Posted on January 13, 2022 / 37Listing ID: 329840APPLY FOR A REAL ESTATE LOAN
Cannabis & Hemp Insurance
Price : $2,722,000
Status : ACTIVE
Cap Rate : 6.25
Cannabis or Hemp Use Allowed? : Cannabis and/or Hemp
License Type : Medical & Recreational
Year Built : 1993/2022
Sale Type : Cash

Marcus & Millichap is pleased to present the opportunity to acquire a Medical Cannabis Dispensary in Orange Park, FL (Jacksonville MSA). This listing offers a triple net lease with approximately eight years remaining and two, five-year tenant renewal options. There are ten percent rent increases every five years throughout base term and option periods. The building includes drive-thru lanes.

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.

Orange Park and its surrounding area have very strong demographics and traffic counts. The population is over 114,000 within five miles of Subject Property. The Jacksonville metropolitan area contains roughly 1.5 million residents. HT Medical Cannabis is located on Park Avenue with a daily traffic count of more than 55,500 vehicles and is in close proximity to Interstate 295 which has a daily traffic count of more than 225,500 vehicles. Other surrounding national retailers include Home Depot, Lowes, Publix, Sam’s Club, AtHome, Bed Bath & Beyond, Planet Fitness, TJ Maxx, Ashley Furniture HomeStore, Rooms To Go, Party City, Best Buy, Chick-fil-A, Olive Garden, Chili’s, Cracker Barrel, Outback, 4 Rivers Smokehouse, Dunkin Donuts, Wawa, Hilton Garden Inn, Courtyard by Marriott, Hampton Inn and many more.

The subject property is less than one mile from Orange Park Mall, Anchored by JCPenney, Old Navy, Belk, Dillard’s, Dick’s Sporting Goods and AMC Theatres, and three miles from Orange Park Medical Center – a full-service, acute-care hospital with 365 inpatient beds, and 512 doctors. The property is also four miles from Naval Air Station Jacksonville, the largest navy base in the southeast region and third in the nation, and 18 miles from Jacksonville University with a total enrollment of 4,053 students and over 180 faculty and staff.

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