College Extends Deadline for Bids on 40-Acre Campus

ISSAQUAH, WA-Trinity Lutheran College has extended the deadline for offers on its 40-acre campus here from the end of September to the middle of October, as several interested buyers doing detailed research on the property needed more time to complete proposals, says Jim Norman, a principal with Seattle-based Sage Real Estate Strategies, which is handling the disposition.

The college’s low density campus includes 220,000 sf in eight buildings situated on 28 acres that could hold still more buildings, 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 on Aug. 1 sent its offering to some 230 public and private universities, commercial colleges and high schools at the behest of Trinity, which prefers that the property continue as a center for learning.

Norman says the market will ultimately determine the price of the property, but it could sell for “anywhere from the high $20 millions to the high $30 millions,” which is one half to one-third of what it would cost to reproduce the campus on raw land, he says.