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6/29/16
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A three-building, 15.9k sf school campus fully occupied by LePort Educational Institute Inc in Solana Beach just sold for $6.25 mil ($393/sf) in a sale-leaseback transaction. The seller will continue to use the campus for its Montessori school.
Situated on 2.13 acres at 1010 Solana Dr, the property is off the 5 Fwy in the coastal community of Solana Beach. It offers nearby amenities including seven major grocery stores, 165 eating and drinking establishments, 30 banks, and 15 hotels all within a three-mile radius.
Nick Carey, Byron Foss, and Wade Tift of NGKF’s Newport Beach office, along with Brent Bohlken out of NGKF’s La Jolla office, represented the seller, LePort Real Estate LLC. The buyer, a qualified intermediary for Builders Trust, was represented by Commercial Asset Group. The transaction closed at a cap rate of 6.72 percent.
“The sale-leaseback provided LePort with a unique opportunity to realize significant value by selling the real estate and investing the profit back into its business,” said Carey, managing director with NGKF. “This irreplaceable location and quality tenant enabled us to secure multiple offers and leverage the activity to achieve a price above the asking.”
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