Higher Collective - New London, CT_Pand te koop
Higher Collective - New London, CT_Pand te koop
595 Bank Street, New London, CT, 06320, US

Higher Collective - New London, CT

Activa beschrijving

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire the fee-simple interest in a 4,440 square foot freestanding, single-tenant building located at 595 Bank Street in New London, CT (“Property” or “Asset”). The Asset is occupied by Higher Collective (“Tenant”), an adult-use retail marijuana dispensary with seven locations throughout Connecticut. The Tenant is the resulting business of an equity joint venture with Curaleaf, one of the largest cannabis operators in the U.S. with annual revenues exceeding $1.3B. The Tenant opened for business at this location in 2023 and operates on a 10-year NNN lease with attractive 4% annual rent increases and multiple renewal options. The Asset’s open floor plan offers easy tenancy replacement in the event Higher Collective does not extend beyond their 2032 expiration.

 Located in the heart of downtown New London, the Property is situated along Bank St with clear exposure to 9,000 VPD. Directly across the street from the Asset is The Docks, a 140-unit luxury apartment complex delivered in 2021. Additional apartment complexes, national retailers, hospitals, and universities surround the Asset.

Situated along the Thames River and the Atlantic Coast, New London is a city of roughly 28,000 residents. The city is home to the United States Coast Guard Academy, Connecticut College, Mitchell College, and the Williams School. The city’s dynamic transportation system is anchored by its immediate access to Interstate-95, an Amtrak station, and a ferry system which transport residents and visitors throughout the eastern coast.

This unique opportunity allows investors the ability to acquire a high-yielding real estate asset occupied by a niche market leader with above market rent growth and limited landlord responsibilities. 


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Attributen

Netto gebouwoppervlakte
412 vierkante meter
Bezetting
100%
Bouwjaar
2023
Bruto landoppervlakte
0,11 ha
WAULT
8.6 jaren
Jaarlijkse escalatie
Variable - Defined

Media

Investeringshoogtepunten

  • Attractive 4.00% annual rent escalations
  • Adjacent to new luxury apartment complex
  • NNN lease structure
  • 2023 renovation
  • 8+ years of remaining term


Higher Collective - New London, CT 4_Pand te koop
Higher Collective - New London, CT 4_Pand te koop

Contact makelaars

Higher Collective - New London, CT (0 Eigendommen)
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Laatst bijgewerkt
May 16, 2024