Listing ID : 613281
Posted on September 21, 2023 10
Marcus & Millichap is pleased to exclusively represent the ownership in the sale of 6144 Oxon Hill Rd, Oxon Hill, Maryland. The property is absolute NNN-leased to Liberty Cannabis Corporation with a lease guarantee from Holistic Industries, one of the fastest growing private cannabis companies in the United States. Liberty currently has more than 11-years remaining on their lease with two 5-year renewal options and 1.5% annual rent escalations.
Holistic Industries was founded in 2011 and focuses on harvesting and crafting strains, consumer brands and medical-grade cannabis products. Based in Washington DC, the company operates in 6 states with over 700 employees and more than 350,000 SF of facility space. The Washington Business Journal ranked Holistic Industries as the #1 fastest growing company locally in 2020.
Liberty Cannabis, Holistic Industries’ largest revenue driver with 18 retail storefronts in the United States, operates out of the 13,786 SF medical cannabis dispensary that sits on 1.36-acres. In addition to selling medical cannabis out of this location, there is also office space in the rear of the building which is used for corporate purposes. Built in 1981, the building recently experienced extensive renovations.
As the tenant prepares for the legalization of recreational cannabis use in Maryland on July 1st, Liberty is hiring more employees and extending their operating hours. The company is projecting to triple their current sales once they can offer their products to recreational users.
The property is situated within 3 minutes of Washington D.C. in a highly trafficked retail corridor that sees 32,881 vehicles per day on Oxon Hill Road. The area surrounding Oxon Hill is expected to see continued growth with 9.5M SF of housing and retail space under construction within 5 miles. Furthermore, Adventist HealthCare is planning to break ground in 2025 on a new hospital in Fort Washington, which is a 4.2-mile drive from Liberty’s site in Oxon Hill.
This investment presents an opportunity to own an absolute NNN-leased medical cannabis dispensary on a highly trafficked retail corridor in a growing suburb of Washington D.C. In addition to the current base rent of $543,645, the lease requires an additional 1.5% of base rent be paid to the owner as a management fee, regardless of whether a management company is hired.
5,600SQ ft Turn-Key Facility for Indoor Medical Marijuana Caregiver Production. This property is producing medical marijuana under Caregivers. Thi
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