The subject property is a 13,783 square foot single-tenant Chesterbrook Academy located in Cary, North Carolina. The triple-net lease has limited landlord responsibilities and has a corporate guarantee from Nobel Learning Communities, Inc., a network of over 180 private schools in the United States. Over five years remain on the primary term, and the tenant has three, five-year options for renewal. The base rent increases by CPI adjustment every five years, not to exceed 8% cumulative for each five years. The building was constructed in 1997 and sits on 3.23 acres.
The subject property is located on Northwest Cary Parkway, with traffic counts of approximately 23,300 vehicles per day. National and regional retailers in the surrounding area include Lowe' s grocery store, The Little Gym, State Farm Insurance, Wells Fargo, Pizza Hut, Jiffy Lube, Jersey Mike' s Subs, SunTrust Bank, PNC Bank, and McDonald' s. Located in a densely populated area, over 168,000 residents live within five miles of the property. The average household income is $114,760 within one mile of the property.
