Marcus & Millichap Inc.
11/29/2021 | Press release | Distributed by Public on 11/30/2021 02:45
Marcus & Millichap Announces the Sale of Net-leased Medical Marijuana Dispensary in Palm Beach Gardens
PALM BEACH GARDENS, Fla., Nov. 29, 2021 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a Trulieve, a net-leased property located in Palm Beach Gardens, Florida, according to Ryan Nee, first vice president and district manager of the firm's Fort Lauderdale office. The asset sold for $3,900,000.
"Trulieve is the market leader in Florida among the medical marijuana dispensaries. It was exciting to work on this project as it was a fantastic combination of a market-leading tenant with a location in a very strong Palm Beach County submarket," says Barry M. Wolfe, senior managing director.
Wolfe and his team have carved a niche in recent years with the sale of cannabis dispensaries. They have successfully marketed and sold 21 cannabis dispensaries (both medical and recreational) across multiple brands in four different states. They are preparing to bring to market several additional cannabis dispensaries in the coming weeks.
Wolfe further stated that "our aggressive marketing campaigns of cannabis properties has enabled us to grow the buyer pool for cannabis real estate significantly. When we first entered the sector several years ago, funds and others active in the business had significant market control. Over the past two years, we have presented these unique deals to individual investors and 1031 Exchange buyers. As a result, the buyer pool has been altered significantly, enabling us to achieve pricing not seen before in the cannabis sector. It is no longer unusual for us to have 10+ offers on a cannabis dispensary we are marketing."
Wolfe, along with Alan Lipsky, first vice president, and Associate Joseph Prio in Marcus & Millichap's Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
Trulieve Medical Marijuana Center is located at 3555 Northlake Boulevard, along Palm Beach Gardens' major retail corridor. Nationally recognized retailers in the immediate area include Costco, Target, Home Depot, Publix, Aldi, fast food establishments and many more national brands. Trulieve is the first and leading medical cannabis company in the state of Florida. Its vertically integrated "seed-to-sale" operation claims approximately 51 percent of the Florida market.
# # #
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.