Marcus & Millichap is pleased to present the opportunity to acquire a Medical Cannabis Dispensary in Hollywood, FL. This listing offers a triple net lease with eight years remaining and two, five-year tenant renewal options. There are 10 percent rent increases every five years throughout the base term and option periods.
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.
Hollywood and its surrounding area have very strong demographics and traffic counts. The population is over 284,000 within five miles of Subject Property. The Fort Lauderdale metropolitan area contains roughly 1.9 million residents. HT Medical Cannabis is located on Federal Highway with a daily traffic count of more than 29,500 vehicles and is in close proximity to Interstate 95 which has a daily traffic count of more than 223,000 vehicles. Other surrounding national retailers include Walmart Neighborhood Market, Publix, Pet Supermarket, Massage Envy, Dollar General, Dollar Tree, T-Mobile, Wells Fargo, Bank of America, McDonald’s, Starbucks, Chipotle, 7-Eleven, Walgreens, CVS and Many More.
The Subject Property is one mile from Hollywood Beach Golf Club and Arts Park at Young Circle, an outdoor amphitheater, playground, splash pad, and host to hundreds of events annually. The property is also less than three miles from Joe DiMaggio Children’s Hospital at Memorial, and Orangebrook Golf & Country Club, historic championship golf course. The property is also in close proximity to Hollywood Beach, and the Hollywood Beach Boardwalk, named one of America’s Best Beach Boardwalks by Travel + Leisure Magazine.