Liberty Health Sciences, Jersey Mike's & Chase Bank ATM
Closed8050 Philips Hwy, Jacksonville, FL 32217
Property type
Retail
Unit / Space count
2
Price
$3,317,480
Building size
6,045 sf
Rentable area
6,045 SF
Year built
2015
Year renovated
Occupancy
Zoning code
Lot size
0.68 Acres
Sold/status
Sold · Date unknown
Sale price
$3317480
CAP
6.60%
Net Operating Income
$218,961
Property description
Franklin Street is pleased to offer to investors the opportunity to acquire this two-tenant outparcel in Jacksonville, Florida. Jacksonville is the largest city in the country by landmass and the most populous city in the state. The metropolitan of Jacksonville is the 4th largest in the state and among the fastest-growing large cities in the country. Jacksonville's port is ranked in the top 10 fastest-growing U.S. exporting ports leading to substantial industrial growth in the market. The property is near the major intersection of Philips Highway and Baymeadows Rd, just west of I-95. The site is an outparcel at the entrance to BJ's Warehouse and Lowe's Home Improvement, which drives daily traffic by the property. The center is occupied by Liberty Health Sciences, one of the largest cannabis dispensaries in the state, and the largest Jersey Mike's franchisee. For additional income, Chase Bank has an ATM at the location which has 10% rental increases in each of their options. Each of Liberty Health Sciences and Jersey Mike's leases offers landlord-friendly terms that fully reimburse for expenses and offer attractive annual rental increases. The property is located on a corner at a lighted intersection and has excellent visibility from Philips Hwy. Florida has more than 745,000 patients enrolled in its medical marijuana program as of Aug. 26, 2022, per Florida OMMU. Florida’s cannabis market ranks fourth in the nation by total legal cannabis sales, per BDSA, and generated over $1.8 billion in medical cannabis revenue in 2021. BDSA expects Florida’s legal cannabis market to generate $3.4 billion per year by 2026.
Property highlights
- Outparcel to BJ's Warehouse & Lowe's Home Improvement in Jacksonville, FL
- Excellent visibility: 36,514 VPD on Philips Hwy
- Densely populated area in the core of Jacksonville: 188,547 residents within 5 miles
- Long-term leases from both tenants: 9 Yrs for Liberty Health Sciences & 10 Yrs for Jersey Mike's
- Liberty Health Sciences is one of the largest cannabis providers with 50+ dispensaries in the state of Florida and 75 locations nationally under their merger with Ayr Wellness
- Attractive scheduled rental increases: 3% annual bumps from Liberty Health Sciences and 2% annual bumps from Jersey Mike's
- Passive additional income from Chase Bank ATM
- No state income tax on investments in the state of Florida