Search
 

College Re-Opens Bidding for 35-Acre Campus

BRYN MAWR, PA-American College, a nonprofit provider of continuing education, extends the bidding process for its 35-acre Main Line campus until the end of this month.

By Marita Thomas | Updated on November 17, 2006

BRYN MAWR, PA-Although the American College received interest from more than 40 potential buyers of its 35-acre campus, its board of directors has re-opened the proposal process and extended the deadline for bids until the end of this month. Due to the fact that a majority of the college’s continuing education programs are now offered over the internet, it no longer needs to maintain the full campus, which contains six buildings with an aggregate of approximately 230,000 sf.

It does, however, want to consolidate its administrative offices under a leaseback arrangement for the 70,000-sf MDRT Foundation Hall. In addition, Villanova University maintains a long-term lease in another 22,000-sf building.

The college has assigned marketing of the campus to Peter Stevens, senior vice president in the Philadelphia office of CB Richard Ellis. The asset is not priced. On condition of anonymity, an area broker tells GlobeSt.com it would probably command in excess of $50 million. Stevens declined to comment on that estimate; nor would he disclose potential rent rates for the American College lease.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.