Want to buy a college campus? The former Medaille University property is for sale:
https://buffalonews.com/news/local/b...bc7254099.html
"Interested in buying a college campus?
The 14-acre campus of the defunct former Medaille University in Buffalo is going up for sale.
The listing didn’t set a minimum price, but the preference is to sell the property in one piece, rather than to split it up.
An entity representing bondholders and remaining administration for Medaille, which abruptly closed its doors at the end of the last academic year because of acute financial problems, has hired CBRE Upstate NY to handle the sale of the 86-year-old school’s North Buffalo real estate, located at 24 Agassiz Circle.
The sale had been expected, since the school no longer exists and doesn’t need the physical space.
But it does need significant proceeds from the sale, because the school still owes more than $41 million in debt. That includes $22 million in bonds issued through the Buffalo & Erie County Industrial Land Development Corp. and $18.5 million in lease obligations for its new sports complex on Elk Street, according to reports by debt-ratings firm S&P Global.
CBRE did not identify the individuals or group who hired it, referring to the entity as The Institution Formerly Known as Medaille University. But that group now controls the former school’s website as well.
“We’ve got a team of folks that have hired us, that are working together to dispose of the campus,” said Shana Stegner, partner and managing director of brokerage services for CBRE’s Buffalo office, and the lead broker on the sale.
The campus features seven buildings and accompanying land along Humboldt Parkway and the Scajaquada Expressway, within the Delaware Park and Front Park system, across from Parkside Avenue.
“It really is a beautiful campus,” Stegner said. “It’s got a lot going for it.”
The campus includes:
- The Kevin J. Sullivan Campus Center, with dining facilities, a fitness center and two basketball courts
- The four-story Main Building, with a 250-seat auditorium, classrooms and offices
- The two-story Downey Science Building, with classrooms and new lab space
- Huber Hall, a two-story structure with classrooms, offices and a library
- The Admissions Building, which is a historic residence that was converted into offices. “It’s a super cool building,” Stegner said. “There’s some really neat features in it.”
- The North Residence Hall, a three-story dormitory
- The South Residence Hall, a dormitory with five floors
Stegner said CBRE is working to pull together marketing materials, which must be approved by the group, but hopes to “go out to market within the next week or so.” She said CBRE plans to conduct a managed “call for offers,” akin to an auction, with a fixed deadline for bids.
“We’ve got a lot of interested parties that we’ve been in contact with,” including several that toured the campus over the summer and in recent weeks, she said. The interest includes a combination of local and out-of-town buyers, and ranges from educational reuse to redevelopment.
“We’ve had multiple different users and use types interested in the property already,” she said. “We’ve reached out to all the interested parties that have expressed interest and let them know what our process is going to be, and hopefully they still have interest.
“I’m excited about the opportunity,” Stegner added. “I am pleased with the interest so far, so as soon as we’re able to get it out to the market, not only here but outside the area, my guess is we’ll have more interest.”
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