[from attorney]> property/permit for sale in the city of San Diego. This property was previously at an ask of $8.5M and has recently been reduced to $6.5M with the caveat that the ask will likely not last very long. The site is on the verge of having building plans granted by the city and then obviously construction will begin.
Note from Selah: this is from the attorney handling the sale and is 100% for real and legit - if anyone is interested, happy to pass on info via DM. It is time sensitive and must close by end of Feb 2020, and is the only MO (MMJ Outlet) in District 4 (SE San Diego), with 150k cars passing daily + freeway visibility. 1 of 15 Adult use retail locations in San Diego county. APN#543-020-05, purchase includes lot and BCC license, $12MM annual revenue estimate.
Is this a temp or annual LIC?
Great question - just asked them - from a Google search, I found some more info that may be of use: https://www.sandiego.gov/sites/default/files/ho-18-097.pdf
Wish I had the cash or connections for this…whoever gets it is sitting pretty, and I was just in SD…what a beautiful city…
Sounds like it’s not built yet and likely not yet ‘active’. Is the permit transferrable to new owners in its current status?
yes it is - DM for more details if you’re interested in buying or have a group who is - thanks!
I didnt read the whole thing but it starts with const tdd auction approval. I was asking about the Permit/LIC from the BCC. Thanks
sure thing - as soon as I get an answer back, I’ll post, or if anyone is interested, we can just get on a call directly with seller and go through all questions and hear about any caveats.
NEWS: Five year license, renewable and transferrable to new owner - the attorney with the deal is facilitating the sale. attorney’s quote “city expects the licenses to keep renewing forever, barring a violation of law”
Thats a new one as i am only familiar with the temp and anual LIC.
Unless recently revised the Annual licenses require renewal ANNUALLY…hence the terminology.
Annual licenses are also specific to a location AND person/people. Transfer requires new owners to submit updated applications with new financial interest holders listed. I believe there is a 30 day grace period to submit changes in ownership but new owners are treated like new applicants and must undergo entire process of FBI livescan etc.
Might be a reduced fee but I can’t remember. What I do remember, again unless regs recently changed, is it is not as simple as selling your license to another party so due diligence is in order to assess feasibility.
It hasnt changed as of last Thursday
best route is to get an interested buyer on the phone with the attorney and go through al questions at once - who here is an interested buyer?