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 Bright Ideas Enrichment Center, a 6,420-square foot net-leased property located in Midlothian, VA, according to Sean Beuche, regional manager of the firm’s Philadelphia office. The asset sold for $2,177,300.
Craig Dunkle and Mher Vartanian, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a Private REIT from Chicago, IL. Dawson Rinder, Virginia Broker of Record, assisted in closing this transaction.
Bright Ideas Enrichment Center is located at 14330 Sommerville Ct in Midlothian, VA. This building was built in 2004 and sits on 1.25 Acres of land. It is single-tenant and is currently at 100% occupancy. The initial lease term runs until January of 2035, which is followed by 2 option periods of 5 years each. The lease includes 1% annual rent increases.
“The daycare space has been a growing area of interest for investors on a national scale”, says Vartanian “the work-from-home era is highlighting the importance of daycare business.”
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 8,954 transactions in 2020 with a value of approximately $43 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.