1902 N Dale Mabry Hwy
Absolute NNN With Publicly Traded Company | A+ Location on Dale Mabry Highway | Tampa, FL
Marketing description
RIPCO Real Estate is pleased to offer for sale 1902 N Dale Mabry, a 8,460 SF commercial property located on the westside of N Dale Mabry Highway in Tampa, FL. Sunnyside Cannabis Dispensary signed a 10-year, Absolute NNN lease in 2022 which included a full renovation and annual rental increases. The property is an outparcel to a power center anchored by Home Depot, Nordstrom Rack, HomeGoods, and Target. Located just north of the I-275 exit to N Dale Mabry Highway, Tampa’s largest retail corridor, the asset is located less than 0.5 miles from Midtown Tampa, a $500 million-mixed use development driving additional traffic to the area. This stretch of N Dale Mabry Highway where the property is located has an AADT of 57,500. Within 3 miles of 1902 N Dale Mabry Highway, there is a population of 106,121 and an average household income of $132,124.
The asset would be an attractive investment opportunity for investors looking for no landlord responsibilities, a newly-renovated commercial property, occupied by a tenant with strong dedication to the location, located on North Dale Mabry, Tampa’s largest retail corridor.
Investment highlights
- Absolute NNN With Publicly Traded Tenant
- 6.5 Years remaining on an Absolute NNN lease with two 5-year options to extend. Initial term and option periods include +2% annual rental increases, increasing cash flow and hedging against inflation
- The lease is corporately guaranteed by Cresco Labs, Inc., one of the largest multistate cannabis operators in the United States with over 30 locations in Florida and over 70 locations across the country
- Long-term Absolute NNN lease provides an attractive, management-free investment located in a state with no state income tax
- Nearly 4% of Florida’s total population are medical cannabis patients, making Florida the state with the highest number of medical cannabis patients in the country for states tracking patient registry
- Great Location In South Tampa
- The asset is located on the westside of N Dale Mabry Hwy in Tampa, FL, the largest retail corridor in Tampa, with an AADT of 57,500
- The property is located less than 1 mile from the Tampa International Airport, 0.5 miles from the $500 million Midtown Tampa mixed-use development, and 0.2 miles from I-275, the primary east-west highway in the Tampa MSA with over 230,000 AADT
- The property is an outparcel to a power center anchored by Home Depot, Nordstrom Rack, HomeGoods, and Target, driving additional traffic to the area The Westshore Business District is the largest business district on Florida’s west coast and includes over 6,500 businesses, 100,000 employees, and 15.3 million square feet of office space
- Close proximity to popular destinations such as Tampa International Airport, International Plaza, Westshore Plaza, and Midtown Tampa
- North Dale Mabry Highway is the primary retail thoroughfare in Tampa with an AADT of 57,500. Other nearby retailers include Best Buy, Home Depot, Nordstrom Rack, Target, HomeGoods, Walmart Supercenter, REI, and Whole Foods
- Strong Demographics
- 14,207 population within a 1-mile radius
- 106,121 population within a 3-mile radius
- $132,124 average household income within a 3-mile radius
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