SRS Real Estate Partners Rolls with Cannabis Dispensaries for Higher-Than-Market Yield
SRS Real Estate Partners’ most recent sale of a retail property occupied by a cannabis dispensary in Panama City has brought the company a 30% market share for sold cannabis retail in FL. The firm has brokered FL cannabis properties valued at just under $50 million.
According to SRS Real Estate Partners, investors are drawn to properties leased to medical marijuana dispensaries since they typically provide a higher-than-market yield when compared to other net-leased retail. These long-term leases usually range from 10 to 15 years and are structured to provide for annual increases and minimal landlord expense responsibilities.
The 5,164-square-foot Panama City dispensary has a new 10-year triple net, corporate-guaranteed lease in place and was sold for $1.5 million.
Patrick Nutt, William Wamble and Daniel Becker of SRS Real Estate Partners represented the seller, a private investor, as well as the buyer, a private 1031 exchange buyer.
“This is the 17th property leased to a medical marijuana dispensary that we have sold in the state of FL, and we have a number of investors seeking similar assets,” said Wamble.