Courtesy / F.O. Bailey Real Estate
The $1.2 million deal came complete with furnishings.
December 25, 2021
Extra legwork results in deal to keep childcare center in Falmouth
Courtesy / F.O. Bailey Real Estate
The broker used her resources and network to retain an existing childcare center in Falmouth.
Some enterprising work went into finding an investor, a viable deal structure and the right tenant to make sure a long-time childcare center in Falmouth remained open under new ownership and a new name.
An anonymous investor bought 6 Rich Way from Todd and Lisa Lalumiere for $1.2 million.
Lauren Jones and David Jones, both of F.O. Bailey Real Estate, brokered the off-market deal.
“There is a huge shortage of childcare, so I utilized my resources and network to bring this business to the community,” said Lauren Jones.
Long-time childcare center
The property was home to Little Red Caboose Child Development Center, which was licensed for 89 children, said Jones. It consists of a 1,200–square-foot building and a 3,600-square-foot building on 2.97 acres.
Lisa Lalumiere operated the center for about 30 years but closed it during the pandemic, Jones said. The space had been vacant a few months when Jones started showing it.
“My 17-month-old daughter, Mary, was the motivating factor behind this transaction,” she said.
Jones reached out to an out-of-state client to see if he would be interested in buying the property.
Impact investment
“He has Maine roots and likes impact-oriented investments, so he was onboard to make the $1.2 million investment through an existing charitable trust structure,” she said.
Courtesy / F.O. Bailey Real Estate
Broker Lauren Jones put in some enterprising legwork to ensure a Falmouth children center would continue. Her daughter Mary was one of the first enrollees.
For the deal to work as intended, Jones said, she also had to find a tenant that would provide childcare services.
“I reached out about 15 daycares,” she said. “Several were interested. We picked the one that seemed like they would most appreciate the space and carry on the past owner’s vision.”
That was Growing Learners, a childcare service with two locations in Portland, co-owned and directed by Alyssa Harvey. The center’s highlights include an organic food program, yoga and music classes, iPad communication for updates and photos to parents throughout the day, and daily use of outdoor space and indoor large motor room, according to the company’s website.
“It all came together really well,” said Jones. “I negotiated early occupancy so they could get into the space as soon as it closed.”
Had the transaction not taken place, the vacant facility would likely have been converted to residential space, she said.
“I felt this was a great story worth telling amidst the childcare shortage in Maine,” she said. “The furnished daycare facility was the previous owner's life's work and the area needed a daycare.”
Most Recent
Most Recent
Carla Nixon
December 28, 2021
Well done, Lauren!
Anonymous
December 28, 2021
This is a great example of the type of investments that need to be made to support the workforce in Maine communities. I’d love to see these types of investments in communities throughout the state perhaps in partnership with key businesses and local foundations. This is a health, education, and economic imperative but it seems that so little is being done in the moment.
2 Comments