The campus of the former Daniel Webster College in Nashua, N.H., has been sold in an auction.
The Manchester Union Leader reports that Southern New Hampshire University (SNHU) is purchasing a portion of the campus; the winning bidder for the rest of the campus has not been disclosed.
At the auction Monday, SNHU was the only bidder on the school’s old flight center, tower building and hangar. Pending approval from a bankruptcy court, the university will acquire the aviation property for $410,000.
The listing agent for the campus says that the high bid for the remaining campus portion of the facility was $11.6 million. That purchase must also be approved by a bankruptcy court. Although the bidder's identity was not disclosed, two city officials say the campus is to be acquired by a Chinese college or university.
Jim Smith, executive vice president of SNHU’s College of Engineering, Technology and Aeronautics, says the new property will be a big boost to the university's growing aviation and engineering programs.
When Daniel Webster College closed earlier this year, SNHU took over the engineering and aeronautics curriculum.
According to the real estate broker, the 53-acre campus has 13 buildings consisting of more than 280,000 square feet.
The site is assessed at nearly $24 million. The property was last sold in 2009 for $14.9 million; it is owned by Daniel Webster College Acquisition Corp., and its parent company ITT Educational Services.
One year ago, ITT declared bankruptcy and announced it was shutting down its campuses. The U.S. Department of Education gave SNHU permission to initiate a "teach-out" agreement so that students and staff could continue their at Daniel Webster College until spring 2017.
SNHU made an initial offer to acquire the entire 53-acre Daniel Webster College property, but creditors did not find the offer satisfactory.