Emerald Industries, LLC, acquires 9.39-acre property
Phoenix, March 30, 2017 – Todd Noel, executive vice president with Colliers International in Greater Phoenix, completed the sale of a Gilbert school campus for $9.5 million.
Emerald Industries, LLC purchased the 9.39-acre school campus at 1305 S. Gilbert Road in Gilbert, Arizona. 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, California.
The 31,015-square-foot school campus was built in 1997, and extensively renovated in 2015. The property includes 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.
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