Single-Tenant Skymint Dispensary | Long-Term Absolute NNN Lease | Guaranteed by Multi-State Operator | 8.75% Cap Rate

3315 Coolidge Rd, East Lansing, MI 48823

Executive Summary

Northmarq is proud to offer the fee simple sale of a single-tenant retail asset leased to Skymint, one of Michigan’s best-known cannabis retail brands. The property features a 3,445-square-foot freestanding building on a 0.72-acre parcel, ideally located at 1015 E Saginaw Street, just 2.5 miles from Michigan State University — the largest university in Michigan and a major regional economic driver.

The lease is guaranteed by SunStream USA 1, Inc., a subsidiary of a multi-state operator (MSO) with a strong regional presence. Operating under a true Absolute NNN lease, this asset provides investors fully passive income with zero landlord obligations and predictable 2.5% annual rent escalations, ensuring steady NOI growth throughout the base term. Additionally, the tenant pays a 1.5% property management fee directly to ownership, further increasing cash flow and simplifying operations. With ±9.5 years of term remaining and two renewal options, this property offers long-term stability, credit-backed tenancy, and an attractive 8.75% cap rate in a proven cannabis market.

Opportunity Details

• Absolute NNN lease – true passive income investment

• 2.5% annual rent increases + 1.5% management fee = enhanced NOI growth

• Fully renovated freestanding building (2020)

• Corporate guarantee by major multi-state cannabis operator (SunStream USA 1, Inc.)

• Prime location 2.5 miles from Michigan State University

• Below-market rent and low price per square foot – strong value basis

• Secure, long-term lease with ±9.7 years remaining