The subject property consists of one parcel that measures 2.03 acres with over 39,275 square feet of office and warehouse space. The Existing structure is currently in review to be approved for Cannabis Cultivation, Distribution and Non-Storefront Delivery.
We received approval letters from the city of Arvin and applications for temporary licenses that have been turned in the expectation is to have temporary licenses for all three activities before the end of December 2018. The construction drawing package is currently planned to go into the city the second week of December for construction permits. Approval is expected by the end of January.
Preliminary work has been completed to build an additional 20,000 sqft 2-story building on the site, pending an expected reclassification of M-2 light manufacturing from heavy industrial to light industrial per the city of Arvin development plan.
This property offers the opportunity to purchase an entitled Cannabis Cultivation, Distribution and Retail Delivery facility, eligible for both medical and recreational use. Upon completion and final inspection of the entitled build-out, a Certificate of Occupancy and business license will be issued. Construction and operating plans are available to be viewed for qualified parties.
In addition, the city is also currently accepting applications both volatile and non-volatile manufacturing, which this property is eligible for and which can be added on as a permissible use through the city if the Buyer would like to. This progressive city has one of the lowest tax rates in the entire state, and this is on track to be the first approved facility in the city for Marijuana Production.
The anticipated fee structure in Arvin is as follows:
Nursery/Cultivation $6 per square foot under canopy with 100% artificial light
$4 per square foot under canopy with mixed light
Testing – 2% of gross receipts
Manufacturing – 6% of gross receipts for the first $750,000
3.75% for revenues over $750,000 up to $2.5m
2.80% for revenues over $2.5m
Distribution – 2% of gross receipts
Retail delivery (non store-front) 3.75% of gross receipts
Buyer should verify off the information contained herein prior to close of escrow
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