Trulieve Dispensary Disposition Sets Eight-Year Retail Pricing Record in Columbus

COLUMBUS, OH—Matthews™, a commercial real estate investment services and technology firm, represented the buyer and seller in the sale of a cannabis dispensary located at 601 South High Street in Columbus, Ohio. Vice President Alexander Machado brokered the $4,150,000 transaction, marking the highest sale price for a retail property sold in the Downtown submarket within the last eight years.*

The seller, Zoned Properties, a longtime Matthews™ client, secured a new 10-year lease with Trulieve, one of the nation’s largest cannabis operators, before bringing the property to market to capitalize on its increased value. Through targeted outreach, Machado connected with a New York-based private investor seeking to reinvest proceeds from a property sale through a 1031 exchange. Recognizing an opportunity to guide the buyer through her first cannabis dispensary acquisition, Machado leveraged his specialized industry knowledge to provide insights on Trulieve, market developments, and the property’s long-term investment potential. Through consistent communication over several months, Machado helped the buyer navigate the investment process, ultimately securing the sale at an 8.19% cap rate.

Located in Columbus’ Brewery District, the approximately 9,900-square-foot property was renovated in 2025 and benefits from proximity to Downtown Columbus, German Village, and surrounding residential neighborhoods, restaurants, and entertainment destinations. The asset is corporately guaranteed by Trulieve under an absolute NNN lease structure that extends through June 2035, with 3% annual rent increases and two five-year renewal options.

“This transaction highlights the critical importance of specialized market knowledge and proactive buyer engagement, especially in emerging sectors like cannabis real estate,” Machado said. “We were able to educate the buyer on industry specifics and tenant strength, ensuring they met their 1031 exchange objectives with a high-quality, passive income asset.”

*Data Compiled from Downtown Submarket Retail Sales Sold Within the Last Eight Years | CoStar Group, Inc.

For more information, please contact Alexander Machado or visit www.matthews.com.

About Matthews™

Matthews™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 1,000 agents and employees in 30 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.