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Drug Store

Curaleaf Cannabis Dispensary (Philadelphia MSA)

255 Horsham Rd, Horsham, PA 19044

Listing Price: $2,784,000

Cap Rate
8.00%
Tenant Name
Curaleaf Cannabis Dispensary
Years Remaining On Lease
7.0
Guarantor
Corporate Guarantee
Rentable SF
2,803
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$79.45

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a Curaleaf Cannabis Dispensary in Horsham, PA which is a prime Philadelphia metro area. This is a new location built by the tenant in 2021. This Curaleaf offers a long-term triple net lease with 10 percent rent increases every five years throughout the base term and option periods. The next rent increase is on May 1, 2027, which adjusts the asking cap rate to 8.8%.

Curaleaf has acquired multiple brands, creating one of the largest cannabis companies in the U.S. and among the largest globally. Curaleaf has the largest geographical reach of any American cannabis company, operating in 17 states with 151 total retail locations and well over 900 wholesale partner accounts nationwide – with 18 locations in Pennsylvania.

The subject property is just 23 miles from Philadelphia, the largest city in the metro with close to 1.6 million residents. The metro is expected to add nearly 96,500 people over the next five years. The property is located on Horsham Road which has a daily traffic count of 30,000 vehicles, off Easton Road with 46,000 vehicles, and 1.5 miles from ramps to Interstate 276 with more than 102,000 vehicles.

This Curaleaf is located four miles from Temple University with a total enrollment of 27,306 students across eight campuses and less than five miles from Jefferson Abington Hospital, which has 665 beds and over 5,500 employees, including more than 1,100 physicians. The Property is 1.5 miles from Willow Grove Park, a three-story shopping mall with over 120 stores anchored by Bloomingdale's, Primark, Macy's, Nordstrom Rack, and Tilted 10, a multi-level entertainment facility, and with several restaurants including The Cheesecake Factory, TGI Fridays, and Yard House.

Other surrounding national brands include Lowe’s, The Home Depot, Walmart Supercenter, HomeGoods, Sam’s Club, Sprouts Farmers Market, The Fresh Market, Ashley Furniture, DSW, Staples, Pet Smart, Hobby Lobby, Verizon, Anthony's Coal Fired Pizza, Outback Steakhouse, Bonefish Grill, Olive Garden, Miller’s Ale House, Wendy’s, Chick-fil-A, Dunkin', Starbucks, CVS, Wawa, Homewood Suites by Hilton, Fairfield Inn & Suites, Hampton Inn, TownePlace Suites, SpringHill Suites and many others.

Investment Highlights

  • Triple Net (NNN) Lease With 2, 5-Year Tenant Renewal Options
  • 10% Rent Increases Every 5 Years With Next Increase on May 1, 2027, Which Adjusts the Asking Cap Rate to 8.8%
  • New Location, Built by Tenant in 2021
  • Curaleaf has Acquired Multiple Brands, Creating One of the Largest Cannabis Companies in the U.S. and Among the Largest Globally
  • Curaleaf has the Largest Geographical Reach of Any American Cannabis Company, Operating in 17 States With 151 Total Retail Locations – With 18 Locations in Pennsylvania
  • Located on Horsham Road Which has a Daily Traffic Count of 30,000 Vehicles, and Off Easton Road With 46,000 Vehicles
  • Average Household Income Within One Mile of the Curaleaf is $92,881, and Expected to Reach $108,341 by 2028
  • 23 Miles from Philadelphia, the Largest City in the Metro With Close to 1.6 Million Residents

Broker of Record

  • Timothy B. Stephenson Jr.

    Regional Manager

    (215) 531-7000

    License(s) PA: RMR006104

    Pennsylvania

Drug Store

Curaleaf Cannabis Dispensary (Philadelphia MSA)

Listing Price: $2,784,000

Cap Rate
8.00%
Tenant Name
Curaleaf Cannabis Dispensary
Years Remaining On Lease
7.0
Guarantor
Corporate Guarantee
Rentable SF
2,803
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$79.45

Investment Highlights

  • Triple Net (NNN) Lease With 2, 5-Year Tenant Renewal Options
  • 10% Rent Increases Every 5 Years With Next Increase on May 1, 2027, Which Adjusts the Asking Cap Rate to 8.8%
  • New Location, Built by Tenant in 2021
  • Curaleaf has Acquired Multiple Brands, Creating One of the Largest Cannabis Companies in the U.S. and Among the Largest Globally
  • Curaleaf has the Largest Geographical Reach of Any American Cannabis Company, Operating in 17 States With 151 Total Retail Locations – With 18 Locations in Pennsylvania
  • Located on Horsham Road Which has a Daily Traffic Count of 30,000 Vehicles, and Off Easton Road With 46,000 Vehicles
  • Average Household Income Within One Mile of the Curaleaf is $92,881, and Expected to Reach $108,341 by 2028
  • 23 Miles from Philadelphia, the Largest City in the Metro With Close to 1.6 Million Residents

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a Curaleaf Cannabis Dispensary in Horsham, PA which is a prime Philadelphia metro area. This is a new location built by the tenant in 2021. This Curaleaf offers a long-term triple net lease with 10 percent rent increases every five years throughout the base term and option periods. The next rent increase is on May 1, 2027, which adjusts the asking cap rate to 8.8%. Curaleaf has acquired multiple brands, creating one of the largest cannabis companies in the U.S. and among the largest globally. Curaleaf has the largest geographical reach of any American cannabis company, operating in 17 states with 151 total retail locations and well over 900 wholesale partner accounts nationwide – with 18 locations in Pennsylvania. The subject property is just 23 miles from Philadelphia, the largest city in the metro with close to 1.6 million residents. The metro is expected to add nearly 96,500 people over the next five years. The property is located on Horsham Road which has a daily traffic count of 30,000 vehicles, off Easton Road with 46,000 vehicles, and 1.5 miles from ramps to Interstate 276 with more than 102,000 vehicles. This Curaleaf is located four miles from Temple University with a total enrollment of 27,306 students across eight campuses and less than five miles from Jefferson Abington Hospital, which has 665 beds and over 5,500 employees, including more than 1,100 physicians. The Property is 1.5 miles from Willow Grove Park, a three-story shopping mall with over 120 stores anchored by Bloomingdale's, Primark, Macy's, Nordstrom Rack, and Tilted 10, a multi-level entertainment facility, and with several restaurants including The Cheesecake Factory, TGI Fridays, and Yard House. Other surrounding national brands include Lowe’s, The Home Depot, Walmart Supercenter, HomeGoods, Sam’s Club, Sprouts Farmers Market, The Fresh Market, Ashley Furniture, DSW, Staples, Pet Smart, Hobby Lobby, Verizon, Anthony's Coal Fired Pizza, Outback Steakhouse, Bonefish Grill, Olive Garden, Miller’s Ale House, Wendy’s, Chick-fil-A, Dunkin', Starbucks, CVS, Wawa, Homewood Suites by Hilton, Fairfield Inn & Suites, Hampton Inn, TownePlace Suites, SpringHill Suites and many others.

Broker of Record

  • Timothy B. Stephenson Jr.

    Regional Manager

    (215) 531-7000

    License(s): PA: RMR006104

    Pennsylvania

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