Trulieve

NNN Lease – Ideal investment for a passive investor.
Annual Rent Increases – Fixed 3.00% annual rental escalations provide a reliable hedge against inflation and support consistent income growth throughout the lease term.
Long Term Lease – 15-year initial base term with over 10 years remaining, coupled with four (4) additional five-year renewal options featuring 3.00% annual rental increases.
Significant Tenant Capital Investment – Trulieve has demonstrated a strong long-term commitment to this location through substantial capital investment into the property. The tenant invested approximately $1,343,659.47 in leasehold improvements and an additional $110,068.78 in movable equipment and furniture, bringing the total tenant investment to over $1.45 million. This level of tenant capital expenditure reinforces the strategic importance of the location and aligns the tenant’s interests with long-term occupancy.
New Roof – The property benefits from a new roof installed in 2026.
Large Parcel Size – Situated on ±1.06 acres, the property offers strong residual land value and future redevelopment potential.
Excellent Access – The property benefits from full access (right-in/right-out and left-in/left-out), providing convenient ingress and egress for customers.
Limited Competition – The subject property is one of only two dispensaries in St. Augustine Beach, with the nearest competitors located in downtown St. Augustine, Palm Coast, FL (±30 miles), and Palatka, FL (±30 miles).
Strong Multi-State/Established Operator – Trulieve is one of the largest cannabis operators in the United States, operating over 230 dispensaries nationwide with approximately 4 million square feet of cultivation and processing capacity across multiple states. For FY 2025, Trulieve reported approximately $1.2 billion in revenue with a 60%gross margin, along with record adjusted EBITDA of $427 million (36% of revenue) and record operating cash flow of $273 million and free cash flow of $229 million. The company also sold a record 50.1 million branded product units in 2025, further demonstrating the strength of its vertically integrated platform and customer demand.

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Kyle Matthews