Marcus & Millichap is pleased to present the opportunity to acquire a High Times Medical Marijuana Dispensary in St. Petersburg, Florida. This listing offers a new 10-year, triple net lease with two, five-year tenant renewal options. There are 10 percent rent increases every five years throughout the base term and option periods. The property includes drive-thru lanes and is currently undergoing renovations by the tenant. High Times is estimated to open by early 2022.
The Subject Property will be operated by Red White & Bloom but is doing business in Florida as High Times. The company targets having over 100 locations by approximately year end 2021 and is positioning itself to be one of the top three multi-state cannabis operators active in the U.S. Red White & Bloom is predominately focusing its investments on major markets in the U.S., including Michigan, Illinois, Massachusetts, California, and Florida.
St Petersburg and its surrounding area has very strong demographics and traffic counts. The population is over 225,000 within five miles of Subject Property. The Tampa-St. Petersburg metropolitan area contains roughly 3.1 million residents. High Times is located on 4th Street with a daily traffic count of more than 31,500 vehicles and is conveniently sandwiched between locations for The Fresh Market and Trader Joe’s – two major retail brands serving the immediate area. Other surrounding national retailers include Publix, Crunch Fitness, Office Depot, Mattress Firm, Bank of America, Walgreens, CVS, McDonald’s, Taco Bell, Chipotle and many more.
The Subject Property is less than two miles from downtown St. Petersburg, and two miles from St. Anthony’s Hospital – a 395-bed hospital, serving the St Pete area for over 80 years. The property is also within close proximity to Interstate 275 which is a major thoroughfare, with more than 145,500 vehicles, and connecting north to downtown Tampa, the University of South Florida which has an enrollment of more than 33,000 students, and Raymond James Stadium, home to the NFL’s 2021 Super Bowl Champion, the Tampa Bay Buccaneers. Tourism plays a significant role in the economy with other major local attractions including Busch Gardens Tampa, Adventure Island, the Lowry Park Zoo, and the Florida Aquarium.