7002 State Road 54 | Trulieve | 3.00% annual increases
7002 State Road 54, New Port Richey, FL 34653
Marketing description
RIPCO Real Estate is pleased to exclusively offer a single-tenant net-leased dispensary occupied by Trulieve Cannabis Corp. under a long-term Triple Net lease. Trulieve is Florida's leading medical cannabis operator with an estimated 2025 market capitalization of approximately $1.6 billion and 2025 EBITDA of approximately $425 million, and 230+ locations nationwide, and 162 in Florida providing a dominant credit-backed income with minimal landlord responsibilities.
The subject property is a ±2,400 square foot freestanding retail building situated on a ±0.39-acre parcel with full renovation. Capital improvements include a new roof, new HVAC systems, upgraded façade, and comprehensive site work, along with a modernized interior refresh and build out.
The building offers ±200 FT of visibility, efficient parking, and signage along the arterial corridor State Road 54 with an excess of 50,000 VPD. The property is located in Pasco County, Florida, a high-growth market within the Tampa MSA that has experienced approximately 30% population growth over the past decade, equating to roughly 3.00% annual growth.
Located approximately 3 miles south of the property, Lennar's New Port Corners master-planned development is slated to deliver 3,397 new homes and approximately 4.8 million square feet of commercial, retail, and office space.
Investment highlights
- The Opportunity This offering presents the opportunity to acquire a fully remodelled asset leased to a billion-dollar guarantor with minimal landlord responsibilities and strategically located in Pasco County - Florida's fastest-growing county.
- Investment-Grade Tenancy Property is subject to a Corporate Guaranteed NNN lease by Trulieve Cannabis Dispensary (CSE: TRUL | OTCQX: TCNNF) with a 2025 market cap of $1.6B and 2025 EBITDA of $425M
- Tenant Responsibility Tenant is responsible for property taxes, insurance, and common area maintenance with minimal landlord responsibilities.
- Recent Improvements The building has experienced full exterior and interior renovation: new roof, new HVAC systems, new façade, site work, and interior build out. Site Located at the southeast corner of State Road 54 and Celine, the site experiences excess of 50,000 VPD and over 200 FT of frontage with two points of ingress and egress and east/west median break access.
- Strategic Location Surrounding trade area benefits from Pasco County's explosive growth one of the fastest-growing counties in the nation with population increasing by 30% over the past decade (approximately 3.8% annually).
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