Greenhouse sells for $13.5 million
A state-of-the-art marijuana building/grow operation in Denver recently sold for $13.5 million.
Enidron 43 LLC purchased the 36,188-square-foot building at 5290 E. 43rd Ave. from CO E43 LLC.
The seller bought the undeveloped land in 2016 and, with future tenant, Lightshade Labs, built the property to suit, according to Fuller Real Estate. Lightshade Labs signed a 10-year lease at the facility.
Brian Baker, Tanner Fanello, Mike Haley and Alex Scott of Fuller Real Estate, who listed the property, also found the 1031 buyer from California, who was trading out of multifamily, for the all-cash transaction. It sold at an 11.5% cap rate.
There are 8 ½ years remaining on the single-tenant triple-net lease.
The facility features an automated Argus Controls System, three-layer fire sprinkler system, heavy power and recycled wastewater system. The customized greenhouse facility allows the operator to maximize production while lowering expenses on energy, water and overhead, according to Fuller.
Featured in the December 2-15, 2020, issue of CREJ