Commercial real estate brokerage firm Marcus & Millichap Wednesday announced the sale of BrightPath Childcare Center, a net-leased property located in Parsippany-Troy Hills, for $4.3 million. The buyer and seller did not wish to be identified.
A net-leased property means the tenant pays for expenses like taxes, insurance, and maintenance, not just rent.
“Net-leased daycare assets provide investors with a higher yield than most other net-leased properties,” said Alan Cafiero, senior managing director investments. “This is critical for obtaining debt that pencils out in today’s market.”
Marcus & Millichap’s Alan Cafiero, David Cafiero and John Moroz, investment specialists in the firm’s New Jersey office, exclusively marketed the property on behalf of the seller. The buyer was procured by the Cafieros, Moroz and Brent Hyldahl.
The 11,266-square-foot BrightPath Childcare Center was built in 2014. It has 41 parking spaces.
Brightpath Kids has more than 230 centers across Canada and the U.S.
