Campus Crest To Sell Undeveloped Pipeline

by Scott Reid

Charlotte, N.C. — As a result of Campus Crest Group’s (NYSE:CCG) decision to discontinue its construction and development business, the company is disposing of several undeveloped land parcels where it had planned to develop off-campus student housing project.

Effective immediately, the company will accept written offers for purchase on the following specific sites:

•          Allendale, Michigan (Grand Valley State University)

•          Bellingham, Washington (Western Washington University)

•          Boca Raton, Florida (Florida Atlantic University)

•          Charlotte, North Carolina (UNC-Charlotte)

•          Mt. Pleasant, Michigan (Central Michigan University)

•          Sacramento, California (Cal-State Sacramento)

•          San Angelo, Texas (Angelo State University)

•          Tempe, Arizona (Arizona State University)

•          Tuscaloosa, Alabama (University of Alabama)

The company says it will accept written offers on the above-referenced properties until 5 p.m. ET Dec. 3, 2014. All written offers should be forwarded to Campus Crest Development, LLC, attention Alex Eyssen, Vice President, 2100 Rexford Road, Charlotte, North Carolina, 28211 via overnight delivery or via email at [email protected]. Upon execution of a confidentiality agreement, interested parties will be provided access to existing due diligence and entitlement information.

Priority will be given to offers based upon several criteria to include: the ability to close on or before Feb. 13, 2015; portfolio offers; ability to close without funding contingencies; and/or ability to close without entitlement contingencies. Offers previously received will be given full consideration as presented unless revised or withdrawn prior to Dec. 3, 2014.

You may also like