Call it the “pot premium.” It’s driving up commercial real estate prices in the little seaside city that threw out the welcome mat to cannabis after voter approval in 2016 to legalize recreational marijuana in California.
The last time the six-building property at 250 S. Surfside Drive in Port Hueneme changed hands, in 2000, Ventura County listed its value as $300,000.
When the building sold again in November, according to county property records, it carried a significantly heftier price tag: $5.1 million.
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Arlene Martinez ~ Ventura County Star ~
