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The Learning Experience, Fuquay-Varina, NC

The Learning Experience

Price $4,639,000
Cap Rate 6.50% Return (7.33% Average Cap Rate)
NOI $301,500
Lease Term 25 Years
Lease Type Net, with Tenant Responsible for all Insurance, Taxes, and Maintenance, Excluding Roof and Structure
Rental Increases 6% Rental Increases in Year 6, Year 11, and Options
Year Built 2019
Building Size 10,000 SF Building
Lot Size 1.43 Acres (62,291 SF)
Status Available
Lead Broker Information Vince Aicale
Executive Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Executive Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Michael T. Yuras, CCIM
Cushman & Wakefield
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Senior Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Jack Hinson
Brokerage
704.572.9921
jack.hinson@cushwake.com
CA RE License #02059267

Investment Highlights

LONG-TERM LEASE TO NATIONAL TENANT WITH BRAND RECOGNITION AND GROWTH
» New 25-year lease with two five-year options
» Scheduled rental increases during initial term and option periods, providing a hedge against inflation
» 300+ locations in 22 states
» Tenant experienced 210% increase in five-year system-wide revenue growth and is one of the fastest growing franchises in its industry
» Ranked in the Franchise 500 nine years in a row

HIGH-TRAFFIC LOCATION WITH ROBUST DEMOGRAPHICS
» Excellent access and visibility to 29,000 vehicles per day at the intersection of North Main Street and Cinema Drive
» Affluent area, with an average household income of $99,578 within one mile and average household incomes exceeding $91,600 within three- and five-mile radii, significantly higher than national and regional averages
» Outparcel to new 265-unit apartment complex and near several residential communities that are currently under construction
» The population within one mile of the property grew 50% between 2010 and 2018, and the population is expected to grow by more than 10% between 2018 and 2023 within one-, three-, and five-mile radii

WEALTHY BEDROOM COMMUNITY WITH HIGH DEMAND FOR CHILDCARE AND EARLY EDUCATION
» Located in Fuquay-Varina, a family-oriented community whose average residents include working executives and school-age children
» Community places a high value on education; 42% of all Fuquay-Varina residents 25 years or older have a bachelor’s degree or higher
» Many residents commute to Raleigh and the surrounding communities for work, creating a high demand for childcare services

NEW 2019 CONSTRUCTION
» High-quality construction scheduled to be completed in 2019
» New building, limiting near-term deferred maintenance or capital costs



Property Description

The property is strategically located at the intersection of North Main Street and Cinema Drive, with excellent visibility and access to 29,000 vehicles per day. North Main Street is a major commercial corridor, and the property is close to several nationally recognized retailers, including Kohl’s, Walmart Supercenter, Aaron’s, Chick-fil-A, Walgreens, Starbucks, Aldi, Dollar Tree, and Home Depot, amongst many others. The property is also outparcel to The Village at Marquee Station, a new mixed-use development that features 265 apartment units along with retail and commercial space.

Several schools are near the property, including Fuquay-Varina Elementary School (883 students) and two new schools—Willow Spring High School and South Lakes Elementary School—which are currently under construction and are expected to open in August 2019 and August 2020, respectively. All these schools are part of the Wake County Public School System, the largest system in the state. The property is surrounded by affluent residential neighborhoods; the average household income within one mile of the property is $99,578, and average household incomes within three- and five-mile radii exceed $91,600. The surrounding area is also rapidly growing, with several residential communities currently under construction near the property. The population within one mile of the property grew 50% between 2010 and 2018, and the population is expected to grow by more than 10% between 2018 and 2023 within one-, three-, and fivemile radii. Additionally, a majority of the region’s workforce works outside of the home, and many residents commute to Raleigh and the surrounding communities for work, providing a high demand for childcare services.

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