Investment Highlights
Sunnyside Medical Cannabis Dispensary | First National Retail Brand of Cresco Labs
New Location - This Location was Renovated and Opened for Sunnyside in 2022 | Renovation was Completed by Tenant at Tenant?s Expense
Grocery Outlot with Many Other Notable Retailers Nearby - Shadow-Anchored by a Publix Super Market Anchored Center
Long-Term Lease With Attractive 2% Annual Increases Throughout Base Term and Option Periods
The Legalization of Recreational Cannabis Sales Will be on the November 2024 Ballot for Florida
Strong Surrounding Drivers Including New Developments, Colleges, and More
Executive Summary
Marcus & Millichap is pleased to exclusively present Sunnyside Medical Cannabis Dispensary, the First National Retail Brand of Cresco Labs. This property features a long-term lease with attractive 2% annual rental increases throughout base term and options. This location was renovated and opened for Sunnyside in 2022, with renovations being completed by the tenant, at the tenant's expense, showing a strong commitment to the site.Additionally, the legalization of recreational cannabis sales will be on the November 2024 ballot for Florida. Florida voters will determine if the state will join 24 other states that have approved recreational cannabis sales. With an already well-established medical cannabis industry of about $2 billion in sales, sales in Florida are anticipated to grow to between $4.9 billion and $6.1 billion during the first year of recreational sales.Subject property has strong surrounding drivers including being a grocery (Publix) outlot, new multi-family developments nearby, multiple colleges, and more. It is situated in a dense area with 85,400 people living within five miles and 74,000 people working within five miles - being only 3 miles from the largest employer in Pensacola - Navy Federal Credit Union Heritage Oaks Campus (9,100 employees).
