A cannabis dispensary in Long Beach known as The Bakerie has sold for $11 million.
The 8,288-square-foot retail property is located at 1836 Harbor Ave. It sits on .74 acres.
A foreign investor purchased the property from a Michigan-based private investor.
Stan Johnson Co.’s Christian Tremblay and Isaiah Harf represented the seller, while CBRE Group Inc.’s Edwin Mariscal represented the buyer.
“This is the largest recorded retail dispensary sale in the state of California, and we are honored to have assisted our client in getting this property sold,” Tremblay said in a statement. “We have seen an increase in demand for cannabis assets due to their attractive yields in the current net lease environment and their high sales on a per square foot basis. Additionally, with the potential of safe banking and lending options continuing to evolve, we anticipate this demand to continue.”
In a net lease, tenants can be responsible for everything from maintenance to property taxes. These assets are incredibly desirable to owners because they come with guaranteed monthly income without the burden of maintenance and other expenses, making them a bond-like investment, experts agree.
In 2021, net lease investment volume nationwide increased 48% over