- By PREP on September 22, 2019
Rancho Cucamonga, CA – September 23, 2019 – Progressive Real Estate Partners, a leading retail real estate brokerage firm, reported today the sale of a single-tenant NNN Sunrise Preschool located at 13201 W. Thomas Road in Goodyear, Arizona for $3.3M in a 1031 exchange transaction. The well-established preschool has a successful operating history of over 20 years at this location. The parent company of Sunrise Preschools, Child Care Network, has over 250 locations and is the 6th largest operator of day care centers in the US serving over 27,000 children each year.
Progressive Real Estate Partners President Brad Umansky and VP of Investment Sales Mike Lin exclusively marketed the property and represented both the seller, an Arizona-based private investor, and the buyer, a Southern California-based private investor.
The 8,500 square-foot Sunrise Preschool was built in 1999 and is directly across from Estrella Community College and near the intersection of Thomas and North Dysart Roads with an average traffic count of 25,300 cars per day. The day care center caters to children 6 weeks to 12 years of age and offers a variety of programs for infants, toddlers, pre-school and before and after school care. There are over 19,000 children under 14 years of age within a 3-mile radius of the center. Furthermore, there is substantial neighboring retail within a two mile radius of the property including prominent names like Walmart, Lowe’s, Kohl’s, Target and JC Penney.
According to Umansky, “In addition to being service-based and internet resistant, this listing represented the rare opportunity to acquire a triple net leased investment with a corporate guarantor and 12 years remaining on the lease.” He added, “With so many working parents, the childcare business is booming. We’ve successfully sold over 20 preschools and understand how to market this unique asset class and work with buyers to help them understand why preschools have historically been a very good and stable investment. This led to a successful transaction that met the needs of both the buyer and seller.”
About Progressive Real Estate Partners
Progressive Real Estate Partners (PREP) is a boutique commercial brokerage firm headquartered in Rancho Cucamonga, California. Founded in 2008, the firm specializes in the leasing and sale of retail properties in Southern California’s Inland Empire. The firm is also the exclusive Inland Empire representative of the Retail Brokers Network (RBN). Since the firm’s inception Progressive has completed over 1000 lease and sales transactions in over 35 cities throughout the region. Progressive uses the latest marketing and brokerage techniques to help retailers and property owners achieve their real estate goals.