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Post Info TOPIC: Sale of Old Albertson’s Building


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Sale of Old Albertson’s Building
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12. USM Sale of Old Albertsons BuildingProject Request:

 

Purpose:

 

Staff Recommendation: The Attorney Generals Office has reviewedSale of the property was authorized in SB 3031, Laws of 2008 and The

Bureau of Building, Grounds, and Real Property Management delegated authority to

advertise for the sale of the property on April 22, 2008. The Bureau of Building,

Grounds, and Real Property has reviewed the advertisements, appraisals, and the sale

agreement and has concurred with their adequacy. Two independent appraisals were

performed (one for $1,500,000 and one for $1,550,000) with an average appraisal

value of $1,525,000. The property was publicly advertised and two proposals were

received, both of which were less than the average of the two appraisals.

Negotiations were entered with the high proposer (CCM Capital Assets, LLC),

resulting in a sale price of $1,555,000 which is $30,000 above the average of the two

appraisals. A copy of the property description and all legal documentation are on file

with the Office of Real Estate and Facilities. The University of Southern Mississippi

acting in accordance with Board Policy §905(A), Real Estate Management, that

requires each institution to receive Board approval prior to the execution of a contract

for the sale of real property and to receive two independent appraisals with the sale

price of the real property being no less than the average of the two appraisals.

The University of Southern Mississippi requests permission to sell

property known as The Old Albertsons Building to CCM Capital Assets, LLC.



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Anybody remember the original purchase price?

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Southern Miss bought the Albertsons building in 2002 for $1.2 million, and officials announced plans to spend another $1 million to renovate it for the then-College of Nursing

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That plan for COLLEGE of Nursing building worked out real well didn't it? Somehow I doubt SoN will see much revenue from this sale. But what do I know?

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thank for your information

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