Most recent sale includes Green Dragon asset in Panama City, FL
Fort Lauderdale, FL (February 27, 2023) – SRS Real Estate Partners’ National Net Lease Group (NNLG) announced today it has completed its 17th sale of a retail property occupied by a cannabis dispensary in the state of Florida. All told, the properties are valued at just under $50 million.
The latest sold dispensary is located at 917 Harrison Avenue in Panama City, FL. Occupied by Green Dragon, the 5,164-square-foot property was recently remodeled for the tenant’s use and sold for approximately $1.54 million. The asset has a new 10-year triple net, corporate-guaranteed lease in place.
SRS NNLG’s Executive Vice President Patrick Nutt, Vice President William Wamble and Associate Daniel Becker represented the seller, a Florida-based private investor, as well as the buyer, a private 1031 exchange buyer.
“We were happy to work on this transaction on behalf of our seller and had a smooth escrow process with a repeat buyer client,” said Wamble. “This is the 17th property leased to a medical marijuana dispensary that we have sold in the state of Florida and we have a number of investors seeking similar assets across the state.”
SRS currently has a significant 30% market share for the entire state of Florida for all sold cannabis retail assets. According to SRS, 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. A lot of the active medical marijuana companies in Florida are large multi-state operators which are publicly-traded on the Canadian stock exchange with healthy balance sheets.
In 2022, SRS’ Investment Properties Group (IPG) and National Net Lease Group (NNLG) completed more than $2.9 billion in deal volume comprised of 760 transactions in 48 states. SRS currently has in excess of 445 properties actively on the market with a market value surpassing $2.2 billion.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with more than 25 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust. For more information, please visit 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. In 2022, the group completed more than 705 sales across 49 states and has over 160 brokerage professionals nationally. 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 srsre.com/national-net-lease-group.