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The Learning Experience, Overland Park , KS

The Learning Experience, Overland Park , KS


Investment Summary

Price $5,610,000
Cap Rate 7.15%
NOI $401,100
Lease Term 15 Years
Lease Type Net, with Tenant Responsible for all Insurance, Taxes, and Maintenance, Excluding Roof and Structure
Rental Increases 8% Rental Increases Every Five (5) Years
Year Built 2019
Building Size 10,000 SF
Lot Size 1.44 Acres (67,777 SF)
Status Available
Lead Brokers Vincent Aicale
Executive Managing Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

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

Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

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

Investment Highlights

LONG-TERM LEASE WITH SCHEDULED RENTAL INCREASES TO NATIONAL TENANT WITH BRAND RECOGNITION AND GROWTH
» Long-term net lease with 8% rental increases every five years
» Tenant has over 600 locations open or in development
» The Learning Experience is the nation’s fastest-growing and #1 childcare franchise according to Entrepreneur, boasting more than 75 years’ experience in the childcare industry
» The Learning Experience is currently on a trajectory to open 40 – 70 centers per year

HIGH-TRAFFIC LOCATION IN DENSE RETAIL CORRIDOR WITH ROBUST DEMOGRAPHICS
» Excellent access and visibility to 20,000 vehicles per day at the signalized intersection of Pflumm Road and West 133rd Street
» Near West 135th Street (26,100 AADT), a major commercial and retail corridor
» Outparcel to Crystal Springs, a new mixed-use development that will include a 248-unit apartment complex plus retail and office space
» Affluent area, with an average household income of $165,342 within one mile and average household incomes exceeding $132,398 within three- and five-mile radii, significantly higher than national and regional averages
» Large population of 99,991 within three miles of the property and 239,721 within five miles
» Located near major employers, with 166,707 daytime employees working within a five-mile radius

BEDROOM COMMUNITY WITH HIGH DEMAND FOR CHILDCARE AND EARLY EDUCATION
» Located in Overland Park, a family-oriented community whose average residents include working executives and school-age children
» Public school districts in Overland Park rank among the best in the nation
» Community places a high value on education; 61.4% of all Overland Park residents 25 years or older have a bachelor’s degree or higher
» Many residents commute to Kansas City and the surrounding communities for work, creating a high demand for childcare services

Property Description

The property is conveniently located at the signalized intersection of Pflumm Road and West 133rd Street, with excellent visibility and access to 20,000 vehicles per day. The property is approximately one block from West 135th Street (26,100 AADT), one of Overland Park’s main commercial and retail corridors. A number of major national and regional retailers are located a short distance from the property, including Walmart Supercenter, Lowe’s, Walgreens, Menards, Hobby Lobby, Starbucks, CVS, and more. The property is also outparcel to Crystal Springs, a new mixed-use development that will include a 248-unit apartment complex plus retail and office space.

The property is surrounded by affluent residential neighborhoods; the average household income within one mile of the property is $165,342, and average household incomes within three- and five-mile radii exceed $132,398. Additionally, the property benefits from its location in a densely populated area, with 101,997 residents within a three-mile radius and 239,721 residents living within a five-mile radius. Furthermore, the property is located near major employers, with 166,707 daytime employees working within a five-mile radius. A majority of the region’s workforce works outside of the home, and many residents commute to Kansas City and the surrounding communities for work, providing a high demand for childcare services.

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