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June 18, 2024

Manchester dispensary property for sale

Courtesy photo The outside of Curaleaf Manchester.

The property housing Curaleaf’s cannabis dispensary in Manchester is up for sale for more than $3 million, according to the real estate broker listing the site.

The 1.05-acre parcel, at 240 Buckland St., which is home to Curaleaf’s 4,322-square-foot recreational retail marijuana store, was recently listed by NNN Pro for $3.3 million. The site, down the road from The Shoppes at Buckland Hills mall in Manchester and Evergreen Walk in South Windsor, is near Interstate 84.

The anchor tenant Curaleaf is currently in the midst of a 10-year double-net lease, which began Sept. 28, 2022, according to the listing. Curaleaf’s current annual rent is $250,000 and is set to increase by 3% annually beginning in year four of the lease, the listing said.

The New York-based multistate cannabis operator opened in Manchester in August 2023 as part of a relocation of its Milford facility, according to the company’s website. Initially Curaleaf was exploring the possibility of moving its Hartford dispensary to Manchester, but ultimately the Milford site was relocated.

While Curaleaf is the most recent tenant on the property, the prominent parcel used to be home to a Friendly’s Restaurant. Curaleaf made renovations to the existing building, which was constructed in 1993 according to town property records. The property was purchased by its current owner, Manchester CT Realty Ventures, in 2021 for $140,000.

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