By Michelle Price
Special to the UCBJ
COOKEVILLE – In the top real estate transaction of September 2021, the 7,980-square-foot triple net leased (NNN) property that is home to Bright Ideas Enrichment Center sold for $3,125,000.
Bright Ideas Enrichment Center, previously Lighthouse Learning Academy, is a childcare facility that provides innovative daycare services and preschool education for children ranging from six weeks to five years old. It is located at 1160 Perimeter Park Dr, which sits at the intersection of I-40 and Highway 111.
According to the management of Bright Ideas Enrichment Center, all operations of the facility will continue as normal.
In 2019, the residents within a five-mile radius spent over $22 million on education and daycare, and that number is expected to grow to over $26 million by 2024 – representing an 18.18% increase.
The sale was brokered by Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services.
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 real estate investment trust. Jody McKibben, Marcus & Millichap’s broker of record in Tennessee, assisted in closing this transaction.
“The strong demand for service-based net-leased real estate created a competitive environment generating multiple offers,” said Vartanian. “This seamless transaction was a first for the West Coast buyer who was coming out of a 1031.”
