According to one of the deal's brokers, the 10-year-old building, located at 5154 E. Adobe Rd., is leased to Novi, MI-headquartered Childtime Learning Centers for about $13 per sf. The lease has five years remaining on the term. "That impacted the cap rate, which was at 7.7%," explains Ari Spiro, senior investment adviser with Sperry Van Ness' Phoenix office. Spiro, along with colleagues Jeff Chalfin and Mike Day, represented the seller, Cain Family Trust of Mesa.
Spiro tells GlobeSt.com that the property, listed for $1.1 million, attracted more than a dozen offers. "There aren't too many deals in the sub-$2 million range," he adds.
The buyer, John A. Carson of Liberty Productions, was selected because he was in a 1031 exchange. "He was a schoolteacher and he felt comfortable with the child-care industry," Spiro adds.
Bob Broyles of Colliers International's Phoenix office represented the buyer, who was reinvesting gain from a Florida sale. The Sperry Van Ness team also has secured a contract for the couple's Childtime Learning Center at 3319 E. Baseline Rd. in Gilbert.
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