PARSIPPANY — The building housing BrightPath Childcare Center, located at 70 Old Bloomfield Avenue in Parsippany-Troy Hills, has been sold for $4.3 million, according to Marcus & Millichap. This commercial real estate firm brokered the deal.
The 11,266-square-foot facility, constructed in 2014, includes 41 parking spaces and was sold as a net-leased investment property. This structure allows the tenant—BrightPath Childcare—to handle property taxes, insurance, and maintenance in addition to rent, making it an attractive asset for investors.
Alan Cafiero, senior managing director of investments, noted that net-leased daycare centers continue to offer higher yields than other net-leased sectors, especially in today’s financing environment. Marcus & Millichap’s Alan Cafiero, David Cafiero, and John Moroz exclusively marketed the property and secured the buyer, who remains unnamed.
BrightPath Childcare continues to operate at the location and is part of BrightPath Kids, which has over 230 early education centers across the United States and Canada.
