Marcus & Millichap : Brokers the Sale of a Net-Leased Sunnyside Medical Cannabis Dispensary for $4.52 Million
July 06, 2023 at 11:14 am EDT
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Marcus & Millichap Brokers the Sale of a Net-Leased Sunnyside Medical Cannabis Dispensary for $4.52 Million
July 06, 2023
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TAMARAC, Fla., July 6, 2023 - 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 Sunnyside Medical Cannabis Dispensary, a 4,936-square-foot net-leased retail property located in Tamarac, Florida. The asset sold for $4.52 million.
"Over the past several years, our team has put significant resources and focus upon being a leader in the real estate sector for cannabis deals," said Barry Wolfe, senior managing director investments. "This was the 34th cannabis dispensary we have successfully sold over the past two years. As a result of our experience with marketing and selling cannabis real estate, we are frequently contacted by buyers and brokers interested in cannabis properties we are marketing."
Wolfe and Alan Lipsky, investment specialists in Marcus & Millichap's Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a Florida-based limited liability company. The buyer was represented by Ron Osborne of Sperry Commercial.
"Due to our deep experience with marketing and selling cannabis real estate, we are very attuned to any unique challenges presented by such deals," said Lipsky, senior vice president investments.
The triple-net-leased property is located at 6001 N. University Drive and being renovated by the tenant, Cresco Labs. Constructed in 2005 on 1.92 acres, the property is within walking distance of a new apartment complex and surrounded by several national retailers including Applebee's, Family Dollar, and AutoZone.
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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, 2022, the company had 1,904 investment sales and financing professionals in 81 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 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.
Marcus & Millichap Inc. published this content on 06 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 July 2023 15:13:07 UTC.
Marcus & Millichap, Inc. is a brokerage company. The Company is specialized in commercial real estate investment sales, financing services, research, and advisory services. The Company also offers market research, consulting, and advisory services to its clients. The Company offers services to its clients by underwriting, marketing, selling, and financing commercial real estate properties in a manner that maximizes value for sellers, provides buyers with a diverse inventory of commercial properties, and secures competitive financing from lenders for borrowers. The Company divides its commercial real estate into four market segments: properties, private client market, middle market, and larger transaction market. The Company serves clients with one property, multiple properties, and large investment portfolios. The Companyâs investment brokerage and financing professionals serve private clients within the private client market segment.
MARCUS & MILLICHAP, INC. 
