(For more retail coverage, click GlobeSt.com/RETAIL.)
CHANDLER, AZ-In a sale-leaseback transaction, Sunrise Preschools Inc.'s real estate arm, CRRO II LLC in Corona del Mar, CA has sold its 7,380-sf Sunrise Preschool to Los Angeles-based McDonald Holdings LLC for $2.67 million in a 1031 exchange on the part of the buyer. The lease-back period is 12 years.
The property, located at 1114 W. Elliot Rd., was built in 1986 and renovated in 2004. Sunrise Preschool is a privately owned company that operates preschools throughout the United States.
"Most of the sites are company owned. They don't normally own the real estate," says Ari Spiro, senior investment adviser with Sperry Van Ness' Phoenix office. "But they did own this particular piece of property."
Spiro, Jeff Chalfin and Michael Day, also with Sperry Van Ness in Phoenix, as well as Brad Umansky in a California office represented both buyer and seller in the transaction. "The buyers were looking for a passive investment and felt comfortable with the day care/preschool types of tenants," Spiro tells GlobeSt.com. "They've had some experience with these types of tenants before and they think this will prove to be a nice cash flow for them for the duration of the lease, if not longer."
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