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Case Study

JLL manages the sale of Morris Brown College campus

morris brown campus sale

​Morris Brown College hired JLL in January 2014 to conduct a Section 363 bankruptcy sale of the college’s 35 acres, located adjacent to downtown Atlanta. In order to exit from bankruptcy, Morris Brown could sell all or portions of its campus to generate proceeds to pay its outstanding debt obligations.  

JLL crafted marketing materials, which highlighted the unique opportunity to control a large site adjacent to downtown Atlanta, less than one quarter of a mile from the newly-announced Atlanta Falcons stadium development site. After a national campaign, JLL conducted a call for offers and a best and final round.  

Ultimately, the City of Atlanta, via its Invest Atlanta economic development arm, purchased a large portion of the campus for future development. Friendship Baptist Church, a parish whose prior church was purchased to make way for the new Atlanta Falcons Stadium, purchased a small portion near for the construction of a new church. Morris Brown College retained ownership of approximately 6 acres.  

The transaction closed in September of 2014 for a total of $14.5 million.  

JLL’s Development and Asset Strategy practice has managed multiple Section 363 transactions, and is well versed in the process. Contact us to find out how we can assist with your distressed asset disposition.

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