In the weeds: Brokers actively courting marijuana industry
Cushman listing bills property as located in dedicated cannabis zone
From TRD LA: Let’s hope this property is acquired by a joint venture.
New marketing materials from Cushman & Wakefield for a commercial building in Downtown Los Angeles highlight its location in a “marijuana cultivation & manufacturing zone,” the clearest sign yet that Los Angeles brokers are actively courting tenants in the emerging marijuana industry.
California legalized the sale of recreational cannabis on New Year’s Day, a move that is expected to usher in a flood of startups geared toward the Mary Jane set.
Cushman’s Mike Condon Jr. and Kelli Snyder billed their 55,580-square-foot commercial property at 1114 S. Los Angeles Street in South Broadway as a “versatile commercial property.”
That’s not just smoke and mirrors. A property located in a cultivation and manufacturing zone can both grow marijuana and produce cannabis products, according to city officials’ Draft Commercial Cannabis Location Restriction Ordinance. Industrial, as well as some commercial, properties in District 14– which includes DTLA, Boyle Heights, Northeast L.A. and surrounding areas — are among those zoned for the cannabis business.
Representatives for Cushman declined to comment, and Condon and Snyder could be reached.
Further up the coast, entrepreneurs are taking marijuana-related marketing even further.
In late 2016, 420 Property launched 420Property.com, a free website designed solely to facilitate the search and listing of cannabis-zoned real estate. The “420-friendly” professionals dub themselves the “Zillow of Cannabis,” according to a company statement.
Simply searching Los Angeles on 420Property.com provides a plethora of options. Cannabis enthusiasts can either enter a fully-licensed cultivation growhouse for $1.5 million, buy side-by-side units on Alhambra Avenue for dispensary purposes for $679,000, or lease a 6,300-square-foot warehouse in the Fashion District for $15,750 per month.
420 Property could not be reached for comment.
Hotels are also catching on to the perks of legalization. The trendy Standard Hotel is anticipating the opening of cannabis confectionery, Lord Jones, in its lobby. The hotelier said last year it eventually hopes to create co-branded THC products.