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.