Fluent Dispensary & Industrial Building | Value-Add Industrial Building + High-Yield Retail Investment

Highlights:

• Owner-User/Value-Add Opportunity: The ±12,769-SF vacant industrial building 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 building at market rates to increase overall cash flow and property value.
• Passive Lease Structure: The property features a NNN lease with Fluent, a multi-state cannabis operator, ensuring minimal landlord responsibilities.
• High Visibility: The subject property fronts US-1, a major north–south highway running from Key West to Maine near the Canadian border, offering excellent exposure. The property sees approximately 30,000 vehicles per day.
• Great Access: The site benefits from convenient left-in, right-in, and right-out access points.
• Large Parcel: Situated on a ±1.06-acre lot, the property offers ample space for future development or expansion, making it a valuable long-term asset.
• Strong Corporate Guarantee/Multi-State Operator: This lease features a strong corporate guarantee. Fluent is a multi-state operator with approximately 44 dispensaries and 8 cultivation and manufacturing facilities across four states. Notably, Fluent’s full-year 2024 revenue increased 6.4% compared to full-year 2023.
• Attractive Rental Increases: The Fluent lease includes 3% 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 limiting where they can operate. Florida regulations mandate dispensaries be at least 500 feet from any public or private school, making relocation highly challenging.
• Strategic Location: This is the only dispensary in Cocoa, FL fronting US-1. The only other dispensary in Cocoa is about five miles away, with the nearest competing stores located in Merritt Island across the Hubert Humphrey Causeway Bridge.
• Income Tax-Free State: Florida has no state income tax, making it an attractive location for investors and businesses alike.
• Growing Market: Florida continues to experience strong 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. Favorable tax policies, a business-friendly environment, and high quality of life continue to draw both individuals and enterprises to the state.

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