Marcus & Millichap is pleased to present the opportunity to acquire a Trulieve Medical Cannabis Dispensary in Melbourne, Florida. This opportunity offers a new, 12-year, triple net lease with two, five-year tenant renewal options. There are three percent annual rent increases throughout the base term and option periods. This is a relocation store and will be renovated by tenant at tenant’s expense.
Trulieve is an industry leading cannabis company and multi-state operator in the U.S. operating in 11 states, with leading market positions in Arizona, Florida and Pennsylvania. Its vertically integrated “seed-to-sale” operation has approximately 48 percent of the Florida market. The Company has 115 stores in Florida and 165 nationwide.
There is excellent access and visibility to more than 32,000 vehicles daily from Alma Drive. The Property is less than a mile off I-95, which is the main north–south interstate highway on the east coast with more than 81,000 vehicles daily. The Subject Property is 2.5 miles from a major retail corridor which features Melbourne Square, a shopping mall anchored by Dillard’s, JCPenney, Macy’s and Dick’s Sporting Goods with 125 other retailers.
Trulieve is located in Melbourne, nine miles from Melbourne Beach. Part of Brevard County in the heart of the Space Coast, the property offers attractive demographics. The county is best known for Kennedy Space Center and Cape Canaveral Space Force Station. The area also has a large concentration on military personnel, it is home to Patrick Air Force Base. It boasts a population of 568,000 residents, and an average household income of $85,116, in five miles of the Property.