ITT Tech Bankruptcy Throws 30 Properties On The Market
ITT Tech’s parent, ITT Educational Services, is liquidating its holdings in a Chapter 7 bankruptcy proceeding after the for-profit university system abruptly shut down last month.
But that doesn’t necessarily mean you can get the properties cheap—the company expects to make as much as $100M from the sale of its 30 major properties, the Wall Street Journal reports. Many of those are in California, Texas and Florida, but the company had locations all over the US.
A&G Realty was hired to sell the campuses, and the major sales pitch they are hitting on is parking spaces. Nearly all the properties come equipped with vast parking lots, almost double what’s typically needed for corporate centers, which makes the properties uniquely positioned for call centers and schools. [WSJ]