Thor Equities is suing a cannabis company for almost $1 million in unpaid rent in Chicago’s Fulton Market.
MedMen hasn’t paid rent at 942-944 West Fulton Street since August, a bit more than two years after leasing it, according to Green Market Report. The complaint says MedMen owes Thor more than $950,000 for failing to pay the base rent of $70,727, operating costs of $2,667 and insurance costs of $556 for the past 11 months.
The complaint also says MedMen’s guarantor, MedMen Enterprises, has also failed to pay.
Thor won a case against another cannabis company for not paying back rent. The High Times dispensary had to pay Thor $4.9 million as a result of the suit, even though the company never opened in San Francisco.
There were some issues with the Chicago complaint. While MedMen has a dispensary in the Chicago area, it’s at 1142 Lake Street in Oak Park, not Fulton Street. U.S. District Judge J. Paul Oetken told Thor to rewrite the complaint to correct errors and said that otherwise he’d dismiss the complaint.
Another landlord of cannabis dispensaries in the Chicago area is looking to unload its properties. Oak Brook’s Clear Heights Properties is selling fully leased stores in Elmwood Park, Champaign and Chicago. The buildings include a 15,000-square-foot dispensary at 3524 North Clark Street that opened in November, not far from Wrigley Field, an 11,000-square-foot one at 7943 West Grand Avenue in Elmwood Park and a third 9,000-square-foot building at 1704 South Neil Street in Champaign, near the University of Illinois. The asking price for the three shops, all leased to Sunnyside Dispensary, is $24 million.
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A 10K sf weed shop just opened within a home run’s distance of Wrigley Field
— Victoria Pruitt