Keen-Summit Capital Partners LLC, Special Advisor to Hodges University for the Sale, notes a trend among colleges, universities and school systems to dispose of land and property assets in a growing market
(New York, NY – June 14, 2021) – Colleges and universities have found a way to bolster their cash positions by selling some of their unused and surplus real estate assets, a recent trend that has been accelerating since the start of the pandemic. Hodges University, a private university in Naples, Florida, has joined that contingent of schools to take advantage of favorable market conditions, according to Matt Bordwin, Co-Principal of Keen-Summit Capital Partners, which has been named Special Real Estate Advisor for the Hodges University sale of 3.1 acres of “excess land” adjacent to Hodges’ Ft. Myers campus, as well as the 43,092 square foot, 50% occupied Gaynor Building located on 5.8 acres, and an additional 3.5 acres of surplus land at Hodges’ Naples campus site.
“Hodges University is making a truly smart move,” notes Bordwin. “They identified a business opportunity and are taking advantage of it,” he continues, noting that the University consolidated operations to a single campus after remodeling a building for the School of Health Sciences. “As more and more businesses flock to Florida because of the state’s tax- and business-friendly policies, they are seeking interesting locations for their corporate headquarters. The university’s Gaynor Building fits squarely into that description.”
Harold Bordwin, fellow Co-Principal of Keen-Summit Capital Partners, sees the Hodges property sale as part of a developing national trend. “The markets are growing and investors are hungry for the type of property that Hodges University is offering,” he says. “More and more universities, colleges, and school systems are selling off their surplus property or buildings that are either vacant or occupied, to gain an influx of cash. It’s just a smart business move,” he says. “We expect this trend to continue post-pandemic.”
Bordwin cites other examples of the trend:
• The sale of Southern Vermont College, in Bennington, Vermont to Southwestern Vermont Health Care Corporation, which purchased the 12 building, 371-acre former campus in November 2020. Keen-Summit was Special Real Estate Advisor for the sale;
• Rutgers University sold 1,600 acres of Camp Kilmer, a large swath of land with a storied past that the school had purchased in the 1960s;
• In California, the Long Beach Unified School District, which is the city’s largest landowner, decided to move forward with the potential sale of seven properties considered “surplus,” one of which houses the District’s headquarters;
• Green Mountain College in Poultney, Vermont sold for $4,550,000 in 2020.
Specifics About the Hodges University Sale
Investment Properties Corporation of Naples and Keen-Summit Capital Partners LLC have been engaged by Hodges University as exclusive advisor for this offering which includes: Fort Myers excess land – 4381 Winkler Ave, Ft Myers, FL, 3.21-acre corner parcel. Additionally, up for sale is the 50% occupied Gaynor Building at 2655 Northbrooke Drive, Naples, FL (43,092 sq. ft. on 5.28-acres), and 3.5-acres adjacent to the Gaynor Building. These properties are available for sale together or individually. For further information, contact Clint Sherwood at 239-261-3400 or clint@ipcnaples.com or Chris Mahoney at 646-381-9205 or cmahoney@keen-summit.com.
About Keen-Summit Capital Partners LLC
Keen-Summit Capital Partners LLC is an award-winning real estate brokerage, workout and investment banking firm specializing in special situations, restructurings, bankruptcies, and receiverships. Keen-Summit Capital Partners LLC represents property owners, retail and commercial tenants, commercial and industrial businesses, investors, developers, and creditors across various industries. Clients benefit from the firm’s reputation for excellence and integrity, extraordinary industry experience, in-depth market knowledge, a time-tested business approach, deep industry relationships, workout and bankruptcy expertise, and exceptional execution capabilities. For more information about Keen-Summit Capital Partners, call 646.381.9222 or visit www.keen-summit.com.
