Three Illinois weed shops valued at $24 million are up for sale by a suburban Chicago real estate company aiming to cash in on the growing popularity of dispensaries.
Oak Brook’s Clear Heights Properties is selling fully leased stores in Chicago, Elmwood Park and Champaign, the Chicago Business Journal reported. Chicago’s Sunnyside Dispensary will keep the stores open regardless of whether they’re sold separately or as a trio.
The buildings include a 15,000-square-foot dispensary at 3524 North Clark Street that opened in November, not far from Wrigley Field, an 11,000-square-foot one at 7943 West Grand Avenue in Elmwood Park and a third 9,000-square-foot building at 1704 South Neil Street in Champaign, near the University of Illinois. Individual prices weren’t disclosed.
“They are taking advantage of the market for these types of facilities,” said Peter Block of Colliers, who is marketing the buildings.
The sale comes as Chicago cannabis business Verano Holdings is in talks to sublease 24,000 square feet at 515 North State Street in the city’s downtown. That deal could mark a breakthrough for dispensaries, which haven’t leased in top-tier buildings because marijuana is illegal on a federal level.
Sunnyside moved into Clark Street two months after the City Council passed a contested proposal to ease zoning requirements for cannabis businesses. The measure allows marijuana businesses to open stores where manufacturing operations are allowed without having to participate in a zoning lottery for approval.
According to the Illinois Department of Financial and Professional Regulation, Chicago has 18 dispensaries, among 110 across the state.
[CBJ] — Victoria Pruitt
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