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Florida & Gulf Coast  + South Florida  + Net Lease  | 
SRS Real Estate Partners has completed the $5.3-million sale of a single-tenant retail property in Miami, FL occupied by Curaleaf

Medical Marijuana Dispensary-Leased Building in Miami Sells for Record High

SRS Real Estate Partners’ net lease group has completed the $5.3-million, off-market sale of 3,600-square-foot single-tenant retail property in Miami, FL occupied by Curaleaf. The property on 152nd Street was formerly a Chase Bank branch and was renovated for the medical marijuana dispensary’s use.

William Wamble and Patrick Nutt with SRS represented the seller in the 1031 exchange; the buyer was WHC Holdings, Inc. According to SRS, the property closed at a 6% cap rate and the transaction represented the highest price point for a retail-only cannabis dispensary in FL.

Situated on 1.14 acres, the property includes a multi-lane drive-thru and is well-positioned off the Ronald Reagan Turnpike which has 210,000 passing by the asset on a daily basis. The asset is an outparcel to Deerwood Town Center.

“The tenant, which is the country’s largest cannabis company by revenue, has a brand new, corporate-guaranteed lease in place and provides the new ownership with no landlord expense responsibilities,” said Wamble.

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SRS Real Estate Partners’ Wamble

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

  • ◦Sale/Acquisition