Net Lease
Net Leased Theory Wellness - New 10 Year Term
3895 L.M. Gaines Blvd, Starke, FL 32091
Listing Price: $3,600,000
Investment Overview
Marcus & Millichap is pleased to present this exclusively listed Absolute NNN Leased Industrial Warehouse at 3895 LM Gaines Boulevard in Starke, FL. The property consists of a 30,000 +/- SF Industrial Warehouse situated on 3.60 +/- Acres. The property is zoned light industrial and is located in the Bradford County Enterprise Park located off of US HWY 100. The parcel has ample room to accommodate an additional 18,000 +/- SF of future Warehouse Expansion.
The recently executed Corporately Guaranteed Absolute NNN Lease is representative of current market rent conditions in the Starke, FL MSA with rent currently at $8.24 PSF NNN. The lease is a 10 Year Lease with 3% Annual Escalations and feature Two (2) Five (5) Year Renewal Options. The current annual rent is $247,200 and reflects a going in CAP Rate of 6.87% with a blended average CAP Rate of 7.73%. The Tenant is currently awaiting their Cannabis Permit from the State of Florida, in which they applied for in 2023. The Tenant has a six month “Contingency Period” where they can “buy out” of their lease should they fail to obtain their permit in the State of Florida.
Net Leased Theory Wellness - New 10 Year Term
Investment Highlights
- New 10 Year Corporately Guaranteed Absolute NNN Lease
- Two (2) - Five Year Renewal Options with 3% Annual Escalations throughout Option Periods
- Tenant is investing significant capital into the space making them extremely "sticky" to the location.
Exclusively Listed By
Financing By
Listing Price: $3,600,000
Investment Highlights
- New 10 Year Corporately Guaranteed Absolute NNN Lease
- Two (2) - Five Year Renewal Options with 3% Annual Escalations throughout Option Periods
- Tenant is investing significant capital into the space making them extremely "sticky" to the location.
Investment Overview
Marcus & Millichap is pleased to present this exclusively listed Absolute NNN Leased Industrial Warehouse at 3895 LM Gaines Boulevard in Starke, FL. The property consists of a 30,000 +/- SF Industrial Warehouse situated on 3.60 +/- Acres. The property is zoned light industrial and is located in the Bradford County Enterprise Park located off of US HWY 100. The parcel has ample room to accommodate an additional 18,000 +/- SF of future Warehouse Expansion. The recently executed Corporately Guaranteed Absolute NNN Lease is representative of current market rent conditions in the Starke, FL MSA with rent currently at $8.24 PSF NNN. The lease is a 10 Year Lease with 3% Annual Escalations and feature Two (2) Five (5) Year Renewal Options. The current annual rent is $247,200 and reflects a going in CAP Rate of 6.87% with a blended average CAP Rate of 7.73%. The Tenant is currently awaiting their Cannabis Permit from the State of Florida, in which they applied for in 2023. The Tenant has a six month “Contingency Period” where they can “buy out” of their lease should they fail to obtain their permit in the State of Florida.
Exclusively Listed By
Financing By
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