Wesley Chapel, FL - Green Thumb Industries d/b/a Rise

Description:

• Brand new 10-year corporate guaranteed lease with an option to extend, demonstrating their commitment to the site
• The lease is signed by the parent operating company, Green Thumb Industries, dba Rise
• Headquartered in Chicago, Illinois, Green Thumb has 17 manufacturing facilities, 77 open retail locations and operations across 15 U.S. markets
• The lease features 3% annual rental increases throughout the initial term and option period, increasing NOI and hedging against inflation
• The company was named to Crain’s Chicago Business Fast 50 list in 2021 and 2022 and a Best Workplace by MG Retailer magazine in 2018, 2019 and 2021
• Q1 2023 revenue increased 2% YoY to $249M
• Tenant pays for CAM, taxes, insurance, and maintains all aspects of the premises
• Zero landlord responsibilities
• Ideal, low-management investment for a passive investor in a state with no income tax

• Rise is strategically fronting Wesley Chapel Boulevard which averages 48,000 vehicles per day
• The site features nearby direct on/off ramp access to Interstate 75 (91,600 VPD), a major north-south U.S Highway that connects Wesley Chapel to nearby populous centers including Tampa, Brandon, Sarasota, and more
• The asset benefits from significant street frontage along Wesley Chapel Boulevard, and is equipped with a monument sign, creating excellent visibility
• In close proximity to The Grove at Wesley Chapel, a 471,000 SF power center that is comprised of Dick’s Sporting Goods, Best Buy, PetSmart, Bed Bath & Beyond, Old Navy, TJ Maxx and more
• Other nearby national/credit tenants include Walmart Supercenter, Publix, Bealls, Ace Hardware and Walgreens
• Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for this site
• In addition, a new 248-unit apartment complex is currently being developed less than 4 miles from the site
• Homebuilder D.R. Horton plans to build a total of 994 homes for their Westgate at Avalon Park development, located in Wesley Chapel
• Wesley Chapel’s population has grown approximately 25% since 2010 and the trade area’s population is projected to grow 10% over the next five years
• A new 190,000+ SF Baycare Health Systems hospital is currently under development in Wesley Chapel, which will be staffed by over 200 employees
• More than 91,000 residents and 22,000 employees support the trade area
• Features an average income of $136,709 within 1 mile
• A Virginia developer has bought 49 acres in Pasco County and is planning to nearly 650 build-to-rent and apartment units on the site. The $165 million project will be built in the 1,600-acre Avalon Park Wesley Chapel master-planned community