ASHE Consumption Lounge with Onsite Sales, WEST HOLLYWOOD

$ 3,000,000
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Jason Piazza

Phone:(949) 682-5867
Email:[email protected]

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Property Description

THE OFFERING

The future of entertainment and recreation in L.A. is the cannabis lounge. With onsite consumption allowed, imagine the limitless potential of your own cannabis lounge in the heart of the L.A. nightlife.

The Owner, ASHE, has secured rights to 1 of 15 coveted lounge permits in West Hollywood through a highly competitive process. Recently the Permit received its Business Commission Approval which is a major milestone in West Hollywood cannabis permitting. With a renegotiated lease in place, the Owner now has a clear path towards achieving operational status. The Permit may be moved, and the business concept may be altered to meet a buyer’s, or partner’s, vision.

Multiple entry options are available for investors and/or operators. Take advantage of this incredible opportunity to become part of something special in one of CA’s strongest and most diverse demographics.

  • Approved Permit Allows:
    • Edible Lounge
    • Smoking Lounge 
    • Onsite Sales
  • Options For Operators & Investors:
    • Investor: 40% Equity Upon Investment
    • JV: 41-65% Equity Upon Purchase
    • Operator: 85% Equity Upon Purchase
  • Strong 3-Mile Demographics
    • Population: 312,000
    • Strong Income: 50% over $100k/yr
    • Educated Population: >80% college educated
    • Youthful Population: 50% ages 20-50
  • Entertainment Driven City
  • Ability to Move and/or Amend Permit Approval

Located near Fairfax Ave, the property sits on a well maintained, tree-lined stretch of Santa Monica Blvd and enjoys strong visibility and foot traffic. The property, however, requires complete refurbishment and tenant improvements. Onsite parking is limited in the rear, and excellent street parking is available in the direct vicinity, as well as several private parking lots.

In addition to the various eateries, salons, bars, offices, and art studios, this two-story building is located near a popular LGBTQ movie theater and a newly constructed, 540,000 SF film studio. Take advantage of the nightlife present in this area.

The WeHo green zone is well defined with no buffer between retail permits and the City has set a precedent for allowing its cannabis permits to move locations. If you prefer a location which is more entertainment driven, WeCann has experience farming properties in West Hollywood.

  • Leased Premises
  • +/- 2,500 SF, 2-Story Retail Building
  • Major Cross-Streets:
    • Santa Monica Blvd & Fairfax Ave
  • Parking In Rear
  • Visibility:
    • 24,000 Cars Per Day
    • Strong “Walk Score”

NDA required for more information.

State/County:
Country: United States
Property Id: 32043
Price: $ 3,000,000
Property Status: active

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