PLAINSBORO, NJ-Marcus & Millichap Real Estate Investment Services has accomplished the sale of Montessori Country Day School, a 13,500 square-foot net-leased property in Plainsboro, for $3.4 million, according to Michael J. Fasano, vice president and regional manager of the firm’s New Jersey office.
David Cafiero, an associate, Alan Cafiero, a senior associate, and Ben Sgambati, a vice president in Marcus & Millichap’s New Jersey office, represented the seller, a private investor who has developed a number of Montessori school campuses. The team also secured and represented the buyer, a limited liability real estate company based in New Jersey.
“It was the right match, the right parties,” says Sgambati, who said neither wanted their identities publicly disclosed. “The buyer was looking for a single-tenant leased property. The transaction was fairly swift and drama-free. “
The Montessori Country Day School is entering the second year of a 15-year lease commitment at the property, a multi-building campus with 13,500 square feet at 72 Grovers Mill Road, built in 2000. The tenant operates more than 180 childcare centers in the United States with total annual revenue of more than $200 million.
With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. The company closed 5,085 transactions in 2011, the most of any commercial real estate brokerage firm.