FORT LAUDERDALE, FL—Net-leased properties in the educational realm continue trading hands. The latest example is a duo of Virginia College properties. Virginia College is a chain of private, for-profit, nationally accredited post-secondary institutions located primarily in the southeastern United States.
Although these commercial real estate assets haven’t sold yet, Marcus & Millichap has the exclusively listing on the single-tenant net leased properties. The list price for the 102,098-square-foot Macon, GA property is $10.3 million, which equates to $101 per square foot. The 90,982-square-foot Baton Rouge, LA property is listed for $12 million, which represents $132 per square foot.
Marc E. Strauss, first vice president investments, and Richard Moravek and Aaron O’Connor, associates, all in M&M’s Fort Lauderdale, FL office, are representing the seller. William Hoffpauir, senior associate in M&M’s Lafayette, LA office, is the firm’s broker of record in Louisiana. Michael J. Fasano, vice president and regional manager in Atlanta, is the firm’s broker of record in Georgia.
“The Baton Rouge building is a former service merchandise store and the Macon building was a Kmart,” says Strauss. “Both buildings were completely renovated into classrooms, training areas, reception areas, and break rooms. The triple-net leased investments have more than 11 years remaining on their leases, are in pristine condition and should serve the college and its growing needs for years to come.”
Virginia College in Baton Rouge is located on about 6.97 acres at 9355 Cortana Place. The property is next to the Cortana Square Mall. Virginia College in Macon is located on a main artery near Macon Mall at 1901 Paul Walsh Drive on approximately 18.25 acres. The properties can be purchased together or separately.
The net leased educational facility sales are picking up steam. Earlier this month, Stan Johnson Company brokered the sale of a 29,169 square-foot educational facility 100% leased by Corvian Community School. A private investor snapped it up for $4.2 million. And in a record low cap rate for a charter school, The Imagine School building in Boynton Beach, FL traded hands in January. The building is under a long-term, triple net lease.