CAP RATE: 5.75%
BUILDING SIZE: 3,469 Sq Ft
YEAR BUILT | RENOVATED: 1984 | 2019
LOT SIZE: +/- 0.64 Acres
- 11+ Years Remaining on a 15-Year Lease
Cadence signed a new 15-year lease at the subject property in 2019. The lease has zero landlord responsibilities and bodes 2.00% annual increases in rent. In addition to the 15-year base lease term, the tenant has one, five-year option to renew with the same rent increase structure annually.
- Cadence Education (250+ Locations) – Top 5 Corporate Operator
Cadence Education is one of the premier early childhood educators in the United States, operating over 250 private preschools and elementary schools as members of the Cadence Education Family of Schools across the country. With over 20 years in business, we have developed an unparalleled expertise in preparing students to thrive in the next step of their childhood.
- Located in Seattle-Tacoma Metropolitan Statistical Area
Known as the headquarters of Microsoft, Amazon and Starbucks, the Seattle-Tacoma metro is situated approximately halfway between Portland, Oregon to the south and Vancouver, British Columbia to the north. The Cascade Range borders to the east, Mount Rainier is to the southeast and the Puget Sound is to the west. The metro is com-posed of Snohomish, King and Pierce counties, and it has a population of nearly four million individuals.
- Demand for Child Care Remains Extremely Strong
The early education and daycare segment dominated the U.S. child care market and accounted for the largest revenue share in 2019. This is owing to an increasing number of daycare and early education centers in the country. The demand for early education is growing rapidly as around 1.4 million and 3.7 million students were enrolled in prekindergarten and kindergarten respectively in 2019. The key factors driving the U.S. child care market growth include increasing government funding for childcare, rising demand for daycare centers; and an in-crease in the number of women employment.
EXCLUSIVELY LISTED BY:
Senior Vice President Investments
Senior Director, Net Lease Properties Division