(For more retail coverage, click GlobeSt.com/RETAIL.)
ANTHEM, AZ-Tutor Anthem Group LLC of San Diego, which in 2004 developed a 11,752 sf build-to-suit for a franchise of Tutor Time LLC, has sold the property to NorthCoast Investors of Eureka, CA for $4.9 million in an off-market transaction.
The deal included a 22-year lease for the Tutor Time franchise at 3720 W. Anthem Way. Tutor Time, based in Novi, MI, provides outside educational instruction, tutoring and learning services to children from pre-school through middle school.
"The developer originally bought the dirt to develop the building for Tutor Time," says Jamie Medress who, with Steve Gonzalez of Marcus & Millichap Real Estate Investment Brokerage Co.'s Phoenix office, represented both buyer and seller in the deal. Medress, a senior investment associate with Marcus & Millichap, adds no changes or renovations will be made to the property.
Medress says the buyer purchased the property purely for investment purposes. "They acquire retail properties regularly," he tells GlobeSt.com. "Phoenix and Colorado are among their core markets."
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