In a recent $6.1 mil sale-leaseback deal in Irvine, Los Angeles-based Everwin Investments Inc acquired a 16.6k sf single-tenant, NNN-leased retail property fully occupied by Kiddie Academy. At the close of escrow, Kiddie Academy signed a new, 20-year lease with rare annual rent increases.
The property, situated on .89 acres at 16655 Noyes Ave, was built in 1974 and underwent a complete renovation in 2007. This highly successful Kiddie Academy location has been operating at full capacity, year-over-year, since opening in 2006.
Matthew Mousavi, Patrick Luther, and Thomas Chichester of Faris Lee Investments represented the seller and operator of Kiddie Academy, JS&A LLC. The buyer was repped by Treeline Realty. The closing cap rate was 6.5 percent and the price-per-square-foot was just over $367.
The preschool is well-located in between Vestar Development’s The District Shopping Center (anchored by Costco, Lowes, Target, and Whole Foods) and Diamond Jamboree – both highly successful retail developments. The property also benefits from a dense location with 538,000 people living within a five-mile radius, with an average annual household income in excess of $96k, as well as an abundance of daytime employees in the immediate vicinity who have a need for child care services.