The iconic Oakland Hills campus of the 155-year-old Holy Names University has been saved from the brink of foreclosure and shutdown after a recent sale to real estate firm BH Properties, giving the education facility new life and an opportunity for much-needed reinvention according to Mercury News.
Founded in 1868, Holy Names University had been struggling with declining enrollment numbers and financial woes that culminated in defaulting on a $49 million loan earlier this year. However, the timely acquisition by BH Properties, following an undisclosed transaction, saved the property from a looming June 30th public auction that could have resulted in foreclosure as reported by the San Francisco Chronicle.
Spanning 58.6 acres in the stunning Oakland Hills, the campus includes a plethora of educational facilities such as classrooms, labs, a dining hall, gym, library, a 500-bed dorm, and a new 450-seat theater. The sale of the property heralds a new and promising future for the education site, ensuring it continues to serve students in the Oakland community and beyond for years to come.
BH Properties, a veteran real estate firm based in Los Angeles, operates in 18 states and has shown enthusiasm towards continued educational activities on the site. Jim Brooks, President of BH Properties, said in a statement, “We are excited to announce this long-term investment in the Oakland community. We expect it to continue to be an asset to the community and its students for years to come”.
Recognizing the increased demand for educational spaces amid the ongoing pandemic, BH properties plans to attract new tenants for the campus. Andy Van Tuyle, a senior managing director with BH Properties, said in a statement, “There are many organizations in dire need of educational space and we believe there will be significant interest in leasing this site”.
Unfortunately, Holy Names University's struggle isn’t an isolated incident. The COVID-19 pandemic has taken a heavy toll on various academic institutions. For instance, Oakland's Mills College, founded in 1852, merged with Northeastern University in order to prevent a financial disaster that would have ended its women-only undergraduate program according to the San Francisco Chronicle. The San Francisco Art Institute also suffered, ultimately closing its doors last year.
With the campus now secured, the next step for the Hillside property of Holy Names University is to scout for suitable tenants with a focus on education. Commercial real estate brokers David Klein and Jeff Moeller of Lee & Associates San Francisco are tasked with finding one or more education-oriented tenants for leasing space. Klein highlighted the advantages of the campus, mentioning its “three-bridge bay views, extensive landscaped grounds, classrooms, labs, conference space, theater, dining hall, gym, library, outdoor recreation and other facilities”.
Steven Borg, chair of Holy Names University's board of directors, expressed gratitude and approval of the new buyer, stating that BH Properties values the history and heritage of the university and that the sale would have a positive impact on the Oakland community. He also acknowledged the crucial role the campus will play “for future generations of learning and education at the campus for students of Oakland and the East Bay”.
