The Boulder Group has completed the sale of a single tenant triple net leased La Petite Academy property located at 2345 S. Route 59 in Plainfield for $2.4 million.
La Petite Academy is the sole occupant of the 9,960-square-foot retail building used for a day care facility. The property is located on a 44,867-square-foot parcel at the southwest corner of South Route 59 and Caton Farm Road in Plainfield. The property is fully leased to La Petite Academy with more than five years of lease term remaining and features a 9 percent rental escalation in November 2014.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private investor, in the transaction. The buyer was a high net worth individual located in the Midwest.
La Petite Academy has more than five years remaining on an original 20-year lease. There are more than 500 La Petite Academy locations nationwide. La Petite Academy is owned by Learning Care Group Inc., the second largest for-profit child care provider in North America. They operate more than 900 child care facilities under five different brands, Childtime Learning Centers, Tutor Time Child Care, The Children’s Courtyard, Montessori Unlimited and La Petite Academy.
“The market for net lease properties in top 50 MSAs remains robust as these assets are in high demand among private investors.” said Blankstein, president of The Boulder Group.
