- For sale
Opportunity to acquire 2620 Encanto, a ±22,165 square foot group of four buildings, used for retail, office, laboratory, warehouse and greenhouse areas customized for growing and producing cannabis and medical marijuana products.
Property is located at 2620 W. Encanto Boulevard in Phoenix, on ±44,867 square feet of land (±1.03-acre parcel).
Asking price is $3,975,000 ($179.34 PSF).
2620 Encanto has a long-term lease in place with income of $25,000 per month, with national cannabis tenant for cultivation, processing, laboratory, distribution and dispensary.
Cresco Labs has invested over $1.5 million in its tenant improvements and plans to spend as additional $2 million in the future for continued expansion in the laboratory, growing, processing and dispensary areas. The tenant improvements remain with the property at lease termination per the lease.
Cresco Labs currently operates at less than 50 percent capacity at 2620 Encanto, using only 1,600 amps of the 3,000 amps that are available.
Property is located in West Central Phoenix near three major routes: Interstate 10, Interstate 17 and Grand Avenue (SR 60).
The Grand Central Industrial District of Phoenix is northwest of downtown central Phoenix and has a high concentration of industrial properties, with easy access to all parts of the metropolitan area just minutes from Sky Harbor International Airport.
2620 Encanto is an opportunity to own a rare medical marijuana facility, leased to a licensed, national cannabis company operating in multiple states where medical marijuana use has been legalized.
The tenant has exercised the first 10-year extension period, which expires January 1, 2030. There is one 10-year extension option remaining.