MÜV Medical Cannabis Dispensary

Highlights:

• LONG-TERM LEASE: There are ±8 years remaining on the base term of the lease, which runs until March of 2033. The lease also includes two additional five-year extension options.
• ANNUAL RENTAL INCREASES: The lease features 3.00% annual rent escalations, offering investors built-in income growth and a reliable hedge against inflation.
• PROVEN OPERATOR: Parent company Verano Holdings Corp., currently operates over 150 dispensaries—including 80+ locations in Florida—along with 15 cultivation and production facilities, and manages 12 brands across 13 states. Verano Holdings reported revenues of $879 million for FY 2024, underscoring its financial strength and operational expertise.
• LIMITED COMPETITION: The subject property is the only cannabis dispensary in Navarre, FL, with the nearest competing dispensary located about 9 miles away, providing a significant competitive advantage.
• 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.
• GROWING MARKET: Navarre is experiencing rapid development, with multiple site plans approved for 2024 and 2025. Notable projects include a new McDonald’s (located just over a mile from the subject property), a Holiday Inn Express, Chipotle, Soundview Point Villas (a 158-home single-family residential development), Panera, Zoomies Pet Hotel, and more—further driving demand and economic growth in the area.
• HIGH VISIBILITY: The subject property boasts prime frontage along Navarre Parkway (U.S. Highway 98), a major thoroughfare with strong daily traffic (±42,500 VPD). U.S. Highway 98 is a key east-west corridor stretching from Alabama to Florida’s east coast, providing exceptional visibility and accessibility
• EXCELLENT ACCESS + SIGNALIZED INTERSECTION: The subject property is strategically positioned at a hard signalized intersection, offering full access with right-in, right-out, left-in, and left-out turning movements—maximizing visibility and ease of entry for customers.
• INCOME TAX-FREE STATE: Florida is one of the few states with no state income tax, making it a highly attractive destination for individuals, investors, and businesses. Since the onset of the COVID-19 pandemic, Florida has experienced a significant population surge, adding over 1.9 million residents between 2020 and 2023—the highest net migration in the country during that period (U.S. Census Bureau). This strong demographic growth continues to fuel real estate demand and economic expansion across the state.

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