KinderCare 4900 Getwell Rd
11,992 SF Retail Building Southaven, MS 38672 $4,362,000 ($364/SF) 6.75% Cap Rate
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INVESTMENT HIGHLIGHTS
- Passive NNN Lease- Tenant Responsible for Roof, Landlord Responsible for Structure Only
- 2.00% Annual Rental Increases- Attractive Hedge Against Inflation
- Positioned on Major Retail Corridor- Getwell Road & Church Road (Total 38,000+ VPD), Heart of Class A Retail Development Locally
- 10 Years of Lease Term Remaining- Long-Term, Contractual Cash Flow
- Incredible Southaven, MS Growth Metrics- 90% Population Increase Since 2000 #2 Largest Memphis, TN Suburb
- Strong Residual Value- 2019 Class A Construction, Large 1.34-Acre Parcel
EXECUTIVE SUMMARY
Northmarq, on behalf of Ownership as its exclusive advisor, is pleased to offer for sale, the fee-simple interest in the single-tenant childcare and early childhood education property located at 4900 Getwell Road in Southaven, Mississippi (the “Property”). The Property is fully leased to KinderCare Education LLC and offers a corporate guaranty from KUEHG Corp., KinderCare’s parent company. KinderCare is the largest childcare provider in the United States with 200,000+ children in more than 2,100 facilities across the country, generating annual revenue of over $1.8 billion.
Built in 2019, the Property is operating under a fifteen-year NNN lease (10 years remaining) running through March 2034, to be followed by two, five-year option periods. The lease features virtually no Landlord responsibility and 2.00% annual rental increases offer attractive cash flow growth.
The Property is located in Southaven, MS, part of a rapidly growing region 15 miles south of Downtown Memphis, TN. Southaven boasts a population of nearly 55,000, making it the 3rd largest city in Mississippi and the 2nd largest suburb of Memphis, TN. Southaven has experienced incredible growth in recent decades, with a 90% city-wide population increase since 2000, and 1.6% average annual growth from 2010 – 2023. Population continues to increase at a rate of over 1% annually, projected to continue at that rate through at least 2028. Many Southaven residents work in and around Memphis, and live south of the Tennessee border considering the tax benefits and quality schools that Southaven offers compared to Tennessee. Rapid growth has encouraged tremendous levels of new development, most notably the Silo Square mixed-use project, a $200+ million 308-acre development that is underway just North of the Subject Property. Both Silo Square and the Subject Property are positioned on Getwell Road, the premier retail corridor of Southaven and the heart of new class A development locally including Chick-fil-A, Whataburger, Starbucks, McDonalds, Getwell Urgent Care, Zaxby’s, Slim Chickens, and many more.
Built in 2019, the Property is operating under a fifteen-year NNN lease (10 years remaining) running through March 2034, to be followed by two, five-year option periods. The lease features virtually no Landlord responsibility and 2.00% annual rental increases offer attractive cash flow growth.
The Property is located in Southaven, MS, part of a rapidly growing region 15 miles south of Downtown Memphis, TN. Southaven boasts a population of nearly 55,000, making it the 3rd largest city in Mississippi and the 2nd largest suburb of Memphis, TN. Southaven has experienced incredible growth in recent decades, with a 90% city-wide population increase since 2000, and 1.6% average annual growth from 2010 – 2023. Population continues to increase at a rate of over 1% annually, projected to continue at that rate through at least 2028. Many Southaven residents work in and around Memphis, and live south of the Tennessee border considering the tax benefits and quality schools that Southaven offers compared to Tennessee. Rapid growth has encouraged tremendous levels of new development, most notably the Silo Square mixed-use project, a $200+ million 308-acre development that is underway just North of the Subject Property. Both Silo Square and the Subject Property are positioned on Getwell Road, the premier retail corridor of Southaven and the heart of new class A development locally including Chick-fil-A, Whataburger, Starbucks, McDonalds, Getwell Urgent Care, Zaxby’s, Slim Chickens, and many more.
PROPERTY FACTS Under Contract
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Day Care Center
Building Size
11,992 SF
Building Class
B
Year Built
2019
Price
$4,362,000
Price Per SF
$364
Cap Rate
6.75%
NOI
$294,435
Tenancy
Single
Building Height
1 Story
Building FAR
0.21
Lot Size
1.32 AC
Zoning
PUD
Parking
47 Spaces (3.92 Spaces per 1,000 SF Leased)
Frontage
152 FT on Getwell Road
PROPERTY TAXES
Parcel Number | 2072102900000200 | Improvements Assessment | $141,600 |
Land Assessment | $34,430 | Total Assessment | $176,030 |