Miami, FL - MUV

Description:

• The tenant has 6+ years remaining on their lease with 2 (5-year) options to extend, demonstrating their long-term commitment to the site
• Headquartered in Chicago, Verano Holdings Corp. is a leading, vertically integrated, multi-state cannabis operator in the U.S. and publicly traded
(CNSX: VRNO)
• U.S. Cannabis retail sales is one of the fastest growing industries in the country and are expected to surpass $50B annually within the next five years
• Verano has grown to 15 cultivation/production facilities and 157 retail stores across 13 active states
• Verano is a top 4 cannabis MSO by revenue and their adjusted EBITDA margin of 35% is the highest of their peer group
• The lease features 3% annual rental increases throughout the initial term and option periods, boosting NOI and hedging against inflation
• Verano stock is up 90% over the past 6 months

• MÜV is located in a dense, infill Miami trade area with long-term viability in the underlying real estate
• The site is ideally located off Pinecrest Pkwy (97,000 VPD) and Palmetto Expy
(101,000 VPD), allowing users to benefit from on/off ramp access to the site and surrounding Miami-Dade County trade areas
• Just South of the Dadeland Mall, a super-regional mall that ranks in the top 74% (142 out of 546) of all nationwide super-regional malls according to Placer.ai
• The Publix just to the North ranks in the top 95% (62 out of 1,320) of all nationwide Publix locations and in the top 95% (2,519 out of 51,428) of all nationwide grocery stores
• The asset is located right on the boundary of the Kendall and Pinecrest border, two affluent and highly sought out Miami suburbs
• Miami-based developer, Shoma Group, recently launched Shoma 88,
a 28-story, mixed-use development in Kendall that will bring 405 apartments, 76,000 square feet of office space, 90,000 square feet of medical office space and 8,000 square feet of retail (more HERE & HERE)
• A new study from GoBankingRates concluded that Pinecrest is among the wealthiest communities in South Florida; on the nationwide list Pinecrest ranks 20th, with only two Florida communities in the study’s 50-city list (more HERE)
• Located just 2.6 miles North of the subject site, The University of Miami purchased the Macy’s furniture store in Pinecrest for $40 million, signifying a potential expansion of its medical center network, further affirming the viability in the underlying real estate (more HERE)