Emerald Industries, LLC has purchased the 9.39-acre school campus at 1305 S. Gilbert Rd. in Phoenix for $9,500,000. 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 sale equated to a price of $306.30 per square foot. The property was on the market for 24 days.