B+E, the first brokerage and technology platform for net lease real estate, today announced the sale of The Learning Experience property located at 4043 Franklin Rd in Murfreesboro, TN for $4,280,000.
The sale resulted in a record cap rate for TLE properties in Tennessee.
“We were faced with a big challenge when our first buyer canceled the deal on the last day of due diligence because of rising interest rates,” said B+E broker Jim Ceresnak. “But using B+E’s proprietary technology, we quickly secured a new 1031 buyer and ultimately closed at a cap rate 15 basis points lower than a comparable TLE we closed in February 2022 for the same seller before the market started to shift,” noted Ceresnak. “Overall, this was a very successful outcome for our seller in an extremely challenging environment.”
Built in 2020, the 10,000 SF child learning center saw a 45% increase in enrollment year-over-year in 2022.
For more information on the sale, contact Jim at jceresnak@tradenetlease.com.
