TUCSON, Ariz., July 12, 2023 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of La Petite Academy, a 6,680-square-foot net-leased property located in Tucson, Arizona. The asset sold for $1,050,000 ($157 PSF).
Spencer Berkley, Mark Ruble, and Chris Lind, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a partnership. Ryan Sarbinoff, regional manager and Arizona broker of record, assisted in closing this transaction with four years remaining on the lease-term. The tenant, Learning Care Group, recently executed a five-year renewal.
Built in 1988, La Petite Academy is located at 8940 East Tanque Verde Road in Tucson, Arizona. Surrounded by national retailers such as Safeway, Walgreens, Goodwill, and McDonald’s, the asset is based in the growing Tucson trade area with 158,359 residents within a five-mile radius. La Petite Academy is at an easily accessible location along East Tanque Road to over 33,500 vehicles per day and within a 30-minute drive of Downtown Tucson, The University of Arizona, and Tucson International Airport. The tenant has operated at the site for 34 years and is one of the largest providers of early childhood care in the United States with over 1,050 schools across 11 brands.