Walter Helm of Sperry Van Ness says the buyer was in a 1031 Exchange from a triple-net property in Arizona that was leased by Blockbuster, but the buyer wanted to acquire a California property with a credit tenant on a long-term lease. Helm says the KinderCare property fit the bill because the tenant is on a 15-year lease and the deal gives the buyer a low-management property, which was also a selling point.

Deborah K. Vannelli of Upland Real Estate Group represented the seller, who had owned the building for 10 years. Built in 1985, the KinderCare facility is located close to the 101 Freeway and State Route 23 in a growing residential area of the Conejo Valley.

KinderCare is a leading private provider of early childhood care and education in the US, both in terms of the number of centers and enrollment. Founded in 1969, the chain operates more than 1,250 learning centers, with an enrollment of more than 120,000 children.