ST. PETERSBURG, FL, April 27, 2021– Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Trulieve and DocMJ, a 3,422-square foot retail property located in St. Petersburg, FL, according to Justin W. West, regional manager of the firm’s Jacksonville office. The asset sold for $1,300,000.
Simon V. Grigoryan, Jessica Harris, and Chad E. Atwood, investment specialists in Marcus & Millichap’s Jacksonville office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was secured and represented by Chad E. Atwood, Jessica Harris and Simon V. Grigoryan.
“With another successful sale of medical cannabis properties, we are seeing the stigma and challenges that were recently associated with medical cannabis investment properties fade away. As investors see the industry evolve, cap rates are beginning to compress and pave way to create value for sellers. Medical Marijuana has become the hottest new niche within the retail sector and is attracting institutional and private Buyers from all asset classes.” says Jessica Harris of Atwood | Grigoryan Retail Group at Marcus and Millichap.
Trulieve and DocMJ is located at 8435 4th St N in St. Petersburg, FL. Trulieve, operator of 66 locations nation-wide, signed a five-year, triple net lease in June of 2017 featuring three-percent annual increases through lease term. DocMJ, compassionate care doctor for marijuana recommendations, operates 27 locations in the state of Florida, and executed an option in August of 2020.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit:www.MarcusMillichap.com.