70 Old Bloomfield Ave. in Parsippany — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has purchased the site of a net-leased daycare center in Parsippany for $4.3 million, brokers with Marcus & Millichap announced last week.
The listing team said the property, located at 70 Old Bloomfield Ave., is home to an 11,266-square-foot BrightPath Childcare Center. Built in 2014, the facility sits on a 1.69-acre lot that also has 41 parking spaces and is minutes from national retailers such as Home Depot, Wawa, Wendy’s, Bank of America, Chipotle and Target, among others.
Marcus & Millichap’s Alan Cafiero, David Cafiero and John Moroz marketed the property on the seller’s behalf and procured the buyer.
“Net-leased daycare assets provide investors with a higher yield than most other net-leased properties,” said Alan Cafiero, a senior managing director for investments based in the firm’s Saddle Brook office. “This is critical for obtaining debt that pencils out in today’s market.”
