Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of a 8,500 square foot net-leased Children of America property located in Fredericksburg, VA, according to Matthew Drane, regional manager of the firm’s Washington, D.C. office. The asset sold for $2,175,000.

Dean Zang, senior managing director investments in Marcus & Millichap’s Washington, D.C. office, had the exclusive listing to market the property on behalf of the seller, who was the original developer of the property. The buyer, a 1031 exchange investor, was secured and represented by Zang and his team. Bryn Merrey, broker of record, assisted in closing this transaction.

The Children of America is located at 12008 Old Salem Church Rd in Fredericksburg, VA. The property had two additional pads that were approved, zoned, and permitted for two additional buildings. Children of America operates 65 childcare centers throughout DE, IL, MA, IN, MD, NY, NC, OH, PA, VA, and WI.

“There is a high demand right now for net-leased daycares. Many investors feel this is an economically resilient sector of the net-leased market. The childcare industry generates $48 billion annually,” explained Zang.

About Marcus & Millichap (NYSE: MMI)

With nearly 2000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.