The buyer of record, 7255 S. Power Road LLC, has paid slightly more than $8 million for the center, which sits on 2.66 acres at 7255 S. Power Rd. Phoenix Commercial Advisors' Chad Tiedeman, who represented the developer Focus Group of LaJolla, CA, says the center, which boasts a 27,946-sf playground, was traded off market.
"We had this listed, but didn't take it to market," Tiedeman tells GlobeSt.com. "Because of our relationship with the buyer's brokers, they came to us with an all-cash client, which made a full-price offer." Tricia Olson and Bobby Raines with Americor Investment Group in Scottsdale represented the seller.
Tiedeman, who partnered with Phoenix Commercial Advisors' Zachary Pace, says Tutor Time centers are build-to-suits that are sold upon completion. The centers also are located in heavily populated residential areas. The just-sold Tutor Time center is in the 1,414-acre Power Ranch master-planned project in the southeastern submarket. The development has close to 5,200 residential units, but retail is just starting to infiltrate the area.
Tiedeman says the Queen Creek is the first of eight Tutor Time Learning Centers that will open in the Phoenix market in the coming year. The company already has 27 centers up and running. "The Learning Care Group, which runs Tutor Time, is looking to be the dominant childcare providers in the market, and they already have a strong foothold here, compared to their competition," he says.
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