By Joshua Burd
A developer has sold the site of a net-leased daycare facility along Route 130 in Burlington County, brokers with MSC Retail Inc. announced Thursday.
In a news release, the real estate services firm said it represented Global Building LLC in its trade of the property at 1111 Route 130 in Cinnaminson. A private regional owner purchased the site of the 10,000-square-foot building, home to a Children of America location.
“This single-tenant Children of America generated a substantial amount of investor interest from local, regional and national investors,” said JP Colussi, a vice president of investment sales with Philadelphia-based MSC. “The strong market fundamentals, new long-term lease and the strength of the tenant all helped to drive multiple offers for the property and bring us to a near record cap rate for a single tenant COA property.”
Colussi brokered the sale alongside MSC Investment Sales Associate Jesse Dubrow, noting that the COA facility was built in 2019. It’s part of a larger redevelopment project by the California-based developer, which brought the daycare and an Extra Space Storage to the former site of an Acme supermarket.
