Capital Pacific is pleased to present the opportunity to acquire Imagine West Melbourne, an established charter school investment located in West Melbourne, Florida. The 54,687 square foot facility is offered to investors on a fee simple and absolute NNN basis. The property is leased to Imagine Schools, Inc. for an initial term of 20 years, with 14 years remaining. The lease includes 3% annual rent increases, as well as four 5-year options to extend after the initial term. The lease is backed by the strong underlying credit of Imagine Schools, one of the largest public charter networks in the U.S. with 75 schools in operation serving over 32,000 students and annual revenue over $300 million.
The Property is located in West Melbourne, FL, a city with over 144,000 residents in a 5-mile trade area. The area is part of Florida’s “Space Coast”, which includes NASA’s Kennedy Space Center and growing aerospace companies such as SpaceX and Blue Origin. This presence has an economic impact of $4 billion and 24,000 jobs. The campus is centrally located near Palm Bay Road NE (40,000 VPD) and I-95 (80,000 VPD), which includes the city’s major retail hub including Walmart, Target, Publix, and more. The area has a school-age population of over 17,000 children in the K-8th grade age range residing within a 15-minute radius.
