The Glendale Star
10
December 2, 2021
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State’s first licensed dispensary triples in size BY GLENDALE STAR STAFF Arizona Organix, the state’s first licensed marijuana dispensary, has tripled in size to meet demand. The expansion, which culminated in a grand opening in late October, reflects the anticipated growth of cannabis sales that many experts had predicted following the passage of Prop 207 in November of 2020, which legalized the recreational use of marijuana in January. The additional space at Arizona Organix, 5301 W. Glendale Avenue in Glendale, allowed the company to expand its staff of knowledgeable budtenders and increase its checkout stations from eight to 32. “We just needed more space. Since the passage of Prop 207, we’ve seen a notable increase in traffic and interest, which absolutely necessitated an expansion,” said Mike Myer, Arizona Organix chief executive officer. Industry reports support anecdotal reports of growth throughout Arizona’s
cannabis industry. BDSA reports Arizona became the fastest state on record to transition from a state that only permitted medical use to one that authorized adult recreational use. The state has seen about $1 billion in marijuana sales for 2021, translating to more than $115 million in tax revenue for med-
ical and recreational sales combined, according to the Arizona Department of Revenue. Marijuana Business Daily forecasts that Arizona could be home to a $700 million recreational cannabis market by 2024. “As the state’s first licensed dispen-
BY GLENDALE STAR STAFF Marcus & Millichap helped facilitate the sale of Concept at 43rd Ave, a 52unit apartment property in Glendale. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $9.75 million. “Located in east Glendale, Concept at 43rd Ave is well positioned to provide easy access to historic Glendale, Interstate 17 and Grand Canyon University,” said Darrell Moffit, senior vice president investments in Marcus & Millichap’s Phoenix office. “The community offers large two-bedroom units, two-car garages, washer/dryers and patios. New own-
ership will have the opportunity to execute a programmatic renovation of unit interiors to experience a favorable premium.” Moffitt and Paul Bay, first vice president in the firm’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was procured by Moffitt and Bay. Concept at 43rd Ave has 52 two-bedroom/one-bath townhomes, part of 132-unit HOA. Built in 1983, the courtyard-style community features a large interior amenity space and includes a pool. The asset is located at 7464 N. 43rd Avenue in Glendale.
Concept at 43rd Ave has 52 two-bedroom/one-bath townhomes. (Photo courtesy of Marcus & Millichap)
Arizona Organix recently added budtenders and increased its checkout stations from eight to 32. (Photo courtesy of Arizona Organix)
sary for medical marijuana, we’ve always had a strong client base for those using cannabis for medicinal purposes. But, we’ve definitely seen an influx of new clients looking to learn about and try cannabis for recreational purposes over the past year,” Myer said. By adding square feet to the dispensary, Arizona Organix avoided relocation and instead carried over its modern and open aesthetic to its new space while reducing the time it takes for clients to visit the store, find the desired products and make a purchase. “We pride ourselves on offering a personalized experience to any client who walks through our doors, which makes this additional space even more valuable,” Myer said. “We recognize that everyone has individual needs that require specific products and even education on those products, so our ability to add informed budtenders to our staff with this expansion is really valuable to the overall experience at Arizona Organix.”
Marcus & Millichap facilitates sale of apartments
HAVE BUSINESS NEWS? Contact Christina Fuoco-Karasinski at christina@star-times.com
