Property Highlights
- High profile free-standing Surterra Wellness cannabis dispensary with drive-thru
- Corporate guarantee and NN lease provide passive ownership and stable cash flow
- E-commerce and recession resistant business model, cannabis deemed essential during pandemic
- Surterra’s parent company Parallel is one of the largest vertically integrated cannabis companies in the US and operates 39 dispensaries in Florida under the Surterra Wellness brand
- Florida is the largest medical cannabis market in the US with annual sales exceeding $1 billion
- Fee simple ownership allows for depreciation of the building boosting after tax returns
- Excellent underlying real estate fundamentals with clear visibility and full access to St. Augustine Road
- Fixed 10% rent increases provide hedge against inflation
- Florida has no state income tax and saw a net migration of 345,000 residents between April 2020 and April 2021