X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

QUEEN CREEK, AZ-Cash from a Montana land sale has allowed a Scottsdale, AZ buyer to land a Tutor Time Child Care Learning Center. The 15,956-sf building came with a 22-year tenant holding a lease valued at $11 million.

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.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.