Rainbow Realty Group has announced the acquisition of a 415,733-square-foot industrial building on 29.19 acres in Palatka, Florida for $14,900,000. The Property was acquired all cash on August 5th, 2025. Rainbow secured a mortgage of $9,685,000 against the Property with a regional bank on October 6th at a fixed rate of 8%.
The Tenant at the Property is a multi-state operator with a footprint in three states, and a vertical operation in Florida. It has occupied the Property since 2021. The Property is used as its primary cultivation facility for Florida, where it currently has 40+ licensed retail dispensaries. The Tenant has invested more than $25,000,000 into improvements for the Property, including a 20,000amp power upgrade.
Kyle Shenfeld, Rainbow Realty Group CEO, stated: "We are very excited to finally be doing business in the state of Florida. The Tenant has a great footprint in the state and we are confident in their future, which we are glad to be a part of."
For more information:
Rainbow Realty Group
www.rainbowrg.com
