Overview

Description

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased, freestanding, corporate signed, SKYMINT investment property located in Big Rapids, MI. The tenant, Green Peak Industries, LLC (dba SKYMINT), has 13 years remaining on lease with 2 (5-year) option periods left to extend, demonstrating their long-term commitment to the site. The lease features rare 2.50% annual rental increases throughout the initial term and options, steadily growing NOI and hedging against inflation. The lease is NNN with limited landlord responsibilities, making it an ideal, low-management investment opportunity for a passive investor. Founded in 2018, SKYMINT has been at the forefront of utilizing Michigan’s legalization of recreational marijuana use with 24 operating locations throughout the state.

SKYMINT is strategically located near the signalized, hard corner intersection of Perry Avenue and State Street, averaging a combined 47,400 vehicles passing by daily. The asset benefits from direct access onto U.S. Highway 131 (15,700 VPD), allowing for easy commutes for both employees and customers. The property is ideally situated within a dense retail corridor and is near Bulldog Square (91K+ SF), Sattler Square (139K+ SF), Ferris Commons (389K+ SF), and other shopping centers. The surrounding national/credit tenants include Dunham’s Sports, AutoZone, Marshalls, Walmart Supercenter, Lowe’s Home Improvement, and Meijer, among many others. The strong tenant synergy increases consumer draw to the immediate trade area, promotes crossover store exposure, and supports the local economy. Furthermore, SKYMINT is near numerous single-family communities and multi-family complexes including Nisbett Fairman Residences (47 units), Parklane Apartments (48 units), Appleridge Apartments (72 units), and others, providing a direct residential consumer base. The 5-mile trade area is supported by over 15,400 residents and 10,000 daytime employees, with a healthy average household income of $65,316.

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