College Sells Brattleboro Property
Marlboro College is pleased to announce the sale of their Brattleboro property to a local enterprise, 28 Vernon Street, LLC. The buyer agreed to a price of $3 million, providing a significant infusion of income at a crucial time for the college.
“We are pleased to be selling this valuable facility to someone local, and 28 Vernon Street offered a very fair price” said Marlboro College President Kevin Quigley. “Although the building served us well for nearly 20 years, it is time for us to focus resources on our educational mission rather than being landlords.”
The downtown facility is the former home of the Marlboro College Graduate and Professional Studies program, which relocated from Brattleboro to the main campus in Marlboro, Vermont, in March 2017. The building has been on the market since then, most recently listed with realtors White + Burke.
Nearly all of the leasable 42,000 square-footage already has tenants, even the area once occupied by the graduate program, making it a valuable local asset. Tenants include the law firm Downs Rachlin Martin, US Department of Agriculture, State of Vermont, and Commonwealth Dairy, among others.
Part of the sale agreement includes shifting the debt that Marlboro College owed on the building to part of its extensive land holdings in Marlboro, making the full sale price available for operations. This comes at a vital time, as the college works to build on its academic program and revitalize enrollment in response to current market pressures.
“This is an extremely positive development,” said President Quigley. “When combined with an agreement that is being worked out between the college and the Marlboro Music School and Festival, resulting in two new buildings on campus worth $10 million, it is just the infusion we need to get over this latest bump.”
“We will always be an integral part of the Brattleboro community, with or without this property” added Quigley. “Our students and alumni live and work here, our graduate programs support local businesses, nonprofits, and schools, and our events enrich the community culture. That will never change.”