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3201 Horizon
Springfield, IL 62703
Ascend Dispensary · Retail Property For Sale
INVESTMENT HIGHLIGHTS
- Absolute NNN Lease
- Recent Lease Extension & Long-Term Commitment to Site
- Limited-License State
- Attractive Annual Rent Escalations
- Corporate Guaranty from Publicly Traded Parent Company
- Highly Visible Property
EXECUTIVE SUMMARY
Northmarq is pleased to offer for sale to qualified investors the opportunity to purchase a fee simple interest in the Ascend Cannabis Dispensary (OTCQX: AAWH) asset located in Springfield, Illinois (the “Property”). The Property consists of a 6,163-square-foot freestanding retail building on a 1.89-acre parcel of land. Ascend is operating under an absolute NNN lease with zero landlord responsibilities whatsoever, offering a truly passive investment asset. The primary term has recently been extended to 10 years with over 9 remaining in the primary term. The lease also features attractive 2.00% annual rent escalations throughout the base and option terms. This provides investors with a boost to overall cash flows and a significant hedge against inflation.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Freestanding
Building Size
6,163 SF
Building Class
B
Year Built/Renovated
1998/2020
Price
$5,952,275
Price Per SF
$965.81
Cap Rate
8%
NOI
$476,182
Tenancy
Single
Building Height
1 Story
Building FAR
0.07
Lot Size
1.89 AC
Zoning
C-1
Frontage
155’ on Route 72
AMENITIES
- Pylon Sign
- Restaurant
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $176,683 | |
| Land Assessment | $257,784 | Total Assessment | $434,467 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$257,784
Improvements Assessment
$176,683
Total Assessment
$434,467
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