Primrose Schools

660 Grassfield Parkway, Chesapeake, VA 23322

$5,714,285

Cap Rate 7.00%

Views: 26 DOM: 38 Updated: 09.12.24 Posted: 08.09.24 Status: Active

Summary

Price $5,714,285	Built/Renov 2009	Tenant Primrose Schools
Cap Rate 7.00%	Lease Type Abs NNN	Guarantor Franchisee
Size/SF 11,640	Lease Start 10-01-2024	#Units 1
Price/SF $490.92	Expiration 09-30-2039	Tenant Type Daycare/Education
NOI $400,000	R. Term 15.0	Ownership Fee Simple
Rent/SF $34.36	Increases 2.0%/1/yrs	Pop 5Mi 108,115
Lot/AC 2.21	Options 4/5yrs/2%	AHHI 5Mi $125,690

Lease Highlights

Brand new 15-year lease with 4 (5-year) options to extend
The lease features 2% annual rental escalations throughout the initial term and option periods
Absolute NNN lease | Zero landlord responsibilities
Franchisee guaranteed lease

Location Description

Primrose Schools is strategically located on Grassfield Parkway, with access to 32,000 vehicles passing by daily. The property is surrounded by well-known businesses, including Wendy’s, Dollar Tree, Firestone, Taco Bell, 7-Eleven, and more. Key educational institutions in the vicinity include Cedar Road Elementary School and Tidewater Community College. The 5-mile trade area supports a...

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Key Features

Build to suit
Dense retail corridor
Near major nationals
Top 100 MSA
Strong demographics
Brand new lease
Long 15+ yr lease
Absolute NNN
Annual rent increases
Personal guarantee

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Links

Primrose Schools Wikipedia Primrose Schools Wikipedia Chesapeake, Virginia Zip Code 23322 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Primrose Schools
Guarantor:Franchisee
Company:Franchisee
# Units:1
Stock:Private

About Tenant

Primrose Schools is a national system of accredited early childhood education centers. Primrose offers full private childhood education and care for children ages 6 weeks to 6 years and...

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Listing Broker

Ryan Sompayrac

Sands Investment Group

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9 Listings
301 Views
0 Sold

Adam Bridges

Sands Investment Group

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7 Listings
302 Views
0 Sold

Ryan Sompayrac

Sands Investment Group is a commercial real estate brokerage firm that specializes in the buying and selling of investment properties for private investors and institutions across the United States. Since its founding in 2010, SIG has closed over 4,100 plus transactions worth more than $8 Billion in 48 states. Advisors with the company currently have over $1.4 billion in active inventory. As a leader in the industry, SIG was first to offer true sub-product type specialization. The firm’s experi

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Adam Bridges

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Clifton McCrory

Sands Investment Group

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30 Listings
963 Views
0 Sold

Tom Gorman

Sands Investment Group

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14 Listings
341 Views
0 Sold

Clifton McCrory

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Tom Gorman

I am a Managing Director with over 15 years of experience in real estate investing and advising. Excellent in leading high-performing brokerage teams, executing complex real estate transactions, and driving significant portfolio growth for clients. Skilled in strategic planning, market analysis, mentoring and coaching, and business development strategy. Knowledgeable in tax efficient commercial real estate investment strategies as well as effective acquisition and disposition of properties. Suc

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