The Learning Experience

40 Park Avenue, Summit, NJ 07901

$6,515,000

Cap Rate 6.50%

Views: 28 DOM: 109 Updated: 04.23.24 Posted: 01.31.24 Status: Active

Summary

Price $6,515,000	Built/Renov 2023	Tenant The Learning Experience
Cap Rate 6.50%	Lease Type NN+	Guarantor Corporate
Size/SF 11,000	Lease Start 04-01-2024	#Units 340
Price/SF $592.27	Expiration 03-31-2044	Tenant Type Daycare/Education
NOI $423,500	R. Term 19.10	Ownership Fee Simple
Rent/SF $38.50	Increases 10.0%/5/yrs	Pop 5Mi 273,658
Lot/AC 0.35	Options 2/5yrs/10%	AHHI 5Mi $191,251

Alan Cafiero

Marcus & Millichap

Contact

Lease Highlights

Brand-new 2023 construction
The Learning Experience will be executing a brand-new 20-year lease with 2 (5-year) options to extend
The lease features 10% rental increases every 5 years throughout the initial term and each option period
Favorable NN+ lease with landlord responsible for roof and structure
Corporate guaranteed lease

Location Description

The Learning Experience is strategically located at the hard corner intersection of Park Ave and Orchard Street. The property is surrounded by residential homes and is conveniently positioned in close proximity to Springfield Avenue (18,250 VPD). It is situated less than 1 mile from the Summit NJ Transit train station. Additionally, it is approximately 3/4 of a mile from Overlook Medical...

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Key Features

New construction
Hard corner intersection
Near major nationals
Strategically located
Top 100 MSA
Strong demographics
Brand new lease
Long 20+ yr lease
Favorable NN+ lease
Corporate Guarantee

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Links

The Learning Experience Wikipedia Summit, New Jersey Zip Code 07901 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: The Learning Experience
Guarantor:Corporate
Company:Golden Gate Capital
# Units:340
Stock:Private

About Tenant

The Learning Experience is an early childcare chain that develops and implements ground-breaking care and early childhood education programs throughout the country. TLE is one of America’s...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	12,467	87,057	277,774
2023 Total Population :	12,525	86,980	278,477
2023 Employed Civilian Pop :	6,356	44,964	145,403
2023 Total Businesses :	1,040	4,657	12,253
2023 Average Household Income :	$ 219,361	$ 243,093	$ 220,670
2023 Total Consumer Spending :	$ 892 M	$ 6213 M	$ 18306 M
2023 Median Age :	42	43	43
2023 Total Households :	4,890	30,881	99,827
2023 Pop Age 25+: Bachelor's Degree :	2,740	20,824	67,750
2023 Average Home Value :	$ 931,211	$ 871,114	$ 749,436

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Broad Street	PkPl	2019	9,776	0.08 mi
Springfield Avenue	PkAve	2018	17,816	0.19 mi
Springfield Avenue	Chapel St	2017	11,602	0.30 mi
Morris Avenue		2019	11,685	0.32 mi
Morris Ave	Denman Pl	2015	16,077	0.35 mi
Orchard Rd	Briant Pkwy	2011	10,338	0.37 mi
Broad St	Walnut St	2013	13,782	0.40 mi
Lenox Rd	Prospect Hill Ave	2015	418	0.41 mi
Glenside Avenue		2018	11,084	0.44 mi
Glenside Avenue	Henry St	2017	10,457	0.46 mi

Listing Broker

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