A former Kindercare Preschool at 7251 N Meredith Blvd. in Marana sold for $325,000 ($71 PSF) to Ronald Benitto and Haydee Catacora. The preschool closed about one year ago and was purchased to lease or for redevelopment by the investor.
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Located off Ina and Thornydale Road, the property is situate behind the Fry’s shopping center at a major shopping intersection in Marana. The leasing agent, Tim De Niro of Commercial Real Estate Group of Tucson believes the 4,567 sq. ft. building with a 23,534 sq. ft. lot has a lot of potential for re-development as a single-tenant professional office use such as for an engineering or accounting firm, or is ideal for a charter school.
Roger Breckenridge of Long Realty represented the seller, The Lok Revocable Family Trust (Bruce and Uyen Lok) who were downsizing their portfolio in the sale. Tim De Niro represented the buyer and continues to be retained by the buyer
The past years have been difficult ones for daycare operators. Across the nation, daycare operators are in the same boat. The recession hits them from two sides: They have been hemorrhaging income as laid-off parents pull their kids from daycare, while subsidies from deficit-ridden governments were being slashed at the same time.
Arizona’s child care assistance programs are administered by the Department of Economic Security’s Child Care Administration. Assistance in paying for all or part of child care costs are guaranteed to those enrolled in Temporary Assistance for Needy Families (TANF), employed and transitioning off of TANF, or within the Child Protective Services (CPS) system. When funding is available, assistance is offered to qualified families with incomes below 165% of the federal poverty level, which for a family of three is about $30,216.
The Arizona Child Care Association weighed in on the budget issue this month voicing concerns that 4,000 CPS children may be removed. In April 2009, more than 15,000 parents in Arizona got letters from the state saying there were no more funds for daycare subsidies. The Legislature appropriated $18.2 million in federal stimulus money to restore the subsidies, but the state had to reduce rates paid to providers by 5% in the process.
Governor Brewer has requested $9.6 million in 2014 to fund the increase in CPS child care and to prevent the removal of 4,000 currently served children beginning in July. Without the $9.6 million, child care for low income working families will be reduced from 29,600 children in February 2009 to only 4,500 children – an 85% reduction.
De Niro can be reached at (520) 299-3400 and Breckenridge is at (520) 577-7400.
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