Colliers International in Greater Phoenix, along with Howes & Jefferies Realtors in Iowa, completed the sale of the private Ashford University campus and athletic complex encompassing four locations in Clinton, Iowa.
The property consists of 11 buildings totaling ±415,788 square feet situated on ±153.1 acres and includes several classroom buildings, special facilities, three residence halls, a 1,100-seat arena, two basketball gymnasiums, a ±4,416 square-foot athletic building, and ±23.6-acre athletic field. The buildings were constructed between 1889 and 1998, with expansions and modernizing renovations completed between 2010 and 2013.
The seller was Bridgepoint Education, Inc. (NYSE:BPI) of San Diego, California, a provider of post-secondary education services. The buyer was Clinton Catalyst, LLC, of Clinton, Iowa, a value-add, multi-disciplined private investor.
Bridgepoint Education was represented by Todd Noel, CCIM, executive vice president and national director of Colliers Educational Services Group (ESG); Mindy Korth, executive vice president; and Kirk Kuller, vice president, with Colliers International’s Phoenix office; along with Steve Howes, CCIM, a partner with Howes & Jefferies Realtors in Clinton, Iowa.
“This campus has a rich history, having continuously been a learning center for more than 60 years,” added Mindy Korth of Colliers. “Clinton’s reputation for having one of the most successful K-12 education programs in the United States coupled with its proximity to Chicago, Milwaukee and Des Moines, made this property a highly desirable acquisition.”
Jim Bruhn, who assisted Clinton Catalyst, LLC in this transaction, stated, “Clinton Catalyst’s mission is to work with community leaders to find a use for the Ashford property that will be beneficial to the community, create jobs and bring residents and visitors to Clinton, Iowa. The main campus is a modern structure well-suited for education and recreational uses. They hope to find a successor, whether it be public or private, that will fulfill these objectives.”
“We are pleased to have assisted Bridgepoint Education in selling this campus and look forward to assisting the buyer in sourcing the next user of this wonderful facility,” said Todd Noel of Colliers. “Clinton, Iowa, is an ideal community and this complex provides an excellent campus environment for a learning center, whether a boarding school, traditional K-12 or a post-secondary educational facility. There are many potential uses for this great property.”
The main campus is located at 400 N Bluff Blvd., in Clinton, Iowa, and consists of eight buildings totaling ±326,722 square feet on ±16.8 acres. The BW Student Residence Hall is located at 2300 Lincoln Highway and consists of ±82,537 square feet on ±6.6 acres. The Red House at 610 N Bluff Blvd., consists of a ±2,113 square-foot single-family residence on ±0.5 acres.
The South Campus at 1501-1523 Harrison Dr., and 1650 S. 14th St., in Clinton, Iowa, consists of ±129.2 acres and includes a former golf course, a state-of-the-art artificial turf soccer/football field with track, a ±4,416-square-foot athletic building, and former country club land.