SRS’ National Net Lease Group Brokers $5.33 Million Sale of a Single-Tenant Property Occupied by Curaleaf, a Medical Marijuana Dispensary, in Miami, FL

Transaction represents the highest price point for a retail-only cannabis dispensary in Florida

Fort Lauderdale, Fla. (March 15, 2022) – SRS Real Estate Partners’ National Net Lease Group (NNLG) announced today it has completed the $5.33 million off-market sale of 3,600-square-foot single-tenant retail property occupied by Curaleaf, a medical marijuana dispensary located at 12125 SW 152nd Street in Miami, FL. The property was formerly a Chase Bank branch and was renovated for Curaleaf’s use. The store opened earlier this year.

SRS NNLG’s William Wamble and Patrick Nutt represented the seller, a national developer. The buyer was WHC Holdings, Inc. The property closed at a 6% cap rate.

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, which includes Home Depot, TD Bank, KFC, and Firestone, among others.

“We facilitated this transaction off-market and sold the property to a private buyer in a large 1031 exchange who is a repeat client with SRS,” said Wamble. “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.”

“This transaction represents the highest price point for a retail-only cannabis dispensary in Florida,” said Nutt.

In 2021, SRS’ Investment Properties Group and National Net Lease Group (NNLG) completed more than $3.1 billion in deal volume comprised of 899 transactions in 49 states, and currently has more than $2 billion in property on the market.

About SRS Real Estate Partners

SRS Real Estate Partners is the largest real estate company in North America exclusively dedicated to retail services. Headquartered in Dallas with more than 26 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, and investment services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit www.srsre.com.

SRS’ Investment Properties Group (IPG) & National Net Lease Group (NNLG) is a unified platform of seasoned net lease professionals located and transacting nationally with all underwriting and marketing efforts strategically located in Southern California. From proactive sales to targeted acquisitions and tailored debt and equity solutions, SRS’ National Net Lease Group offers comprehensive services to net lease owners and investors. Superior speed-to-market, world-class marketing materials, a deep investor database and unparalleled retail submarket intelligence from the entire SRS platform allow SRS’ National Net Lease Group to deliver the best possible returns. For more information, please visit srsnnlg.com.