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| BDCI Partner Secures 64,000 Sq. Ft. Building With Multiple Licenses Major Grow Opportunities |
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 Hot Stock to Watch |
Company: Bahamas Development Corporation (Pink Sheets: BDCI)
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Last:
Price: 0.0575
Change (%): + 0.00 (1.23)
Volume: 399,153 |
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Cannabis Consortium's Partner Negotiates Purchase of Entire 64,000 Sq. Ft. Building With Multiple Licenses
COCONUT CREEK, Fla., June 26, 2018 (GLOBE NEWSWIRE) - Via OTC PR Wire - Bahamas Development Corporation (OTCPINK:BDCI) subsidiary company Global Consortium, Inc. dba Cannabis Consortium Partners have reached a deal with the building owner to purchase the entire 64,000 sq. ft. building in Northern California for 9 million dollars.
The building owner has agreed to hold an interest only note for 4.5 million dollars with a 60-day balloon payment once the current tenant is successfully removed from the space or their lease expires. Based on the amount of rental space available, the ROI for the building purchase is 15 months after rentals begin.
The purchase of the entire building ensures that Cannabis Consortium and its partners have full control of the building and all the valuable licenses that go with the building. The submission of the condo approval from the state is expected shortly as the building was already preapproved.
The purpose of the building is to mezzanine 50,000 sq. ft. to increase rentable square footage to 100,000 sq. ft. with 10’-12’ ceilings. The space can be then leased in 2,000 sq. ft. parcels at $5-$7 sq. ft. per month plus a percentage of each grow. The space should generate approximately $600,000 per month in rent plus the backend payments from each grow.
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