IE Business Daily Business news for the Inland Empire.
Progressive Real Estate Partners in Rancho Cucamonga has helped broker the sale of a preschool in Glendale, Ariz.
Sunrise Preschool sold for $2.5 million in an all-cash transaction, according to a statement posted on Progressive’s website.
Progressive, along with S.J. Fowler Real Estate in Mesa, Ariz., represented the seller, an Arizona-based private investor whose name was not released. The buyer, a Central California-based private investor who also remained anonymous, was represented by Central Valley Properties in Tracy, Calif.
“Single-tenant leased daycare centers continue to be a popular investment,” said Brad Umanksy, Progressive president, in the statement. “In addition to being service-based and internet resistant, there are almost 11 years remaining on this lease providing additional security.
“And, In spite of the pandemic, this school has stayed open and paying full rent, demonstrating the strength of the corporate ownership.”
Sunrise Preschools operates 29 corporate-owned schools in the Phoenix area and has more schools in development. Childcare Network, its parent company, has more than 250 locations in 11 states and is the sixth-largest daycare operator in the United States, according to the statement.
