From Realtor Magazine Online, Daily Real Estate News May 20, 2009
Colleges are taking advantage of the down real estate market to buy property, often at bargain rates, including apartments and other commercial sites.
Higher-education institutions aren’t stymied by the frozen credit markets, says Pete Culliney, director of research for Real Capital Analytics, because they either have endowments to spend, or, in the case of public institutions, can rely on bond sales.
Among the recent deals involving a college was the sale of an unused Hewlett-Packard Co. eight-building campus totaling 1.2 million square feet for $42.2 million to the Lone Star College System, a Texas community college.
Based on square footage, the deal was the second-largest office transaction in the U.S. so far this year. The $35-a-square-foot price was a deep discount from the $145 per-square-foot suburban average in the first quarter of 2008.
Source: The Wall Street Journal, Maura Webber Sadovi (05/20/2009)
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