302 South Branch Road in Hillsborough — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has purchased the site of a preschool and daycare center in Hillsborough for nearly $3.6 million, brokers with Marcus & Millichap announced last week.
According to a news release, which represented Rock Point Ventures LLC in the sale, the property at 302 South Branch Road spans three buildings for various age groups. Apple Montessori Preschool and Daycare, which has 18 locations across New Jersey, occupies the parcel on a triple-net lease.
Marcus & Millichap investment specialists Alan Cafiero and Brent Hyldahl brokered the $3.571 million deal, touting its location near routes 202 and 206 and Interstate 287.
“Long-term triple net leases are still in great demand from the investment community given the durability of the income and ease of management,” said Cafiero, a senior managing director of investments based in the firm’s Saddle Brook office. “This property was no different, as the tenant had a new 15-year lease with contractual rent increases.”
