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Offered for Sale

Tutor Time Learning Center

For more information contact John Siragusa

312-759-7687 • FAX 312-759-7800 • jsiragusa@brauvin.com

 

 

501 Harris Street, Henderson, NV

 

Sale Price: $755,000 - 6.75% Cap

 

The Property

The Property consist of two buildings that are under a single lease to Tutor Time,Learning Centers, LLC. and fully guaranteed by Learning Care Group, Inc. for the full ten year initial term. The property is located on Harris Street directly across from the Henderson Valley View Recreation Center. Building 1 was a build to suit childcare building built in 1980 and Building 2 was built in 1989. Both have operated continuosly as childcare centers. Tutor Time currently subleases Building 2 and one classroom in Building 1 totaling 3,242 square feet (45% of the GLA) to Sunrise Children’s Foundation, a not for profit established in 1993 that provides childcare, education and health programs free of cost. Sunrise has been a subtenant since 2010, and in 2015 they renewed their sublease for 5 years through March 30, 2020. Sunrise pays rent of $48,624, and general liability insurance, CAM, repairs, janitorial, and utilities. The capacity for this unit (excluding capacity for Sunrise) is 92, and there are 69 children enrolled at the school.

Guarantor

Tutor Time is the tenant under the triple net lease. Tutor Time, a wholly owned subsidiary of Learning Care Group ("LCG"), is an operator of 137 child care facilities. The lease is fully guaranteed by LCG, one of the largest early education and childcare services companies in the United States. Headquartered in Novi, MI, LCG operates more than 900 company owned and franchised schools in 36 states. LCG has been owned by the private equity firm, American Securities, LLC, since 2014

Property Description

Rentable Area:

Building 1 - 4,584 (sf) & Building 2 - 2,566 (sf)

Land Area:

.68 (acres)

Frontage:

Approximately 134 feet on Harris St.

Lease Terms

Lease:

Tutor Time Learning Centers,LLC

Guarantor:

Learning Care Group, Inc.

Expiration Date:

01/30/2027

Tenant Responsibilities:

Absolute NNN

Landlord Responsibilities:

None

Base Rent:

$51,000 (increases to $56,100 in year 6)

Options:

Three 5-year options

Demographics (2009)
  3 Miles 5 Miles
Population: 76,542 142,147
Avg. H. H. Inc: $68,330 $72,050
About Henderson, NV

Incorporated in 1953, Henderson is Nevada's second largest city with more than 290,000 residents. Recognized as the Second Safest City in America by Forbes magazine and three times named to MONEY magazine's list of "Best Places to Live in America". The immediate area of the property is comprised of both dense residential and commercial. Retailers in the vicinity include Walmart, 99 Cents Only, and 24 Hour Fitness.

Third Party Reports

Current title, survey, PZR, and phase 1 reports available upon request.

No warranty or representation, expressed or implied, is made to the accuracy of the information contained herein, and the same is submitted
subject to errors, omissions, change of  price, rental or other conditions and withdrawal without notice.

 

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