NAI Capital Negotiates Net Leased Investment Sale of Cannabis Cultivation Facility in Desert Hot Springs, CA
Los Angeles, CA – August 26, 2019 – NAI Capital has announced the completion of a $7.76 million investment sale of a net leased cannabis cultivation facility located at 13310 Little Morongo Road, Building 2, Unit B in Desert Hot Springs, California. The unique 32,370-square-foot industrial condominium was leased to Zenco, a cannabis cultivation company, through 2025.
Senior Associate Rosaleen O’Sullivan with NAI Capital's Investment Services Group represented the seller, Snider Interests LLC, and the buyer, Ten Tree Properties LLC, in the transaction.
13310 Little Morongo Road is an industrial condo comprised of a state-of-the-art indoor cultivation and processing facility, built in 2018. The property is located in the Southern California Cultivation Park, a newly developed business park in the city of Desert Hot Springs that caters to the Cannabis industry. The business park rests on an approximately 7.91 AC parcel. The facility is located directly adjacent to the cultivation facility for Canndescent, a leading provider of cannabis flower in California, and a new cultivation facility under construction for Med Men, a publicly traded cannabis company with national operations.
Zenco is one of the largest and fastest-growing cannabis cultivation companies in the Coachella Valley. They are a provider of craft cannabis flower and branded products associated with cannabis. Their product portfolio includes craft flower, extracts, and other branded products that pass through a rigorous innovation process. They follow an indoor-grow model with a proprietary system that is designed to maximize the total pounds of flower produced per day.
Rosaleen said, "We saw an opportunity to market this unique investment opportunity to a wide range of investors and received a great response. We ultimately negotiated a record price per foot with highly competitive terms through a competitive bidding process and a creative deal structure."
About NAI Capital
NAI Capital is the largest independently owned full service commercial real estate firm headquartered in Southern California. As one of the largest members of NAI Global, the premier managed commercial real estate service network with 375 Offices and 6,000 market leaders spanning the globe, NAI Capital provides a complete range of transaction, valuation, investment, property management and consulting services. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, tenants, investors and developers throughout Southern California. NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first.
NAI Capital Brokerage CA BRE #01990696.
To learn more, visit www.naicapital.com.
About NAI Global
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 375 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 6,000 local market professionals, managing in excess of 1.15 Billion square feet of property. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.
NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.
To learn more, visit www.naiglobal.com.
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