Northmarq, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of The Bakerie, a cannabis dispensary located at 1836 Harbor Avenue in Long Beach, California. The 8,288-square-foot retail property sold for $11.0 million. Christian Tremblay and Isaiah Harf of Northmarq represented the seller, a Michigan-based private investor. Edwin Mariscal of CRE Advisory Group represented the buyer, a foreign investor who resides part time in California.
“This is the largest recorded retail dispensary sale in the state of California, and we are honored to have assisted our client in getting this property sold,” said Tremblay, Associate Director in Northmarq’s Chicago, Illinois office. “We have seen an increase in demand for cannabis assets due to their attractive yields in the current net lease environment and their high sales on a per square foot basis. Additionally, with the potential of safe banking and lending options continuing to evolve, we anticipate this demand to continue.”
Situated on 0.74 acres, the property is located at the signalized intersection of Harbor Avenue and Pacific Coast Highway near the on/off ramp of Interstate 710, which provides the site with incredible visibility. The Bakerie is a premium California-based cannabis brand that launched in 2020 by a group of industry veterans, and the tenant operates on a long-term net lease with rare annual rent increases. The property is co-branded with Lemonnade, the sister company of Cookies, which is one of the top cannabis brands in the world. The well-located site is just 22 miles south of downtown Los Angeles, 19 miles from LAX and six miles from the Port of Los Angeles.