Property Listing No Longer Available for Sale

606 Little Gloucester Road

Blackwood, NJ

Retail for Sale - $2,415,000 - 10,000 Sq. Ft. on 298 acres


Property Info

CIMLS#433713
Location
  606 Little Gloucester Road
  Blackwood NJ 08012
UpdatedAugust 17th, 2012
TypeRetail
Price$2,415,000
Building10,000 Sq. Ft.
Land298 acres

Property Description

The property is situated in Gloucester Township, Camden County, New Jersey. Gloucester consists of approximately

65,000 people, and is forecasted to have a 23 percent increase in population by 2025 according to the Delaware Valley

Regional Planning Commission. The Township is primarily a suburban bedroom residential community of Philadelphia,

and is within the Philadelphia MSA. The immediate neighborhood surrounding the property is dynamic, consisting of

St. Agens Catholic Church, Valleybrooke Golf Club, the Township Municipal and Sports Complex, and two schools. Most importantly, the property is immediately adjacent to the huge Valleybrooke Townhome and Condominium Complex, as well as the Broadmore single family detached home development. The two complexes combined consist of more than 1000 residential units within walking distance of the Learning Center. The overall area is residential with some supporting commercial uses.


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 (landlord responsible

for roof and structure) with two, five year option periods. During the base term of the lease and the option periods, the rent shall increase by 8 percent every five years. The lease carries a corporate guarantee for the first five years of the lease, and up to a cap of $500,000 set aside for rent in the case of default. This amount is reduced by $100,000 annually for five years until it is reduced to zero and the guaranty expires. The developer completed construction on the property in 2008, and rent is projected to increase in October 2013 to $216,000 annually.

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 forchildren before they begin traditional schooling. TLE has over 200 sites operating or currently under development in 28 states, and is currently the fastest growing child care center operator in the United States.

"For Full Offering Memorandum, Contact Listing Agent"


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