the first year of recreational sales. Subject property has strong surrounding drivers including being a grocery (Publix) outlot, new multi-family developments nearby, multiple colleges, and more. It is situated in a dense area with 85,400 people living within five miles and 74,000 people working within five miles - being only 3 miles from the largest employer in Pensacola - Navy Federal Credit Union Heritage Oaks Campus (9,100 employees).
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