- Associated Press - Thursday, February 20, 2014

ATLANTA (AP) - Morris Brown College wants to sell most of its 34-acre campus in Atlanta, court records indicate.

The cash-strapped historically black institution is headed to bankruptcy court next month to start the process, The Atlanta Journal-Constitution reported (https://bit.ly/19h2mCB ).

The college will be seeking the court’s approval for a partnership with Jones Lang LaSalle Inc. to act as a real estate broker in marketing the property, court documents show. If approved, the broker would receive a 5 percent commission, plus reimbursement for expenses up to $10,000.

It is not clear how the sale would affect the college’s remaining students and staff, the Atlanta newspaper reported.

Morris Brown President Stanley Pritchett said no buyer has been found for the property. He declined to provide additional details about the sale.

The Atlanta Falcons plan to build a $1 billion stadium near the college, and two churches - Friendship Baptist and Mount Vernon Baptist - have been relocated to make room for the stadium complex. Morris Brown has been in negotiations with the two churches for various parts of the campus property, according to a letter from Jones Lang LaSalle.

Pritchett declined to say whether potential buyers include the team or the churches.

The proposed sale of most of the campus property comes after two failed partial property sales fell through. Those included a plan the school announced in December that would have involved selling off the Middleton Twin Towers dormitory, the student center and the post office.

Morris Brown filed for bankruptcy in August 2012.


Information from: The Atlanta Journal-Constitution, https://www.ajc.com

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times is switching its third-party commenting system from Disqus to Spot.IM. You will need to either create an account with Spot.im or if you wish to use your Disqus account look under the Conversation for the link "Have a Disqus Account?". Please read our Comment Policy before commenting.


Click to Read More

Click to Hide