Hanley Investment Negotiates Sale of Sacramento School
- Feb 13, 2018
A private San Francisco Bay Area family trust has sold Merryhill Schools, a single-tenant private educational office building in Sacramento, Calif., for $7.9 million. Hyland Investment Properties Inc. Co-Founder & Partner Tom Hyland represented the buyer, a 1031 exchange investor from Silicon Valley, Calif. Hanley Investment Group Real Estate Advisors Associate Eric Vu represented the seller. Merryhill Schools’ absolute triple-net lease was guaranteed by Nobel Learning Communities Inc.
Located at 9036 Calvine Road, the property features a 12,578-square-foot building for the elementary school, an 8,049-square-foot building for the preschool, an athletic field, a pool and two playgrounds spread across a 4.6-acre site. The tenant is also planning to renovate the building.
“Merryhill Schools has been at this location for more than 20 years and we assisted the seller with extending the tenant’s lease to achieve a better return. The tenant has more than 10 years remaining on the new lease term plus two five-year renewal options,” said Vu in prepared remarks.
Last month, Hanley Investment arranged the sale of Roosevelt Plaza at Carlsbad Village, a 19,950-square-foot, mixed-use property in Carlsbad, Calif., for $8.1 million.
Image courtesy of Hanley Investment Group Real Estate Advisors