Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Bright Ideas Enrichment Center, a 4,988-square foot net-leased property located in Miramar Beach, FL, according to Sean Beuche, regional manager of the firm’s Philadelphia office. The asset sold for $1,850,000 or $370/sf.
Craig Dunkle and Mher Vartanian, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a reit. Ryan Nee, District Manager, Florida Broker of Record, assisted in closing this transaction.
Bright Ideas Enrichment Center is located at 45 S Shore Dr in Miramar Beach, FL. “This well-situated long-term net lease asset is situated on 0.51 acres with 4,988 SF of rentable space. Rent is $28.72/SF with 1% increases each year and a five-year renewal option after 15 years with another five-year option after the first option. Bright Ideas Child Care is a 3-star facility established in the late 1990s. This Bright Ideas location is not your typical childcare or preschool as it is a preschool and childcare center that has extracurricular activity programs for children 6 weeks to 12 years of age; offering a before and after school care program through its 35 employees to its 70-80 children throughout the year. Located right off Emerald Coast Pkwy W & S Shore Dr., the property sees traffic of over 52,000 vehicles per day. In Miramar Beach FL., the population is over 20,000 people and expects population growth of ~4.2% through 2024 as younger age groups move in. Within a five-mile radius the average median household income is about $107,500 at a lower cost of living with an average age of 42 years old showing the need and ability to pay for childcare. The current annual spending for education and childcare within the five-mile radius is over $26,000,000 and is expected to grow to over $34,000,000 by 2024 representing a 30% increase.” Mher Vartanian represented the Seller in this well positioned net-lease sale. “The combination of being a daycare in an income tax free state made this a perfect prize for a 1031 buyer. The Bright Ideas brand is strong, and we are happy to represent them.”
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
