Bridgepoint Education revealed in a regulatory filing that on December 22nd the company entered into an agreement to sell their Clinton campus properties to Clinton Catalyst LLC. (link included to SEC form)
The sale price is one-point-six million dollars.
That firm will then lease back to the property to Bridgepoint for 12 months at a $12,500 per month rate.
Bridgepoint announced in July that the Clinton campus would close after this academic year in May 2016.
No other information about the sale or the company buying the property has been available.
City Adminstrator Jessica Kinser said she did not have any direct conversations about the sale. Kinser said there was one call from an attorney checking about the development agreement between Bridgepoint and the city when the company purchased the college. she said that expired in 2012 so there was no involvement with the city.
Local realtor Steve Howes says he has met a couple of times with the buyers. He says it’s a real estate investment group out of Oregon.
Howes says the group purchased all of the properties from Bridgepoint
Howes says the group works to find re-uses for properties. He adds that with the purchase there will be more flexibility in the timeline.
The local realtor says that in talking with the investors they seem like good people who want to roll up their sleeves with the community and find new uses for the Bridgepoint properties.
Howes says the group even chose the name – Clinton Catalyst because they want to do something good for the community.
Link: SEC Form 8-K
