Marcus & Millichap announced the sale of five net-leased Rainbow Childcare Centers, totaling 39,500-square feet located in North Carolina, according to Steven D. Weinstock, Vice President/ Regional Manager of the firm’s Chicago Oak Brook office. The assets sold for $5,170,208.
Reed Fenton and Tammy A. Saia investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a developer. The buyer, a REIT, was also secured by Reed Fenton and Tammy A. Saia. Allen Smith, Broker, assisted in closing this transaction.
The Rainbow Childcare Centers all located in North Carolina sold in 70 days. Rainbow Childcare Centers are one of the top childcare providers in the country. They have over 100 locations throughout the eastern United States and continue to aggressively expand. They are backed by a large private equity firm that manages over 650 million dollars in assets.