DALLAS, Texas--La Roche College, a co-educational, private college that has an established campus in Pittsburgh, Pennsylvania, has entered into a purchase and sale agreement for the acquisition of the assets of the former Ambassador University campus in Big Sandy.
Included in the purchase and sale agreement is a feasibility period during which the prospective buyer determines if the property is suitable for its needs.
The prospective purchaser intends to continue using the property as a liberal arts university, with the expectation that it will attract an international student body, according to Monsignor William Kerr, president of La Roche College.
According to President Kerr: "La Roche is strongly committed to preparing students to become contributing members of our ever-changing global society. Having gained an education rich in the Christian tradition, coupled with career-focused professional experience and a liberal arts foundation, our graduates are highly marketable."
Bernard Schnippert, WCG treasurer, said: "The WCG is pleased to know that the prospective buyer is an educational institution with a philosophical commitment to comparable values and vision for which we have used the property."
Bill Vaughan with the Dallas office the Grubb & Ellis real estate company, represented both parties in the transaction. According to Mr. Vaughan: "At its peak, Ambassador University had an enrollment of about 1,200 students plus faculty and staff. The re-opening of the university will represent a boon to the East Texas economy."
Monsignor Kerr said: "Enrollment could quite possibly exceed the previous enrollment in just a few years".
The Ambassador University core campus is 228 acres in size and it is surrounded by almost 2,000 acres of pristine farm and timberland, also owned by the university. It has about three-quarters of a million square feet of building improvements ranging from classroom to office buildings, dormitories to private residences, as well as a convention center and fieldhouse. Many of the improvements were completed in the early 1990s and are in excellent condition.
Other property includes a nine-hole golf course; extensive athletic and recreational facilities; two private lakes; campgrounds with bathhouses; an airstrip (almost one mile in length); an FM radio station; and on-site water and wastewater treatment facilities. The contemplated sale also includes all of the personal property of the university including library contents.
Copyright © Worldwide Church of God, 1998