Marcus & Millichap is pleased to present the opportunity to acquire Rise Cannabis Dispensary in Port Orange, Florida – part of the Daytona Beach metro. This is a long-term, triple net (NNN) lease with two percent annual rent increases throughout base term and option periods. The next scheduled rent increase is coming on June 1, 2022. The roof was replaced in November 2015 and includes a 20-year warranty. The property also includes drive-thru lanes and is currently undergoing renovations by the tenant. The opening is targeted for third quarter of 2022.
This lease is guaranteed by Green Thumb Industries, Inc., which manufactures and distributes a portfolio of branded cannabis products. Green Thumb owns and operates 16 manufacturing facilities, 66 open retail locations and operations across 14 U.S. markets and employs approximately 3,400 people and serves millions of patients and customers annually.
Daytona Beach and its surrounding area has very strong demographics and traffic counts. The property is located at the signalized intersection of Nova Road and Spruce Creek Road with a combined daily traffic count of more than 41,500 vehicles. The Subject Property is directly across the street from a Winn-Dixie anchored center, with other surrounding national retailers including Publix, Anytime Fitness, Ross, Pet Supermarket, Bealls, Big Lots, Save-A-Lot, Advance Auto Parts, Bank of America, Wells Fargo, Chili’s, Wendy’s, McDonald’s, Pizza Hut, KFC, Wawa and many more.
Tourism is the largest economic driver in the Daytona Beach metro. Hundreds of hotels in the immediate area due to close proximity to the beach and speedway. The Subject Property is eight miles from Daytona International Speedway which generates an estimated $1.6 billion annually for the local economy, and three miles from Daytona Beach International Airport.