GILBERT, AZ – Cushman & Wakefield (C&W) of Arizona negotiated the $4.5 million ($135 PSF) sale of the Rancho Solano Gilbert Campus, 1305 S. Gilbert Road, to IPF Rancho Solano, LLC of San Diego.
Jim Wilson, Executive Director with Cushman & Wakefield’s Phoenix office and Scott Shelbourne of C&W’s Chicago office represented the seller, Arizona Prep Real Estate, LLC of Northbrook, Illinois, in the transaction. No other outside broker was involved.
The property consists of a 33,265-square-foot building built in 1977 on a 9.92-acre campus, which served as a school for students in preschool through the fifth grade, until it’s closing at the end of the 2013-2014 school year.
The new tenant, Lauren’s Institute For Education (L.I.F.E.), is a non-profit organization that provides programs for developmentally disabled children through a variety of therapies. L.I.F.E. relocated from its previous location at 3271 E. Queen Creek Rd. in Gilbert.
“The buyer’s group is excited to provide a new home for L.I.F.E. and support the outstanding opportunities that they provide to children and young adults,” said Wilson.
The school features 23 classrooms, a multipurpose room, an 85,000-gallon swimming pool, two outdoor basketball courts, two large athletic fields, and two outside play areas with equipment. Approximate capacity is 350 students.
The tenant also offers adult day treatment programs.