Shoppes on Hillsboro

Highlights:

• Passive Lease Structure: The property features a NNN lease with Rise, a multi-state cannabis operator, ensuring minimal landlord responsibilities.
• Owner-User/Value-Add Opportunity: This ±2,976 SF vacant unit presents a compelling opportunity for an owner-user to acquire and operate their business while benefiting from rental income from the existing tenant. Alternatively, an investor can capitalize on leasing the vacant space at market rate, increasing overall cash flow and property value.
• High Visibility: Fronting Hillsboro Blvd, a major east-west thoroughfare with ±43,500 vehicles per day, the property enjoys strong exposure and accessibility. Hillsboro Blvd extends from Parkland to the beach, connecting to key roadways such as I-95, US-1, State Rd 441, Powerline Rd, and N Military Trail.
• Large Parcel: Situated on a ±1.16 AC lot, this property offers ample space for future development or expansion, making it a valuable long-term asset.
• Favorable Zoning: The property is zoned B-1, permitting a wide range of business uses, making it an attractive and versatile location for various commercial operations.
• Ample Parking: The property features 42 parking spaces, ensuring convenience for customers and employees.
• Tenant Commitment & Proven Success: Rise has exercised its first 5-year renewal option, reinforcing its commitment and success at this location.
• Proven Operator: Green Thumb Industries Inc. is a leading cannabis company with 8 product brands, 100+ dispensaries, and 20 manufacturing facilities across 14 states. In 2024, GTI reported revenues of $1.1 billion, further solidifying its stability and growth.
• Attractive Rental Increases: The lease includes 2.5% annual rental escalations, providing a hedge against inflation and ensuring consistent income growth.
• Sticky Tenant: Cannabis dispensaries have a lower relocation risk due to strict zoning laws, which limit where they can operate. Florida regulations mandate dispensaries must be at least 500 feet from any public or private school, making relocation highly challenging.
• Below-Market Rent: Rise is currently paying $22.63/SF, presenting a potential upside opportunity for investors.
• Income Tax-Free State: Florida has no state income tax, making it an attractive location for investors and businesses alike.
• Growing Market: Florida has experienced significant growth, with its population reaching 23.3 million in 2024, an increase of approximately 358,735 residents (1.62%) from the previous year. This surge is partly due to the state’s appeal to businesses; in 2023, Florida saw an 86% net increase in corporate headquarters relocations, leading the nation in attracting new companies. Factors such as favorable tax policies, a business-friendly environment, and a high quality of life continue to draw both individuals and enterprises to the state.

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