Mixed-Use
47 Milford St
47 Milford St, Mendon, MA 01756
Listing Price: $1,900,000
Investment Overview
Marcus & Millichap is pleased to present 47 Milford Street in Mendon, Massachusetts. The property is home to Joint Operations, an established cannabis dispensary that opened in 2023. The property is being offered as a sale-leaseback, subject to a ten-year leaseback of the dispensary space. The triple-net lease is expected to include annual rent escalations and multiple extension options. As this is a leaseback, the new lease terms can be negotiated directly with the seller/tenant as part of the sale.
In addition to the dispensary space, the buyer will have the ability to lease or utilize the rear portion of the building, which consists of approximately 5,000 square feet of open warehouse space with 6 overhead doors. The dispensary includes 2,544 SF of air-conditioned space built out with a cannabis vault, retail area, staff lounge, and high-end security systems. Situated on 4.54 acres, the site may also provide future expansion potential.
Located on busy Route 16, a major thoroughfare connecting Mendon with adjoining communities including Milford and Hopedale, the property benefits from strong visibility and traffic. The site is 1.5 miles from Milford Regional Medical Center, the area’s primary hospital, 5 miles from Interstate 495, and adjacent to one of the last remaining drive-in movie theaters in Massachusetts. The rear space can be offered with prominent signage along Route 16 and significant on-site parking.
Exclusively Listed By
Listing Price: $1,900,000
Investment Highlights
- Long-term lease to a successful, multi-location dispensary
- 5,000 square feet available for an owner-occupant
- 4.54 acres of undeveloped space provide an option for expansion
- Sub-4% rent-to-sales ratio on the dispensary shows clear ability to pay the rent
Investment Overview
Marcus & Millichap is pleased to present 47 Milford Street in Mendon, Massachusetts. The property is home to Joint Operations, an established cannabis dispensary that opened in 2023. The property is being offered as a sale-leaseback, subject to a ten-year leaseback of the dispensary space. The triple-net lease is expected to include annual rent escalations and multiple extension options. As this is a leaseback, the new lease terms can be negotiated directly with the seller/tenant as part of the sale. In addition to the dispensary space, the buyer will have the ability to lease or utilize the rear portion of the building, which consists of approximately 5,000 square feet of open warehouse space with 6 overhead doors. The dispensary includes 2,544 SF of air-conditioned space built out with a cannabis vault, retail area, staff lounge, and high-end security systems. Situated on 4.54 acres, the site may also provide future expansion potential. Located on busy Route 16, a major thoroughfare connecting Mendon with adjoining communities including Milford and Hopedale, the property benefits from strong visibility and traffic. The site is 1.5 miles from Milford Regional Medical Center, the area’s primary hospital, 5 miles from Interstate 495, and adjacent to one of the last remaining drive-in movie theaters in Massachusetts. The rear space can be offered with prominent signage along Route 16 and significant on-site parking.
Exclusively Listed By
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