OFFERING SUMMARY:

PRICE: $5,382,000
CAP RATE: 6.25%
BUILDING SIZE: 11,990 Sq Ft
NOI: $336,320
YEAR BUILT: 2022
LOT SIZE: +/- 2.39 Acres

DOWNLOAD DOCUMENT:

HIGHLIGHTS:

  • KinderCare (1,500+ Locations) – The #1 Corporate Operator in the Country – KinderCare Learning Centers is the largest childcare provider in the United States, with more than 1,500 learning centers in 40 states and Washington D.C. KinderCare Education is the parent company of KinderCare Learning Centers and includes the additional brands of Knowledge Beginnings, Champions, The Grove School, and Cambridge Schools. The institution has delivered 24 quarters of topline and bottom-line consecutive earnings growth.
  • Brand New 2022 Construction|2.00% Annual Increases – KinderCare signed a new 15-year lease at the subject property back in 2022. In addition to the 15-year base lease term, the tenant has multiple options to renew. The lease has minimal landlord responsibilities and calls for 2.00% increases in rent annually.
  • Dense and Affluent Market ($127,000+ AHHI in 5 Miles) – Richmond is the capital city of Virginia, located roughly 110 miles south of Washington, D.C. The metro consists of 12 counties and four cities. Richmond’s strategic location on the James River and a well-developed inter-modal transportation network contribute to a growing logistics and distribution sector. In 2022, an Amazon robotics fulfillment center straddling the Richmond-Henrico Turnpike broke ground, set to employ roughly 1,000 workers. The market’s educated workforce is also drawing other companies to the region, and Richmond already houses more Fortune 500 firms than some other larger metros.
  • 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:

DOMINIC SULO
Senior Managing Director Investments
Senior Director, Net Lease Properties Division
(630) 570-2171
dominic.sulo@marcusmillichap.com

Co-Listed With:
CHAD LIEBER
First Vice President

VIRGINIA BOR
Brian Hosey
Lic #0225247494