Brauvin Acquires Nine Childcare Properties
Brauvin Real Estate has acquired nine child care properties for $22.8 million in the Las Vegas, NV area that are leased to Tutor Time Learning Centers (“Tutor Time”), and guaranteed by Learning Care Group (US), Inc. (“LCG”). LCG is one of the largest early education and childcare services companies in the United States and operates more than 900 company owned and franchised schools in 36 states. LCG has been owned by the private equity firm, American Securities, LLC, since 2014. The nine properties are comprised of approximately 100,000 sq. ft. of leased space and are located on eleven acres of land. The properties are cross defaulted under a newly executed long term, triple net master lease agreement with scheduled rent increases every five years. Brauvin acquired the properties in conjunction with LCG’s acquisition of the prior owner’s operations. The parties negotiated the master lease during due diligence and, subsequently, closed simultaneously on their respective acquisitions.