BH Properties has acquired the 58.6-acre campus of Holy Names University in Oakland, according to the San Francisco Business Times. The 155-year-old academic institution put its campus up for sale this past March after defaulting on a $49 million loan.
It is not yet known how much Los Angeles based BH paid for the property; however, when it was first listed with CBRE representing it, Holy Names University was seeking around $70 million, as reported by the Business Times.
BH stated that they plan to lease space at their new acquisition to other educational operators and expressed optimism about interest from potential tenants: “There are many organizations in dire need of educational space and we believe there will be significant interest in leasing this site” said Andy Van Tuyle, Senior Managing Director at BH Properties.
The reported sale comes just three weeks before what would have been a foreclosure auction on the property had an agreement not been reached between buyer and seller beforehand
