Executives of the MedMen medical marijuana firm have traded ownership of a shop along one of the most active retail corridors in Los Angeles.
Adam Bierman, founder of the private equity-backed dispensary, sold the property at 106 S. Robertson Boulevard in Beverly Grove for $17.3 million, records show. The buyer is an entity controlled by other MedMen principals, Margan Sokol and Chris Ganan.
Bierman purchased the property last July for $17.25 million. It is next to one of the company’s storefronts at 110 S. Robertson Boulevard. The Robertson corridor has been thriving with property trades because of more affordable rental prices.
The trade followed a move last month by MedMen, which said it was selling properties to Treehouse Real Estate Investment Trust to help fund a national expansion. The company is currently active in California, Florida, New York, Arizona and Nevada.
Treehouse plans to make leaseback deals with MedMen for all properties, including retail stores.
Last year, MedMen purchased a location at 1312 Abbot Kinney Boulevard for $19.4 million, and in June, the company signed a five-year lease to occupy 18,000 square feet at an office building in Culver City.
Dispensaries didn’t take off as quickly in California as originally anticipated last year. That hasn’t stopped cities like West Hollywood from granting licenses to some big real estate players for eateries and lounges. And Los Angeles recently became home to the largest U.S. building occupied exclusively by cannabis tenants.