Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the closing of ten Trulieve Cannabis Corp. (Trulieve) properties across the state of Florida, according to Justin W. West, regional manager of the firm’s Orlando and Jacksonville office. The combined portfolio sold for $14,818,000.
Jessica Harris, Chad E. Atwood and Simon Grigoryan, southeast retail investment specialists at Marcus & Millichap’s Jacksonville office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
The ten-dispensary portfolio features 39,899 of rentable square feet on a combined lot size of 8.46 acres. Each Trulieve location is positioned in Florida’s largest, most well-known cities, including Miami, Jacksonville, and Gainesville.
“Cannabis has quickly become one the hottest niches within the retail sector, attracting a wide range of institutional and private investors from various parts of the country. We attribute the strength of the market combined with retail expertise, which generated multiple offers to position the seller to achieve the full asking price on these ten locations. As the sector continues to evolve, we are beginning to see it pave the way in creating value for sellers,” said Jessica Harris, a retail specialist in the firm’s Jacksonville office. “The team and I are honored to have been a part of this opportunity and help our client reach this milestone.”
The Trulieve properties are located at:
- 1290 Jacaranda Blvd, Venice, Florida 34292
- 645 Bayway Blvd, Clearwater, Florida 33767
- 3119 N Davis Hwy, Pensacola, Florida 32503
- 4020 NW 26th St, Miami, Florida 33142
- 6259 Beach Blvd, Jacksonville, Florida 32216
- 28 N Old Kings Rd, Palm Coast, Florida 32137
- 520 Stirling Rd, Dania Beach, Florida 33004
- 1527 NW 6th St, Gainesville, Florida 32601
- 1644 Florida Ave N, Lakeland, Florida 33805
- 1814 Commerce Ave, Vero Beach, Florida 32960
Trulieve, a multi-state cannabis company, currently operates in more than 100 locations nationwide, including Florida, California, Connecticut, Massachusetts, Pennsylvania, and West Virginia. All leases are under corporate-backed, triple net (NNN) leases. Trulieve is corporately guaranteed and publicly traded on multiple platforms. Most recently, Trulieve has been on a major expansion in Florida and has received licensing approval to expand in Georgia.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
