(Source: Colorado Real Estate Journal, November 4, 2020, p. 16) A retail property occupied by a national education provider in LoneTree traded as part of the buyer’s 1031 exchange. Colorado-based buyer Aidan Inc purchased the 11,090 sq. foot retail property at 8502 Park Meadows Drive from seller Carlyle Holdings LLC for $4.2million. Rebecca Martin of RBM Real Estate Solutions represented the byer, while John Becker of Fuller Real Estate represented the seller. According to CoStar data, Core-First Bank & Trust provided a $2.9 million loan for the purchase. Spring Education Group, a subsidiary of Nobel Leaning Center Communities, occupies the property under a 10-year, triple net lease. The tenant has eight years remaining on its lease, with two five-year renewal options after the primary term. The lease has 8% rent escalations every five years beginning August 2023. The tenant operates MerryHill School at the property. According to Becker, the property was listed last fall and garnered strong interest from a variety of investors. He said prospective buyers were interested in the tenant’s credit-worthiness, as it has 230 locations nationwide and upward of $500 million worth of assets. Prospective buyers also were drawn to the opportunity to have little landlord responsibility.
LoneTree School Sells for $4.2M
