Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a KinderCare Learning Center located at 3270 East Bay Drive in Largo, Florida. Stan Johnson Company’s Milo Spector, Chris Lomuto and Matt Lipson, represented the seller, a Florida-based institutional group. A private buyer from Pennsylvania, who was represented by Aaron Huntley and R.J. Tuller of Horvath & Tremblay, purchased the asset for nearly $2.0 million, although the cap rate was not disclosed.
“I don’t think a lot of folks realize how much of an essential business early education/child care is. In my opinion, this sale speaks volumes to that, as we were not only able to get the property under contract and sold during the pandemic, but we also procured multiple offers from interested buyers all across the country,” said Spector, Associate Director in Stan Johnson Company’s West region who has a focus on early education properties nationally.
The single-tenant facility totals 7,680 square feet and sits on a one-acre parcel along a highly traveled retail corridor in suburban Tampa, Florida. This site was designated as one of KinderCare’s “essential centers,” which means it was able to stay open throughout most of the pandemic due to the strong medical presence in the area and demand from essential workers and first responders.
