Marcus & Millichap is pleased to present the opportunity to acquire a Medical Cannabis Dispensary in Miami, FL. This listing offers a triple net lease with eight years remaining and two, five-year tenant renewal options. The lease offers $5 per square foot rent increases every five years throughout the base term and option periods.
Within walking distance of the Subject Property is located a new development that recently opened with tenants including Publix, Marshalls, Five Below, AT&T, Aspen Dental, Chick-fil-A, Chipotle and Dunkin’ Donuts.
Miami and its surrounding area have very strong demographics and traffic counts. The population is over 500,000 within five miles of the Subject Property. The Miami metropolitan area contains roughly 2.7 million residents. HT Medical Cannabis is located on 167th Street with a daily traffic count of more than 49,500 vehicles and is in close proximity to Interstate 95 which has a daily traffic count of more than 234,000 vehicles. Other surrounding national retailers include Aldi, Home Depot, Walmart Supercenter, Rainbow Shops, Ross, McDonald’s, Taco Bell, Arby’s, Popeyes, Starbucks, Bank of America, Chase Bank, AutoZone, Krispy Kreme, Pep Boys, Walgreens, CVS, Wawa and many more.
The subject property is one mile from Jackson North Medical Center, a 382-bed acute care center serving North Miami-Dade and South Broward counties, and four miles From Hard Rock Stadium, home to the NFL’s Miami Dolphins and the Miami Hurricanes, University of Miami’s football team, and Barry University with a total enrollment of more than 7,900 students.
The Subject Property will be operated by Red White & Bloom who is doing business in Florida as HT Medical Cannabis. The company 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.