With assistance from Seattle-based Sage Real Estate Strategies, the college on Aug. 1 sent its offering to some 230 public and private universities, commercial colleges and high schools. Trinity says it is only contacting academic users at first because school leaders would prefer the property continue as a center for learning.
The college's property includes 220,000 sf in eight buildings situated on 28 acres and two wooded six-acre parcels that do not hold any buildings. Current facilities include classrooms, a chapel, dining rooms, an auditorium, residence halls, gymnasium, indoor swimming pool and fitness center. Sage principal Jim Norman tells GlobeSt.com that in addition to the undeveloped properties there is plenty of room for new development on the existing campus as well. "It's a pretty low-density campus," says Norman.
So what's the asking price? "Ultimately, the market will determine the value of this property," adds Norman. "It could be worth anywhere from the high $20 millions to the high $30 millions."
For example, Norman says that if another religious school is interested, a price tag in the middle of that range would be one-third to one-quarter of what it would take to recreate such a campus on raw land. If ultimately a non-educational user is the buyer and is more interested in the land than the buildings, the value of the buildings would obviously figure less into the sale price.
Meantime, Norman says Sage is evaluating appropriate relocation sites from Marysville to Tacoma. Ideally, Trinity wants to find 100,000-125,000 sf with nearby access to recreational facilities. "We want to be much closer to a large city," says Trinity president John Stamm.
Norman says the college is looking at everything from taking over an old hotel on the Interstate 5 corridor that has lots of meeting (would-be classroom) space to renovating an old building in Downtown Seattle or Tacoma. "We are looking for a reuse opportunity and we are looking in the broadest sense," says Norman.
The timeline to accomplish both the sale of the existing campus and the acquisition and move-in to a new campus is three to five years, says Norman.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
