Marcus & Millichap closes sale of childcare facility in New Berlin

Marcus & Millichap closes sale of childcare facility in New Berlin

Marcus & Millichap brokered the sale of a net-leased childcare facility occupied by Cadence Academy in New Berlin, Wisconsin, for $3,057,000. Marcus & Millichap Capital Corporation (MMCC), a subsidiary of Marcus & Millichap, arranged $2,139,900 in acquisition financing. Sam Malato and Dominic Sulo, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, in association with Todd Lindblom, Marcus & Millichap’s Wisconsin broker of record, marketed the property on behalf of the seller, a Florida-based real estate investor specializing in early childhood education properties. They also procured the buyer, a private, Illinois-based investor. Dean Giannakopoulos, senior managing director in Marcus & Millichap’s Chicago Oak Brook office, secured the financing with a regional lender on behalf of the buyer. The loan features a five-year term at 70% loan-to-value, with 12 months of interest-only payments at a 5.85% rate, followed by amortization on a 25-year schedule. Located at 5245 S. Emmer Drive, the 11,080-square-foot childcare facility was built in 1999 on a 1.91-acre site. The property is occupied by Cadence Academy under a corporate-guaranteed absolute net lease with more than 13 years remaining. It is located just off Interstate 43, less than 30 minutes from downtown Milwaukee.