Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a Trulieve Cannabis Dispensary located in Pensacola, Florida. This property features a long-term, triple net (NNN) lease with four, five-year tenant renewal options and annual rent increases of 3 percent throughout the base term and option periods. Florida's legalization of recreational marijuana sales will be on the November ballot. If passed, recreational sales will begin in 2025 which should significantly enhance sales from this particular location given the very close proximity to the Alabama state line. The property is located directly off Perdido Bay Bridge, which crosses into Alabama (approximately 1-mile to the Alabama state line). The lease is corporate guaranteed by Trulieve Inc., one of the largest and most profitable U.S. cannabis operators with nearly 200 dispensaries nationwide. Operating in nine states, the company expanded its reach by acquiring licenses in Connecticut, Pennsylvania, and West Virginia. Trulieve recently received a federal tax refund of approximately $113 million after challenging IRS guidelines for 280E. The average annual household income is $93,635 within one mile of the subject property and expected to reach $102,754 by 2028. In addition to local retailers, surrounding national brands include Winn Dixie, Anytime Fitness, CrossFit, Dollar General, Sherwin Williams, O’Reilly Auto Parts, Regions Bank, GNC, McDonald’s, Wendy’s, Hardees, Domino’s Pizza, Burger King, Waffle House and many more.