ORION Investment Real Estate announced the closing of 2100 W. Indian School Rd. for $1.024M ($42 PSF) to Pan-American Elementary Charter School.
The property was constructed in 1975 and totals 24,436 SF. The facility includes 16 classrooms, a cafeteria, a theater room, and administrative offices and was operated by the previous owner as a school for nine years.
The property has been vacant since 2010 and the new owner will inject some capital to modernize the facility.
“We were pleased to have been able to bring a community-centered use that will resurrect the property and provide a desired and important service to the residents in the area,” said Brent Pearlstein, Senior Associate at ORION.
Due to its location, vicinity to Interstate 17, excellent visibility, traffic counts and monument signage on Indian School, the property attracted many buyers with various uses. Ultimately, Pan-American emerged as the buyer.
“Pan-American was the perfect fit for the property and they have a long history of serving the surrounding neighborhood community,” Pearlstein said. “We are excited about the possibilities at this location and the school plans on remodeling the facility to provide the best educational experience to its students.”
Pan-American has served the Phoenix area for more than 10 years and provides K-6 education to their students.
The seller, Academy of America, designs, develops, implements, and manages unique educational opportunities and programs for lifelong learning. It currently operates two charter schools in Michigan, the Academy of Southfield and the Academy of Waterford.