January 30, 2023 – Hobart Hare of Horvath & Tremblay has successfully completed the sale of Skymint in Kalamazoo, Michigan. Horvath & Tremblay exclusively represented the buyer to complete the transaction at a sale price of $3,075,000.
Skymint is located at 3630 Gull Road in Kalamazoo, Michigan. Skymint has been operating at this location since 2021 and has 17+ years remaining on their Absolute NNN lease followed by two (2), 5-year renewal options. The lease features attractive 3.0% annual rent increases throughout the primary term and the two renewal options. Skymint Brands is the largest vertically operated cannabis company in the state of Michigan. A rapidly growing company, Skymint has a large hold on the Michigan cannabis market and a proven record of success at its 14 other retail locations across the state. The Property is ideally positioned on a hard corner lot at the signalized intersection of Gull Road and Nazareth Road, with direct exposure to more than 33,000 vehicles per day. The Property is located along a retail corridor occupied by many well-known national retailers, such as ALDI, Menards, Meijer, Walgreens, Panera Bread, Starbucks, and more. Kalamazoo is home to three higher learning institutions: Western Michigan University, Kalamazoo College, and Kalamazoo Valley Community College. Western Michigan University is a public research university with an enrollment of 21,470 students and four campuses in Kalamazoo. The university’s athletic teams compete in Division I of the National Collegiate Athletic Association (NCAA) and are known as the Western Michigan Broncos.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.