Property Listing No Longer Available for Sale

886 York Road, Warminster, PA

Retail for Sale - $2,909,090 - 10,000 Sq. Ft. on 1.82 acres


Property Info

CIMLS#431464
Location
  886 York Road
  Warminster PA 18974
UpdatedAugust 17th, 2012
TypeRetail
Price$2,909,090
Building10,000 Sq. Ft.
Land1.82 acres

Property Description

This newly-constructed The Learning Experience building is situated along York Road (Route 263) near Norristown Road in Warminster, Bucks County, Pennsylvania. The subject property is in close proximity to the local elementary and middle schools as well as a private catholic high school. Just south of the property at York Road's intersection with Street Road (Route 132) there are three retail centers - Warminster Town Center, anchored by Kohl's, ShopRite and Pet Smart; Center Point Place, anchored by Giant and T.J. Maxx; and Warminster Place, anchored by PetSmart. Other national tenants in the immediate trade area include Aldi, A.C. Moore, Dunkin' Donuts, Old Navy, Kmart, Rite Aid, CVS/pharmacy, Modell's Sporting Goods and Rent-A-Center. Other day care or preschool facilities in the immediate area include a Children of America, situated on York Road about one-half mile from the site, as well as a Kiddie Academy, situated on Veterans Way about two miles from the site.

Warminster is located within Bucks County, the fourth most populous county in Pennsylvania (after Philadelphia, Allegheny, and Montgomery counties), and the 95th most populous county in the United States. As of 2000, it is the 76th wealthiest county in the nation as measured by median family income. Within a three-mile radius, there are approximately 73,250 people with an average household income level of $80,500. These numbers increased to 151,000 people within a five-mile radius with an average household income level at $91,300.


Financials

Marcus & Millichap offers for sale this 10,000 square foot, freestanding building with an additional 5,000 square foot play area leased to The Learning Experience. The tenant has signed a new 15 year double net lease (with landlord responsible for roof and structure) with three, five year option periods. During the base term of the lease and the option periods, the base rent shall increase by 10 percent every five years. The lease carries a corporate guarantee for the first five years of the lease, and up to $500,000. The developer completed construction on the property in the fourth quarter of 2011, and rent commenced in August 2011.

The demand for child care is greater than ever before. The U.S. Department of Education shows that 13 million children

under the age of six are enrolled in child care, making it one of the fastest growing service industries in the country. According to the U.S. Department of Labor, center-based child care should continue to expand its share of the industry because an increasing number of parents prefer its more formal setting and believe that it provides a better foundation for children before they begin traditional schooling. TLE has over 200 sites operating or currently under development in 28 states, and is currently the fastest growing childcare center operator in the United States.

FOR FULL OFFERING MEMORANDUM CONTACT LISTING AGENT



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