Two Mesa Childcare Centers Sell to 1031 Buyers

MESA, AZ-Two childcare centers in Mesa have sold in separate transactions just weeks after hitting the market in a quick sale that brought the California-based 1031 exchange sellers a collective $3.8 million.

In the highest priced transaction, Tutor Time Learning Center, a 10,000-sf freestanding building with 40,511 sf of land, sold for $2.7 million to Van Wagner Properties of Arvada, CO. The property, located at 1928 N. Gilbert Rd. between East McKellips and East Brown roads, drew at least seven offers in the first three weeks after it was put on the market by the Chang Family Trust of Los Gatos, CA, Robert Broyles, with Colliers International Inc.'s investment team in Phoenix, tells GlobeSt.com.

"It's a hot market here for net-leased properties," says Broyles, adding that similar net-leased properties are often scooped up within weeks of going on the market. Broyles says the attraction of long-term leases and freestanding, well-located properties is drawing multiple offers from investors eager to cash in on a stable asset.

In a second quick sale, the Childtime Learning Center at 5164 E Adobe Dr. was sold by the Cain Family Trust of Mesa for $1.1 million to Liberty Productions of Santa Barbara, CA. The 6,470-sf building on about 31,000 sf of land, situated between Higley Road and University Drive, also sold just weeks after being put on the market, Broyles says.

Broyles and Colliers' colleague Marc Bonilla handled the Childtime Learning Center transaction for the buyer while Ari Spiro, Jeff Chalfin and Mike Day with Sperry Van Ness in Phoenix represented seller. In the Tutor Time transaction, Broyles and Bonilla represented the seller and Jane Poucel with Colliers Classic in Scottsdale negotiated for the buyer.