Clearwater, FL (Tampa MSA) - Green Thumb Doing Business as Rise

Description:

Brand New 10-Year Lease | Corporate Guaranteed | Options To Extend | Annual Increases | Below Market Rent
• Brand new 10-year corporate guaranteed lease with 3 (5-year) options to extend, demonstrating their commitment to the site
• The lease is signed by the parent operating company, Green Thumb Industries, dba Rise
• Headquartered in Chicago, Illinois, Green Thumb has 17 manufacturing facilities, 77 open retail locations and operations across 15 U.S. markets
• The lease features 2% annual rental increases throughout the initial term and option period, increasing NOI and hedging against inflation
• The company was named to Crain’s Chicago Business Fast 50 list in 2021 and 2022 and a Best Workplace by MG Retailer magazine in 2018, 2019 and 2021
• Green Thumb Industries reported over $1 billion in annual revenue in 2022 and had an adjusted EBITDA of $311 million (31% of revenue)
• Tenant is currently paying below market rent

Absolute NNN Lease | Fee Simple Ownership | Zero Landlord Responsibilities | No State Income Tax
• Tenant pays for CAM, taxes, insurance, and maintains all aspects of the premises
• Zero landlord responsibilities
• Ideal, low-management investment for a passive investor in a state with no income tax

Dense Demographics In 5-Mile Trade Area | High Growth Area
• More than 256,000 residents and 133,000 employees support the trade area
• Features an average income of $83,364.

Primary Thoroughfare | Near Clearwater Beach | Surrounding National/Credit Tenants | Excellent Visibility & Access
• Rise is strategically fronting Gulf to Bay Boulevard (50,300 VPD)
• Gulf to Bay Boulevard is the primary retail thoroughfare serving the city of Clearwater with several national/credit tenants such as Bealls, Walmart, ALDI, Publix, and more
• The Gulf to Bay corridor is an extremely dense submarket with high barriers to entry, allowing for long-term viability in the underlying real estate
• Less than 5 miles from Clearwater Beach, a major tourism and vacation destination with over 5 million visitors annually
• The asset benefits from significant street frontage along Gulf to Bay Boulevard, and is equipped with a monument sign, creating excellent visibility