BrightPath Building in Parsippany Sold for 4.3 Million
BrightPath Childcare Center in Parsippany-Troy Hills sold for $4. 3 million, according to Marcus & Millichap. The 11,266-square-foot facility, built in 2014, includes 41 parking spaces and operates as a net-leased investment property. This setup permits BrightPath Childcare to manage property taxes, insurance, and maintenance, making it attractive to investors looking for better yields. Alan Cafiero, a senior managing director of investments, noted that net-leased daycare centers yield higher returns compared to other sectors, particularly in the current financing landscape.
The property was exclusively marketed by a team from Marcus & Millichap, which successfully secured an unnamed buyer. BrightPath Childcare continues to serve the community and is part of BrightPath Kids, which operates over 230 early education centers across the U. S. and Canada. This transaction reflects a growing interest in childcare facilities as viable investment opportunities.
The sale underscores the resilience of the childcare sector amid fluctuating market conditions.