Stan Johnson Brokers $11M Sale of Long Beach Cannabis Dispensary
Stan Johnson Company has completed the sale of The Bakerie, an 8,300-square-foot cannabis dispensary on Harbor Avenue in Long Beach, CA. Christian Tremblay and Isaiah Harf represented the seller for Stan Johnson, while the buyer, a foreign investor who resides part time in California, was represented by CRE Advisory Group.
“This $11 million sale is the largest recorded retail dispensary sale in California, and we are honored to have assisted our client in getting this property sold,” said Tremblay in a news release. “We have seen an increase in demand for cannabis assets due to their attractive yields in the current net lease environment and their high sales on a per square foot basis.”
The Bakerie is a premium California-based cannabis brand launched in 2020. The building is located at the intersection of Harbor Avenue and Pacific Coast Highway, just off Interstate 710, giving the site impressive visibility.