🌿 ASCEND Wellness Dispensary | Absolute NNN Lease | 11 Years Remaining | Fully Renovated in 2023 | Chicago MSA Investment

📊 Investment Highlights

• Asking Price: $3,603,086

• Cap Rate: 8.75%

• Net Operating Income (NOI): $315,270

• Lease Type: Absolute NNN (Zero Landlord Responsibilities)

• Lease Term Remaining: 10.7 Years (Base Term through 2035)

• Lease Commencement: May 1, 2023

• Lease Expiration: September 30, 2035

• Renewal Options: Two (2) five-year extensions

• Rent Escalations: 3.00% Annual Increases (Base + Options)

• Tenant: ASCEND Wellness Holdings (OTCQX: AAWH) — Publicly Traded Multi-State Operator

• Building Size: 4,940 SF

• Lot Size: Outparcel to Sam’s Club, Walmart, and Home Depot

• Occupancy: 100%

• Property Type: Retail

• Subtype: Storefront / Cannabis Dispensary

• Stories: 1

• Year Built: 1968 | Renovated: 2023 (Full Renovation)

• Ownership: Fee Simple

• Location: Northlake, IL — 15 miles west of Downtown Chicago

• Zoning: Commercial

• Traffic Count: 45,000+ VPD on North Avenue

• Proximity: Adjacent to I-290/I-294 Interchange (266,000+ VPD) | 8 Miles from O’Hare International Airport

🧾 Executive Summary

Northmarq, on behalf of ownership, is pleased to present a rare opportunity to acquire a fully renovated, long-term, absolute NNN cannabis retail asset located at 777 W North Avenue, Northlake, Illinois. The property is 100% leased to ASCEND Wellness Holdings (OTCQX: AAWH)—a publicly traded, multi-state cannabis operator with a strong national footprint and robust financials.

The 4,940-square-foot freestanding retail building underwent a complete renovation in 2023, featuring a new roof, modern HVAC systems, updated bathrooms and plumbing, and repaved parking lot. These capital upgrades—funded by the tenant—demonstrate ASCEND’s long-term commitment to the site and minimize maintenance responsibilities for ownership.

Under the absolute triple-net (NNN) lease, the tenant assumes all property expenses, including taxes, insurance, and maintenance, resulting in a truly passive investment opportunity. The lease includes 3% annual rent escalationsthroughout the term and options, providing a consistent hedge against inflation.

Strategically positioned along North Avenue, a major east-west corridor with 45,000+ vehicles per day, the property benefits from excellent visibility and sits as an outparcel to Sam’s Club, Walmart, Home Depot, and Farmer’s Best Market—some of the strongest retail anchors in the region. The site’s proximity to I-290, I-294, and O’Hare International Airport ensures strong regional access and stable long-term value.

Located just 15 miles from Downtown Chicago, the property resides within the third-largest metropolitan area in the United States (MSA population: 9.6 million). With Illinois ranking as the third-largest adult-use cannabis market in the country, the combination of limited license supply, strong tenant credit, and prime retail visibility positions this asset as an exceptional, low-risk cannabis real estate investment.

🏢 Property Overview

• Property Type: Retail

• Subtype: Storefront / Cannabis Dispensary

• Investment Type: Net Lease

• Tenant: ASCEND Wellness Holdings (AAWH)

• Lease Type: Absolute NNN

• Lease Term Remaining: 10.7 Years

• Rent Escalations: 3% Annually

• Renewal Options: 2 × 5-Year Extensions

• Square Footage: 4,940 SF

• Lot Description: Outparcel to Sam’s Club / Walmart / Home Depot

• Year Built: 1968 | Renovated: 2023

• Occupancy: 100%

• Stories: 1

• Cap Rate: 8.75%

• NOI: $315,270

• Ownership: Fee Simple

• Asking Price: $3,603,086

📍 Location Advantage

Situated within the dense retail corridor of Northlake, Illinois, this property offers unmatched visibility and access to both local consumers and regional commuters. The surrounding trade area includes major retail anchors, national QSR brands, and industrial employers—creating continuous customer traffic.

The site’s strategic position at the I-290/I-294 interchange offers direct routes to Downtown Chicago and O’Hare International Airport, one of the busiest airports in the world with nearly 74 million passengers in 2023. The adjacent Sam’s Club, Walmart, and Home Depot further enhance the site’s foot traffic and retail synergy.

As Illinois’ regulated cannabis industry continues expanding, properties like this—featuring long-term corporate leases, credit tenants, and no management obligations—represent some of the most stable and tax-efficient real estate investments available in today’s market.

Offered Exclusively by Licensed Agents / Brokers

Listing #3040