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"Since the cannabis industry is emerging as a growth market, investors need to appreciate there is an art and a science to converting raw materials of cannabis and finished products,” says CFC principal Ira Singer.
The properties attracted strong interest and multiple offers, says Marcus & Millichap's David Bradley, demonstrating that the market remains strong while rents keep rising.
Following the Chicago-based firm's purchase of 50 Post Office Square in December 2015 for a reported price of more than $290 million, the firm's capital improvements at the property have paid dividends.
The Drexel Properties are comprised of four courtyard-style buildings and include popular local retail services such as a hairdresser, grocery store and other retailers.