Cushman & Wakefield (C&W) of Arizona negotiated the $4.5 million 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 9.92-acre campus, and a 33,265-square-foot building built in 1977, 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.
“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.