Morris Brown College, the cash-strapped historically black institution, wants to sell most of its 34-acre Atlanta campus and is headed to bankruptcy court next month to start the process.
Morris Brown will be seeking approval for a partnership with Jones Lang LaSalle Inc. to act as a real estate broker in marketing the property, according to recently filed court documents. If approved, the broker would receive a 5 percent commission, plus reimbursement for expenses up to $10,00o.
It is unclear how the sale will impact the college’s remaining students and staff, which were said to number just under 50 students and 15 faculty members.
No buyer has been found for the property, Morris Brown President Stanley Pritchett told The Atlanta Journal-Constitution on Wednesday. But Pritchett would not provide additional details about the sale, nor answer whether potential buyers include the Atlanta Falcons or two historically black churches.
The Falcons plan to build a $1 billion stadium near the college, and the two churches — Friendship Baptist and Mount Vernon Baptist — have been relocated to make room for the stadium. A letter from Jones Lang LaSalle notes that Morris Brown has been in negotiations with the two churches for various parts of the campus property.
The college is expected to release more information Friday. The court hearing is scheduled for March 6.
The proposed sale of most of the campus property comes after two failed partial property sales fell through, including a plan the school announced in December that would have included selling off the Middleton Twin Towers dormitory, the student center and the post office, along with development of other school property.
Morris Brown filed for bankruptcy in August 2012 and has unsuccessfully pursued various deals to help erase its debts since then. The college has been unable to regain its accreditation largely because of its financial problems.
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