REIT buys preschool in Davie

Seller, tied to Endeavor Schools, remains on site as tenant

Miami /
Feb.February 21, 2018 10:30 AM
 

Creative Child Learning Center in Davie and Andrew Skurowitz (Credit: creativechildlearningcenter.com and LinkedIn)

An affiliate of EPR Properties, a Kansas City-based real estate investment trust, just paid $8.9 million in a sale-leaseback deal for a preschool in Davie, property records show.

A company tied to Miami-based school operator and developer, Endeavor Schools, sold the 22,200-square-foot Creative Child Learning Center at 1305 Southwest 101st Road for about $400 per square foot. The seller, ES Creative Propco LLC, led by Endeavor founder Ricardo Campo, is staying as a tenant on a 23-year lease, records show.

The school offers a prekindergarten program for 4- and 5-year-olds who live in Florida. Built in 2001, it can accommodate up to 386 students, according to EPR’s website.

The publicly traded REIT focuses on investing in entertainment, recreation and education markets, including niches such as movie theaters, ski areas, golf complexes and learning facilities.

The buyer, Early Childhood Education LLC, is led by Andrew Skurowitz, a managing director at Early Learning Centers of Broward and a consultant for acquisitions and management of child care centers.

Records show Campo paid $4.2 million for the school in 2015. His Endeavor Schools company, which he founded in 2012, was just acquired by the New York-based private equity firm Leeds Equity Partners, according to published reports.

The school developer has schools operating under different flags in California, Georgia, Minnesota, Nevada, North Carolina, Ohio, Oregon, Texas and Florida. Under its umbrella, it educates more than 6,400 students from preschool through high school, according to its website.

Private and public school partnerships are receiving more attention from real estate investors. If schools are fully occupied, they can translate to a steady income for tenants, and as a result, for landlords as well, experts say.

Just last week two Miami investors received $5.5 million in EB-5 funding to build a charter school in south Miami-Dade.


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