Monday, January 23, 2006

American College Seeking Sale Leaseback on Part of Philadelphia Area Campus

Philadelphia Inquirer - January,23 2006

The American College in Bryn Mawr Pennsylvania is putting its 35-acre campus on the Main Line up for sale. It would sell the six-building Bryn Mawr campus, including the Gregg Conference Center, with 50 hotel rooms and dining and classroom space. It would lease back the Million Dollar Round Table Foundation Hall and, possibly, Mitchell Hall. It needs less space because virtually all courses are now taught using distance-learning technology and practices, spokesman Eric B. Gordon said.

"This is the type of property that becomes available once in a generation... . We're looking for a buyer with a 50- to 100-year time horizon who is willing to pay a premium price." said Peter Stevens, senior vice president for investment sales at CB Richard Ellis Inc., the real estate firm hired to handle the deal. Stevens would not discuss the hoped-for price.

The college offers master's degrees and certification programs in financial-services fields, and it is looking for a buyer who would be a good neighbor. Sphere: Related Content

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