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**Three-State Early Childhood Portfolio Sells to Florida REIT for $41.6M**
Marcus & Millichap has announced the successful closing of the Yellow Brick Road Portfolio, comprising 18 triple-net-leased early childhood development centers located across Iowa, Minnesota, and Nebraska. The portfolio was sold for a total of $41,587,000.
“Net-leased investment activity accelerated meaningfully in 2025, with transaction volume up 26% year-over-year,” said Spencer Berkley, Director of Investments at Marcus & Millichap. “Our team is excited to carry that momentum into 2026, and this transaction provides a strong start to the year.”
The transaction was arranged by a Marcus & Millichap team including Spencer Berkley, Mark Ruble, Chris Lind, and Zack House, working alongside Jon Ruzicka, the firm’s broker of record in Iowa and Minnesota, and Adam Lewis, broker of record in Nebraska. The team represented the sellers, Ben Ditzer and Bob Carlson of Triple Net Capital, and also procured the buyer—a Florida-based real estate investment trust (REIT).
According to Berkley, “The portfolio included a range of lease structures and ownership entities that required a flexible and strategic execution approach to close the transaction.”
In total, Marcus & Millichap facilitated the sale of 20 Yellow Brick Road early education centers. Two assets were sold separately to private buyers prior to the portfolio transaction, enabling the seller to efficiently execute both individual asset sales and a larger portfolio disposition strategy.
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