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8/29/19
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A net-leased cannabis cultivation facility in Desert Hot Springs sold for $7.76 mil. The 32.4k sf ($240/sf) industrial condominium is leased to Zenco, a cannabis cultivation company, through 2025.
The property is located at 13310 Little Morongo Road, Building 2, Unit B. It is comprised of a state-of-the-art indoor cultivation and processing facility, built in 2018.
The asset is situated within 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.
Rosaleen O’Sullivan with NAI Capital represented the seller, Snider Interests LLC, and the buyer, Ten Tree Properties LLC, in the transaction.
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.
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