Sold for $3.5 Million - Bradford College Campus in Haverhill, MA
Once again, the national award winning auction marketing of JJManning Auctioneers has brought about the successful sale of a prominent institutional property with positive results for both seller and buyer.
The private liberal arts college operated on this site from 1803 until it closed in May of 2000 due to competitive enrollment pressures. In 2002, the real estate development firm of GFI Partners acquired the entire campus. Rezoning permitted housing to be developed on approximately 17 acres at rear of parcel but their efforts to find a buyer for the remaining 18 acres, zoned for Educational use, were unsuccessful with several near deals falling through including one with Zion Bible College in December of 2006. Earlier this year, Meredith & Grew contacted us on behalf of their client regarding a possible auction sale of the property. On July 16th, we signed an auction listing agreement with the owner for a sealed bid auction with a deadline for bids of September 18, 2007.
Our targeted Auction marketing stimulated the marketplace, drawing significant attention to the property and creating a sense of urgency among potential buyers including past prospects who were forced to action by the impending auction deadline. Just days before the auction, David Green, the founder and CEO of Hobby Lobby stepped in with a preemptive offer to purchase the property on behalf of Zion Bible College which plans to relocate to Haverhill from its present location in Barrington, RI. On September 21st, less ten weeks from auction commitment, a Purchase & Sale Agreement was signed, finalizing the sale of $3,500,000 and resulting in a win/win scenario for the seller, buyer, and local community.
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