The selling price is undisclosed, but, according to publishedreports, it was in the $30-million range. This transaction puts torest area residents' fears that the prize parcel might be sold to adeveloper and also allows the seller, American College, toconsolidate operations into the 62,920-sf MDRT Foundation HallBuilding on the campus under a long-term leaseback arrangement. Inaddition, Villanova University will maintain its long-term leasefor a 22,000-sf building on the campus. All six buildings containan aggregate of about 250,000 sf.

Because a majority of American's continuing education programsare now offered over the internet, as GlobeSt.compreviously reported, it put the campus up for sale in late 2006. Inaddition to its wish to lease one of the six buildings on the site,Peter Stevens, EVP of the area office of CB Richard Ellis, tellsGlobeSt.com that American also stipulated that the campus continueits educational use and that the sale not be subject to drawn outdue diligence regarding zoning for expansion.

Stevens and CBRE associates Valerie Bowman and Jim Pasquarellaled the marketing team and negotiated the sale on American'sbehalf. "The campus represents one of the best located parcelsalong the East Coast of the US," he says. The landscaped campus,which includes specimen trees, gardens, a stream and a pond, wasmaster-planned by the Philadelphia-based architectural firm ofMitchell/Giurgola Associates, which also designed its majorbuildings.