Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of the Bright Ideas Enrichment Center, a 11,414-square foot net-leased property located in Memphis, TN, according to Sean Beuche, regional manager of the firm’s Philadelphia office. The asset sold for $2,374,875.
Craig Dunkle and Mher Vartanian, investment specialists from The Dunkle Group of Marcus & Millichap, had the exclusive listing to market the property on behalf of the seller, a fund manager. “the competitive bidding process led to an exceptionally smooth transaction. Over the last few months, we have seen a lot of interest in the Memphis market, we’re proud to say this is our 2nd transaction in the Memphis MSA in the last 6 months.” says Mher Vartanian. Jody McKibben, Regional Manager and Broker of Record of Marcus & Millichap’s Nashville, Tennessee Office, assisted in closing this transaction.
The Bright Ideas Enrichment Center is located at 2104 Hillshire Circle in Memphis, TN, giving it close access to Interstate 40 which sees over 100,000 vehicles per day. The 15-year NNN lease signed in September 2019 is backed by a private equity firm and has a 1% annual increase. “the solidarity of the childcare business model has been strengthened by the recent pandemic, we are seeing increased demand for these assets, and are happy to have a steady supply of them moving forward.” says Vartanian. This asset will bring the buyer solid income for many years to come.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of approximately $50 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.