Phoenix, Arizona – Emerald Industries, LLC has purchased the 9.39-acre school campus at 1305 S. Gilbert Rd. in Phoenix for $9.5 million ($306 PSF).  The site is home to Lauren’s Institute for Education (L.I.F.E.), which has leased the property since 2015.

“This is yet another sale further validating educational based real estate as a defined institutional asset class,” says Todd Noel, executive vice president with Colliers International in Greater Phoenix. “The response from prospective buyers continues to be strong as they look to diversify and enhance yield spread.”

Phoenix-based Emerald Industries, LLC purchased the campus from Fenway Properties of San Diego, CA. Noel negotiated the sale transaction.

The 31,015-square-foot school campus was built in 1997 and extensively renovated in 2015.  It contains 25 classrooms, seven high-end administrative offices, and a large outdoor area featuring a pool and multiple athletic courts.   The property was on the market for 24 days.

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.