Miami, FL - MUV

Description:

• The tenant has 7+ 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 150 retail stores across 14 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

• 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