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| Matthew Mousavi |
IRVINE, CA – Faris Lee Investments, a leading retail
advisory and investment sales firm, has completed the $6.1 million
sale-leaseback of a 16,600-square-foot, single-tenant, NNN-leased retail
property fully occupied by Kiddie Academy in Irvine, Calif.
At the close of
escrow, Kiddie Academy ownership signed a new long-term 20-year lease with rare
annual rent increases.
Matthew Mousavi, Patrick Luther, and Thomas Chichester
of Faris Lee Investments represented the seller and operator of Kiddie Academy,
JS&A, LLC.
The buyer, Los Angeles-based Everwin Investments, Inc., was
represented by Treeline Realty. The closing cap rate was 6.5 percent and the
price-per-square-foot was just over $367.
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.
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| Patrick Luther |
“Faris Lee highlighted the rare opportunity to own a stable
retail property in a key central Orange County location. We also advised the
operator/seller, an award-winning regional franchisee for Kiddie Academy, on
how to strategically structure a sale-leaseback,” said Mousavi.
“We received 15 offers on the asset, secured strong pricing
and one of the lowest cap rates for a preschool-occupied property over the last
few years.”
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 $96,000, as well as an abundance of daytime
employees in the immediate vicinity who have a need for child care services.
For a complete copy of the company’s news release, please
contact:
Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224
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