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Florida & Gulf Coast  + Gulf Coast  + Net Lease  | 
A cannabis dispensary leased by Green Dragon in Panama City, FL has sold for $1.5 million.

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.


Inside The Story

SRS Real Estate Group's 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.

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