CHICAGO—The Boulder Group, a net leased investment brokerage firm specializing in single tenant assets, has just completed the sale of a net leased La Petite Academy property located at 2345 S. Rte. 59 in Plainfield, IL, for $2,401,542.
As reported yesterday, retail outlets like this remain in high demand from investors, and nationwide, cap rates have sunk to historic lows.
La Petite Academy uses the entire 9,960-square-foot retail building as a day care facility. The property sits on a 44,867-square-foot parcel at the southwest corner of Rte. 59 and Caton Farm Rd. I-55, which has traffic counts in excess of 75,000 vehicles per day, is located approximately one mile east of the property. La Petite Academy has over five years of lease term remaining on an original twenty-year lease, which calls for a 9% rental escalation in November 2014.
Randy Blankstein and Jimmy Goodman of the Boulder Group represented the seller, a private investor, in the transaction. The buyer was a high net worth individual located in the Midwest.
“The market for net lease properties in Top 50 metropolitan areas remains robust as these assets are in high demand among private investors,” says Blankstein, president of Boulder. Goodman, a Boulder partner, adds that “as there are a limited amount of core assets in the market, some investors are seeking higher yielding assets with shorter term leases.”
La Petite has over 500 locations nationwide. La Petite Academy is owned by Learning Care Group, Inc., the second-largest-for-profit child care provider in North America. They operate over 900 child care facilities under five different brands.