The Learning Experience - Oviedo, FL
Closed1087 Wellness Way, Oviedo, FL 32765
Property type
Retail
Unit / Space count
1
Price
$4,765,000
Building size
10,000 sf
Rentable area
10,000 SF
Year built
2021
Year renovated
Occupancy
Zoning code
Lot size
1.24 Acres
Sold/status
Sold · Date unknown
Sale price
$4765000
CAP
6.40%
Property description
Franklin Street is pleased to present The Learning Experience in Oviedo (Orlando MSA), FL. This investment offering is an opportunity to acquire the fee-simple interest of a 10,000 square foot freestanding Learning Experience education center situated on a 1.24-acre lot. This Learning Experience child care center has a brand new 17-year lease in this location and began paying rent in May of 2021. The Learning Experience has 12% increases in their rent every five (5) years and in addition has two, five (5) year renewal options that also have 12% rent increases in the fourth year of the renewal period. This Learning Experience location is a franchise child care center and has a lease guaranty from the franchisee. The chain was created in 1980 by the Weissman family, who saw an opportunity to enter a market that has not fully been exploited. The Learning Experience is headquartered in Deerfield Beach, Florida, and currently has over 250 locations nationwide. This property features access along West Mitchell Hammock Road, which experiences traffic counts in excess of 35,000 vehicles per day. Further, this Learning Experience location is under a limited guaranty by its parent company, The Learning Experience Corp. Located approximately 20 minutes away from downtown Orlando provides easy access for the 51 million individuals that visit Orlando each year. This property is located within Oviedo's growing demographics, which has seen a population growth of over 27% in the last 20 years. The Subject Property is also surrounded by national tenants including Chick-Fil-A, Panera Bread, Bank of America, Walgreens, Sprouts, and Starbucks.
Property highlights
- Generated 14 competitive written offers throughout the marketing period
- Lowest cap rate TLE trade in the last two years nationwide per CoStar (excluding California)
- Record for the highest price per foot TLE sale in Florida and surrounding states per Costar
- The property traded 2.35% off list price
- Franklin Street exclusively represented the seller and the buyer
- Sold to a local 1031 Exchange buyer