8:00 AM
Newmark Grubb Knight Frank (NGKF) has completed the $6.25 million sale of a three-building, 15,881-square-foot school campus fully occupied by LePort Educational Institute, Inc. in Solana Beach, CA.
Nick Carey, Byron Foss, and Wade Tift of NGKF’s Newport Beach office, along with Brent Bohlken out of NGKF’s La Jolla office, represented the seller, LePort Real Estate LLC. The buyer, a qualified intermediary for Builders Trust, was represented by Commercial Asset Group. The transaction was a sale-leaseback and closed at a cap rate of 6.72 percent. The seller will continue to use the campus for its Montessori school.
“The sale-leaseback provided LePort with a unique opportunity to realize significant value by selling the real estate and investing the profit back into its business,” said Nick Carey, managing director with NGKF. “This irreplaceable location and quality tenant enabled us to secure multiple offers and leverage the activity to achieve a price above the asking.”
Located at 1010 Solana Drive and situated on 2.13 acres, the property is off the 5 Freeway in the coastal community of Solana Beach. It offers nearby amenities including seven major grocery stores, 165 eating and drinking establishments, 30 banks, and 15 hotels all within a three-mile radius.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.