License application for dispensary and delivery was ranked in top 17 of Riverside County’s RFP final scoring and was given the approval to move forward to finalize CUP and Development Agreement
Location is a 3,500 sq ft retail property with a very large parking lot, currently leased at $7,500 per month NNN on a 6 month lease with five 6 months options to renew Lease
Owners had previously indicated willingness to sell property for $1.6m (there is also an existing mexican restaurant in the other suite of the building who is paying $3,500 a month)
License owner is currently going through the CUP process, met with County staff 11/10/19 to go over conditions of approval, requirements for improvements to the property (infrastructure, traffic, security, fire & safety). The written requirements and conditions for certificate of occupancy to open doors at property will be sent by end of November.
Development Agreement meetings and follow up appointments with County Departments will be scheduled for beginning of 2020, with final approval of Agreements, building permits and Certificate of Occupancy expected to be Spring 2020
Property is located East of 215 Freeway at San Jacinto Ave
Population of 71,000 within 10 mile radius
Buyer can buy license and take over lease for $700,000