Trulieve - Vero Beach
Closed1814 Commerce Ave, Vero Beach, FL 32960
Property type
Office
Unit / Space count
1
Price
Subject To Offer
Building size
3,586 sf
Rentable area
3,586 SF
Year built
1984
Year renovated
Property class
A
Occupancy
Zoning code
Lot size
0.20 Acres
Property description
Address: 1814 Commerce Ave, Vero Beach, FL 32960 Tenant: Trulieve (NNN Lease) Building Size: 3,586 SF Lot Size: ±0.20 Acres (8,712 SF) Year Renovated: 2021 Lease Type: Absolute NNN (tenant covers all expenses) Lease Term Remaining: 11 years (Initial term ends August 31, 2033) Rent Commencement: September 1, 2021 Annual Base Rent (Current/2025–2026): $120,992 Annual Increases: 2% Parking: 9 dedicated spaces + ample street parking Ownership: Fee Simple — delivered free & clear of debt Tenant Options: (2) 5‑year renewal options with 2% annual bumps Tenant Financials: 2024 Revenue: $1.2B GAAP Gross Profit: $716M EBITDA: $420M 48% FL market share; 162 Florida locations, 233 nationwide ✔ Only cannabis dispensary permitted in the City of Vero Beach (competitive moat). ✔ Municipality has halted new cannabis approvals indefinitely.
Property highlights
- Fee Simple offering with enhanced depreciation
- Centrally located in Vero Beach with access to major arteries including E State Rd 60, State Rd 656, and U.S. 1
- Strong demographics within a 3-mile radius (49,000+ residents; average HH income of $101,474)
- Trulieve is a publicly traded (“TCNNF”) $1.2 Billion Dollar Company
- Significant daytime population of 36,742 employees within a 3-mile radius
- Located in proximity to Vero Beach Airport, Publix, and Majestic 11 (the only movie theater within a 5-mile radius)
- Trulieve operates 162 FL Locations and 233 nationally
- Located within half a mile of U.S. Hwy 1 (22,240 VPD)
- Absolute net lease - no financial obligations
- Only cannabis dispensary permitted in the city
- Municipality has halted new cannabis approvals indefinitely
- Strong competitive moat and protected trade area