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One of those obstacles is a right of first refusal that has been on the property for the last decade. 

The document, obtained by ÈËÊÞÐÔ½», was first recorded in 2014 and updated in 2019. It grants Pleasant Rowland, through a limited liability corporation bearing her name, the right of first refusal to buy several Wells College-owned properties, including the campus. 

Rowland is a Wells College alumna and creator of the American Girl brand. She has invested in restoring several village properties and formerly owned MacKenzie-Childs. 

Wells College agreed to grant Rowland's LLC the right of first refusal to acquire numerous college-owned properties. Under terms of the agreement, the LLC will receive at least 30 days' notice before any college property is listed for sale.

Before accepting an offer from a potential buyer, the college must offer to sell the same property to Rowland's LLC. After receiving notification from the college, the LLC will have 30 days to accept. If the LLC declines, the college may accept the potential buyer's offer.

The existence of the right of first refusal is significant because Wells, which closed at the end of the 2023-24 academic year, is attempting to sell its Aurora campus. The sale is a critical part of the college's wind-down operation, with the proceeds needed to cover its debts. 

CBRE, the commercial real estate firm that has been tasked with marketing the property, had representatives at a recent public meeting in Aurora. During a presentation, the realtors outlined the opportunities and challenges with the campus sale. 

The right of first refusal was listed as one of the challenges. 

Mark Rupprecht, managing director of CBRE's Syracuse office, said that when he informs developers about the right of first refusal, "the conversation stops."

"People who are going to want to look at investing here are going to spend a lot of time and effort and money to examine this opportunity," Rupprecht said, "and the right of first refusal is a difficult obstacle in that process." 

However, the right of first refusal would not be a factor in a transaction between Wells and another school. 

According to language in the document, the right of first refusal "shall not be interpreted to apply to any transfer of real property by the college to another educational institution ... for use by such institution in furtherance of its exempt educational purposes." 

Wells has been seeking another educational institution to buy the property. Wells Legacy Society, an alumni group that formed after the closure announcement, is encouraging members to share information about the campus with nonprofit educational institutions. 

But CBRE says the number of colleges and other types of schools that are interested in the campus is "very small." The real estate firm has contacted more than 400 educational institutions about the Wells campus. 

Ed Kiesa, an associate real estate broker with CBRE, has engaged in several discussions about the campus. He told the crowd at the Jan. 21 meeting that the effort "hasn't been fruitful." 

"(The colleges) have their own issues with their own campuses," he said. 

CBRE revealed there has been "serious interest" from other parties, namely developers. Rowland would have the right of first refusal in a potential sale to a developer and the village would need to change its zoning for the campus — another challenge identified by the realtors. 

Although there are hurdles, Rupprecht believes "there's a path forward" for the campus. 

"We have a long way to go," he said.