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6/13/16
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A freestanding, single-tenant property occupied by KinderCare Learning Centers in Victorville traded hands in a recent sale valued at $4.6 mil. The 8.9k sf property sold at cap rate of 5.87 percent – a record low for a full-service childcare/daycare facility in all of Southern California per CoStar records.
Built in 2008 and located at 13615 Bear Valley Road, the facility sits on 1.15 acres. The property is within a shopping center with retailers that include Walgreens, McDonald’s, and Fitness 19, and it is situated less than one-mile from Mall of Victor Valley and retail power center, Dunia Plaza. KinderCare has been a tenant at the property since it was developed and is the only national child care provider west of Interstate 15 in Victorville.
Shaun Riley with Faris Lee Investments represented the seller, OPT Bear Valley VV LLC, from Beverly Hills. The buyer, Newport Beach-based Giavictor Investment LLC, was repped by Diana Kaplan of ReMax FH Commercial.
“Faris Lee marketed this asset as an opportunity to own a freestanding property with a best-in-class operator, and provided potential buyers with a detailed competition map, site tours, and a tour of the trade area,” said Riley. “The combination of these elements was instrumental in communicating how this property would meet the long-term investment goals of the investor. We ultimately identified a buyer who paid a strong price of more than $515 per square foot and set a record breaking low cap rate.”
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