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BRYN MAWR, PA-Although the American College received interest from more than 40 potential buyers of its 35-acre campus, its board of directors has re-opened the proposal process and extended the deadline for bids until the end of this month. Due to the fact that a majority of the college’s continuing education programs are now offered over the internet, it no longer needs to maintain the full campus, which contains six buildings with an aggregate of approximately 230,000 sf.

It does, however, want to consolidate its administrative offices under a leaseback arrangement for the 70,000-sf MDRT Foundation Hall. In addition, Villanova University maintains a long-term lease in another 22,000-sf building.

The college has assigned marketing of the campus to Peter Stevens, senior vice president in the Philadelphia office of CB Richard Ellis. The asset is not priced. On condition of anonymity, an area broker tells GlobeSt.com it would probably command in excess of $50 million. Stevens declined to comment on that estimate; nor would he disclose potential rent rates for the American College lease.

“The extended deadline is not really about getting a higher price,” he tells GlobeSt.com. “It’s more about closing without a long, drawn out due diligence process regarding zoning for potential expansion. Radnor Township. is a wealthy township and the public will be very active about what goes into the site. Nevertheless, 10 years from now, the site will look very different from the way it looks now. There are no comparable tracts available in this area.”

The landscaped campus, which includes 700 specimen trees, gardens, a stream and pond, is located at 270 S. Bryn Mawr Ave. It was master-planned by the Philadelphia-based Mitchell/Giurgola Associates architectural firm, which also designed the main buildings. American took occupancy in the early 1960s. It is an accredited public charity and any agreement to sell must be approved by its board of directors.

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