Lake Forest, Illinois

Newcastle sold DePaul’s campus in north–suburban Chicago for 75% above appraised value.

The Need
DePaul University purchased the 100–year–old Barat College campus in 2001 with the intention of preserving it as an educational institution. Due to low enrollment, DePaul trustees voted in February 2004 to close the Barat campus. After a nearly year–long effort by a major Chicago–based investment bank to sell the campus came up short, community concerns regarding the property’s future began to build.

The Assignment
DePaul retained Newcastle to assess the situation and sell the property for maximum value, while respecting the desires of the Lake Forest community. We quickly evaluated the property’s development potential, met with City and community residents to understand their concerns and marketed the opportunity to a select group of developers.

The Result
Newcastle worked with DePaul to evaluate offers based on economics and proposed development plans, and to negotiate a contract. Based on our due diligence and comprehensive assessment of the property, the University accepted an offer that was more than 75% higher than appraised value – and well above client expectations.