Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Trulieve Cannabis Dispensary located in Melbourne, Florida. The asset sold for $2,975,000 million.
Built in 2004, the building is situated on a 0.53-acre-lot and will be undergoing a full remodel by Trulieve with a target opening of mid-year 2023.
“This was the 27th cannabis dispensary our team has sold over the past 18 months. Like this sale, many of the locations we are selling are not yet open or paying rent. Quite often, our sellers are offering a rent credit to expedite a pre-sale before formal rent commencement by the tenant,” said Barry Wolfe, senior managing director investments.
Wolfe and partner Alan Lipsky, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, CORE 420, LLC. Lorton Management Corporation purchased the property.
“Our team collaborates with the outside broker community to effectuate successful sales for our clients. This deal was a perfect example where we worked with a co-broker at another firm to sell this property and help their client in a successful 1031 Exchange,” states Lipsky, senior vice president investments.
Trulieve is located at 1921 Alma Dr and is less than a mile off Interstate 95 and 2.5 miles from a retail corridor that includes Melbourne Square Mall.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.