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Drug Store

Sunnyside Dispensary

2122 W 9 Mile Rd, Pensacola, FL 32534

Listing Price: $2,823,943

Cap Rate
7.00%
Tenant Name
Sunnyside
Years Remaining On Lease
8.4
Gross SF
3,963
Guarantor
Corporate Guarantee
Rentable SF
3,963
Price/Gross SF
$712.58
Lease Type
Double Net
Rent Per Square Feet
$49.88

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).

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

Exclusively Listed By

Broker of Record

  • Ryan Nee

    Senior Vice President/ Division Manager

    (954) 245-3400

    License(s) FL: BK3154667

    Florida

Financing By

Drug Store

Sunnyside Dispensary

Listing Price: $2,823,943

Cap Rate
7.00%
Tenant Name
Sunnyside
Years Remaining On Lease
8.4
Gross SF
3,963
Guarantor
Corporate Guarantee
Rentable SF
3,963
Price/Gross SF
$712.58
Lease Type
Double Net
Rent Per Square Feet
$49.88

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).

Exclusively Listed By

Broker of Record

  • Ryan Nee

    Senior Vice President/ Division Manager

    (954) 245-3400

    License(s): FL: BK3154667

    Florida

Financing By

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