1120 W University Ave 3,725 SF Retail Building Gainesville, FL 32601 $4,105,777 ($1,102.22/SF) 7.25% Cap Rate

RIPCO Real Estate is pleased to offer for sale 1120 W University Avenue, a 3,725 SF in-line retail building occupied by a Jungle Boys cannabis dispensary two blocks east of the
University of Florida campus in Gainesville, Florida. The absolute NNN lease carries no Landlord responsibilities, including roof, structure and HVAC, and runs through August
2032, leaving roughly six years remaining under a guaranty from Green Ops Ocala LLC, an affiliate of the tenant. Rent grows 2% annually through the term and every option
period, and three renewal options can extend tenancy to 2047. Jungle Boys operates 15 approved dispensing locations in Florida, its largest market, and is one of just 28 licensedmedical marijuana treatment centers in the state. The tenant took possession in February 2022 and rebuilt the building at its sole cost before opening, installing a new TPO roof, three rooftop HVAC units, new storefront glazing and a 400-amp electrical service, leaving no scheduled capital for a new owner.
West University Avenue is the primary retail corridor serving the University of Florida, which enrolls 63,148 students and employs 33,516 people, with UF Health Shands and its
1,145-bed academic medical campus just south. Hub on Campus and Sweetwater, two student high-rises delivering more than 900 beds, front the south side of the street, and
the Gainesville Innovation District, a University of Florida partnership, sits two blocks southeast. The corridor carries 16,300 AADT at the site, with a 3-mile population of 95,408
and an average household income of $68,458. The asset would be an attractive opportunity for an investor seeking absolute NNN income with 2% annual rent growth in a
walkable university trade area.