Thank you for sharing!

Your article was successfully shared with the contacts you provided.

For more retail coverage, click GlobeSt.com/RETAIL.

GLENDALE, AZ-Private investor KB Stone LLC from Roseville, CA, has paid $3.8 million for a retail building leased for the long term to Tutor Time. The transaction was part of a 1031 Exchange.

The seller was San Diego-based Tutor Glendale Group, which built the 11,752-sf facility at 5550 W. Bell Rd. in Glendale earlier this year for Tutor Time. The school’s lease runs for another 22 years, says Jamie Medress, a senior investment associate with Marcus & Millichap’s Phoenix office. He partnered with Steve Gonzalez to broker the deal for the seller.

Medress tells GlobeSt.com that the Tutor Time facility received 10 offers within a one-week period. “There was a lot of interest because it’s a new building and the quality of the tenant and the lease structure, which is a triple net lease with annual rental increases,” he says.

KB Stone traded out of apartments in California to buy Tutor Time. “They were looking for a property with no landlord responsibilities,” Medress says. “They didn’t want to have to worry about anything.” KB Stone was represented by Rocky Schotsal of Marcus & Millichap’s Sacramento office.

KB Stone obtained financing from the San Jose-based La Jolla Bank to acquire Tutor Time. The loan was arranged through Marcus & Millichap Capital Corp.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2022 ALM Global, LLC. All Rights Reserved.