New 10-Year Lease and Largest Cannabis Operators - Curaleaf

Highlights:

• TROPHY ASSET | Strategically located in the heart of Miami, fronting Bird Road (76,000 vehicles per day), this premier destination is ideal for businesses. Miami offers unparalleled access to international markets and benefits from Florida's status as an income tax-free state.
• LONG-TERM LEASE | New 10-year lease in place, with the tenant beginning operations in October 2024.
• ABSOLUTE NNN LEASE | There are zero landlord responsibilities, making it a great investment opportunity for a passive investor.
• RECENT RENOVATION | Prior to opening for business on October 23, 2024, the Tenant invested approximately $2 million into the property, completing both interior and exterior renovations, including a new roof and storefronts. This investment demonstrates their commitment to the site and its suitability for their operations.
• ATTRACTIVE RENTAL INCREASES | Property includes a 10% rent increase in June 2027 and in all extension options.
• STICKY TENANT | Cannabis dispensary tenants are less likely to relocate due to restrictive zoning regulations that limit where they can operate. Additionally, dispensaries must maintain a distance of at least 500 feet from any public or private elementary, middle, junior high, or high school.
• CORPORATE GUARANTEE Curaleaf, Inc. is one of the largest cannabis operators in the country, with a presence in 17 states, operating over 150 dispensaries and 19 cultivation facilities. For Q3 2024, Curaleaf reported net revenue of $330.5 million and $1.01 billion in net revenue for the nine months ending September 30, 2024.
• HIGH VISIBILITY | Subject property fronts Bird Rd, a significant east-west thoroughfare in Miami, FL which sees ±76,000 Vehicles Per Day. Bird Rd stretches from Coral Gables through Westchester to the western suburbs as it serves as a vital artery facilitating access to major highways like the Palmetto Expressway (SR 826) and the Don Shula Expressway (SR 874).
• PROXIMITY TO PALMETTO EXPRESSWAY (SR 826) | Subject property is ±1.25 miles away from the Palmetto Expressway which sees about 223,000 VPD.
• CLOSE PROXIMITY TO FLORIDA INTERNATIONAL UNIVERSITY | Subject property is located ±3 miles away from Florida International University, which boasts a student body of more than 56,000 students.
• STRONG RETAIL SYNERGY | The subject property is surrounded by a diverse mix of retailers, including national brands such as LA Fitness, Advance Auto Parts, dd’s Discount, Pollo Tropical, 7-Eleven, Citibank, Baptist Health Urgent Care, Office Depot, LA Fitness, and US Century Bank. It is also near well-known local staples such as Bird Bowl, Sedano's Supermarket, Navarro Pharmacy, Arbetter’s Hot Dogs, Graziano’s, and La Carreta, creating a robust retail environment.
• ECONOMIC GROWTH | Miami's economy continues to thrive, with the Miami-Fort Lauderdale-West Palm Beach metropolitan area achieving a GDP of $483.8 billion in 2022 and adding over 45,000 jobs in the past year. The city's growth is driven by an influx of businesses and professionals, particularly in the technology and financial sectors, drawn to its favorable tax environment and strategic location.

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