Marcus & Millichap is pleased to present the opportunity to acquire a MedMen Medical Marijuana Dispensary in Pensacola, Florida. This listing offers a 10-year lease with approximately eight years remaining on the base term. There are two, five-year tenant renewal options with three percent annual rent increases throughout the base term and option periods.
MedMen is one of the premium cannabis retailers in the United States and has been leading with new developments for over a decade. Their team of product experts offer an unparalleled shopping experience at all of their more than 25 stores across six states — California, Nevada, Illinois, Arizona, New York, and Florida.
This MedMen is located on Bayou Boulevard with more than 25,500 vehicles daily. It is an outparcel to Cordova Mall, which is the largest shopping center on the northwest Gulf Coast of Florida and owned by Simon Property Group, and anchored by Dillard’s, Belk, Dick’s Sporting Goods, Best Buy, Bed, Bath and Beyond. This is a major retail corridor with other surrounding national retailers include Lowe’s, Sam’s Club, Home Depot, Target, Home Goods, TJ Maxx, Planet Fitness, Michael’s, Rooms To Go, Publix, Winn Dixie, The Fresh Market, Big Lots, Bank of America, T-Mobile, Outback Steakhouse, Ale House, Chili’s Grill & Bar, Longhorn Steakhouse, Olive Garden, Chick-fil-A, McDonald’s Panera Bread, Wendy’s, Dunkin’, Starbucks and many more.
The Emerald Coast area has strong demographics, with the population over 140,000 within five miles of Subject Property. The Property is also a half mile from Sacred Heart Hospital – a 566-bed acute-care facility, also home to The Studer Family Children’s Hospital, northwest Florida’s only hospital dedicated to the care of children with acute injuries or illnesses. Also within walking distance from the Property is Pensacola State College with an enrollment of 9,906 students and 320 faculty and staff. The U.S. Navy has a very large presence in the Pensacola Metro, which is driving the local economy – also supported by the defense industry, tourism and healthcare.