THE DOUGHERTY TEAM AT MARCUS & MILLICHAP ARRANGES THE SALE OF A NET-LEASED CURALEAF PROPERTY

PHILADELPHIA, PA, May 12th, 2022 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services, announced today the sale of Curaleaf, a 3,014-square-foot Net-Leased property located at 1440 Manheim Pike, Lancaster, PA, according to Sean Beuche, regional manager of the firm’s Philadelphia office. The asset sold for $1,825,000.

Derrick Dougherty and Steve Garthwaite, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a repeat client of our team. “The seller of this property originally bought this investment vacant through our team then redeveloped the property into a dispensary,” said Steve Garthwaite. Curaleaf is a medical marijuana dispensary that was founded in 2010 and now has over 100 locations across the United States.

“Curaleaf is exceptionally well-positioned in a real estate corridor with various prominent tenants, such as Walmart, Home Depot, Target, GIANT, and Dick’s Sporting Goods,” said Steve Garthwaite. The Lancaster County submarket is a dense growing trade area with over 186,000 residents with an expected increase of over 2% in the next 3 years.

“This site has amazing real estate fundamentals with 3,000 Square Feet of GLA and over 60 parking spaces on 2 acres of land. The landlord will have low responsibilities with a Double Net Lease with 5+ years remaining with 2% annual rental escalations,” said Derrick Dougherty.

About Marcus & Millichap (NYSE: MMI)

With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of approximately $50 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.