Marcus & Millichap is pleased to present the opportunity to acquire a new Sanctuary Cannabis Dispensary located in the heart of the Universal Studios Florida tourist corridor in Orlando, FL. This listing offers a 10-year, modified triple net lease with more than nine years remaining on the base term. There are six, five-year tenant renewal options and 10 percent rent increases every five years throughout the base term and option periods. This is a recently constructed building which also includes a drive-thru lane. The roof was installed in 2018 with a 20-year warranty.
Sanctuary is part of a major tourist corridor less than two miles from Universal Studios, Islands of Adventure, and Volcano Bay. Serving this tourist area are dozens of hotels and resorts, within walking distance to the Subject Property. Sanctuary is directly across the street from the site for Storey Drive Resort, which will be 77 acres of mixed-use development including rental condos, single family vacation homes and townhomes, community clubhouse with resort-style pool, lazy river, restaurant and water park. Construction is expected to start February of 2022.
The Property is 3.5 miles from the Orange County Convention Center (OCCC), the second largest meeting and convention facility in the country, bringing over 200 events to Orlando annually with 1.4 million attendees. Also located on International Drive and within walking distance to Sanctuary is Orlando International Premium Outlets, which is Florida’s largest outlet shopping mall spanning over 773,586 square feet and more than 17 million visitors annually. This area has extremely strong demographics and traffic counts, with the population over 215,000 within a five-mile radius. The Property is conveniently located between Interstate 4 with 177,000 vehicles daily, and Florida’s Turnpike with 100,000 vehicles daily. The Orlando Metro has a population of more than 2.4 million residents and is one of the largest and fastest growing areas in Florida.
Sanctuary is a mission-oriented medical marijuana dispensary. Sanctuary opened the doors of this flagship store in Orlando in February of 2021. In addition to the International Drive location, the company anticipates having 25 dispensaries open in Florida in the near future. During these uncertain times marijuana dispensaries remain open as they are considered “essential” businesses.