Realtor tells us Wilberforce U. property sale a growing trend

Wilberforce University is looking to sell about 10 acres of its campus for $7 million.

The university wants to then lease back its property and buildings to use, said William Woodson, senior vice president for finance and administration.

The real estate agent the university is working with is Transwestern’s Marc Imrem from Chicago, Illinois.

Imrem provided some details about what Wilberforce officials are looking for in a deal to sell part of campus:

1. Looking for a ‘hands-off investor’

The type of buyer who would be interested in purchasing a portion of the Wilberforce campus would be what Imrem called a “hands-off investor.”

The university would continue to maintain the property so whoever buys it would not be responsible for any maintenance of the buildings or upkeep of the land, Imrem said.

2. Return on investment

Whoever buys the portion of campus up for sale would have one goal: to make money on the deal.

The buyer would want a return on investment, Imrem said, so a buyer’s hope would be that whatever Wilberforce University pays in rent over time would eventually surpass the amount of money the person bought the property for.

Woodson said the university would like to establish a lease of at least 20 years with whoever purchases the property.

3. Interest in the property

Some Ohioans have expressed interest in buying the portion of campus up for sale but interest has also come from across the country, Imrem said.

Imrem said he’s seen more interested buyers coming from California where he pointed out that incomes tend to be higher.

4. Still accepting offers

While Woodson said the university hopes to make a sale in the next 30 to 60 days, Imrem said he is still open to offers on the property.

The asking price is listed as $7 million for the 10 acres that Woodson said includes the Alumni Multiplex and health center. No other part of campus is up for sale at this time, Woodson said.

“We don’t have anything solid yet,” Imrem said.

5. Is a trend emerging?

Imrem said he is familiar with the type of deal Wilberforce University is looking for.

Imrem has already helped sell property for two other universities. He would not say what other universities he helped sell property for though.


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