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Child Care

Bright Ideas Enrichment Center

1160 Perimeter Park Dr, Cookeville, TN 38501

Listing Price: $3,190,000

Cap Rate
7.26%
Tenant Name
Bright Ideas Enrichment Center
Years Remaining On Lease
12.8
Guarantor
National Franchisor
Rentable SF
7,980
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$29.02

Investment Overview

Marcus & Millichap is pleased to offer the opportunity to acquire the fee simple interest for a childcare center in Cookeville, Tennessee sitting on 1.5 acres with 7,980 SF of rentable space. Rent is $29.02/SF with 1% increases each year and a five-year renewal option after 15 years with another five-year option after the first option. Bright Ideas Enrichment center (formerly Lighthouse Learning Academy) is a childcare center, established in 2005 providing innovative daycare services and preschool education in a state-of-the-art building with age-appropriate learning equipment. Education is based on the Creative Curriculum that is widely used in the United States. They utilize structured activities and programs for children from 6 weeks to 5 years old, providing a secure, comfortable and loving environment which encourages your child to grow socially, emotionally and intellectually. The NNN lease was signed in March 2019 and expires on March 31, 2034. The City of Cookeville, incorporated in 1903, is located 79 miles east of Nashville and 101 miles west of Knoxville at the intersection of I-40 and Highway 111 in the Upper Cumberland Region of Middle Tennessee. Interstate 40 experiences traffic of over 50,000 vehicles per day. Within a five-mile radius of the property, there are about 50,000 people at an average age of 34.5. In 2019, the residents within a five-mile radius spent over $22,000,000 on education and day care and that number is expected to grow to over $26,000,000 by 2024 representing an 18.18% increase.

Investment Highlights

  • NNN lease signed in March 2019 and expires in March 2034 with two option periods
  • Serves children from six weeks to 5 years of age
  • 7,980 rentable SF at $29.02/SF and 1% increase each year
  • Located off I-40 which experiences traffic of 50,000 vehicles per day
  • ~50,000 people with average age of 34.5 years old with decreasing age demo

Exclusively Listed By

Broker of Record

  • Jody McKibben

    Vice President / Regional Manager

    (615) 997-2860

    License(s) TN: 307629

    Tennessee

Child Care

Bright Ideas Enrichment Center

Listing Price: $3,190,000

Cap Rate
7.26%
Tenant Name
Bright Ideas Enrichment Center
Years Remaining On Lease
12.8
Guarantor
National Franchisor
Rentable SF
7,980
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$29.02

Investment Highlights

  • NNN lease signed in March 2019 and expires in March 2034 with two option periods
  • Serves children from six weeks to 5 years of age
  • 7,980 rentable SF at $29.02/SF and 1% increase each year
  • Located off I-40 which experiences traffic of 50,000 vehicles per day
  • ~50,000 people with average age of 34.5 years old with decreasing age demo

Investment Overview

Marcus & Millichap is pleased to offer the opportunity to acquire the fee simple interest for a childcare center in Cookeville, Tennessee sitting on 1.5 acres with 7,980 SF of rentable space. Rent is $29.02/SF with 1% increases each year and a five-year renewal option after 15 years with another five-year option after the first option. Bright Ideas Enrichment center (formerly Lighthouse Learning Academy) is a childcare center, established in 2005 providing innovative daycare services and preschool education in a state-of-the-art building with age-appropriate learning equipment. Education is based on the Creative Curriculum that is widely used in the United States. They utilize structured activities and programs for children from 6 weeks to 5 years old, providing a secure, comfortable and loving environment which encourages your child to grow socially, emotionally and intellectually. The NNN lease was signed in March 2019 and expires on March 31, 2034. The City of Cookeville, incorporated in 1903, is located 79 miles east of Nashville and 101 miles west of Knoxville at the intersection of I-40 and Highway 111 in the Upper Cumberland Region of Middle Tennessee. Interstate 40 experiences traffic of over 50,000 vehicles per day. Within a five-mile radius of the property, there are about 50,000 people at an average age of 34.5. In 2019, the residents within a five-mile radius spent over $22,000,000 on education and day care and that number is expected to grow to over $26,000,000 by 2024 representing an 18.18% increase.

Exclusively Listed By

Broker of Record

  • Jody McKibben

    Vice President / Regional Manager

    (615) 997-2860

    License(s): TN: 307629

    Tennessee

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