CLINTON, IA—Colliers International in Greater Phoenix, along with Howes & Jefferies Realtors in Iowa, has just completed the sale of the private Ashford University campus and athletic complex encompassing four locations in Clinton, IA.

"Overall, it was an atypical transaction," Todd Noel, executive vice president and national director of Colliers' educational services group, tells GlobeSt.com, primarily because it consisted of the whole campus instead of just its housing or other portions, and it had to be completed rather quickly.  

The seller, San Diego-based Bridgepoint Education, Inc., had decided to cease operations this June, and wanted to give any buyer sufficient time to find a new tenant. The buyer was Clinton Catalyst, LLC, of Clinton, a value-add, multi-disciplined private investor. Because this was structured as a sale leaseback, the property will continue to produce rental income until June 2017, Noel says. 

The property consists of 11 buildings totaling about 415,788 square feet situated on 153 acres and includes several classroom buildings, special facilities, three residence halls, a 1,100-seat arena, two basketball gymnasiums, a 4,416 square foot athletic building, and an athletic field. The buildings were constructed between 1889 and 1998, with several expansions and renovations completed between 2010 and 2013.

In addition to Noel, Bridgepoint was represented by Mindy Korth, executive vice president; and Kirk Kuller, vice president, with Colliers' Phoenix office; along with Steve Howes, a partner with Howes & Jefferies in Clinton.

It is possible that the campus could become a home for medical providers or other office users. But if Noel "had to take a guess, it will probably be another education-based user."