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Mark Rupprecht, managing director of CBRE's Syracuse office, and Ed Kiesa, an associate real estate broker with the firm, joined Wells College President Susan Henking for the public meeting in Aurora about the sale of the campus, which follows the college's closure announcement in April. 

The campus was listed for sale in November and is an important part of the college's wind-down operation. The college needs to sell the campus as part of its asset disposition process. 

So far, CBRE has contacted more than 400 educational institutions to gauge their interest in the Wells campus. The listing has been posted in a CBRE database and 236 prospects viewed the executive summary, according to Rupprecht. More than 60 took the next step in signing a confidentiality agreement, which allows them to access additional information about the property. 

Those that signed the confidentiality agreement are looking at the campus "with serious interest," Rupprecht said. 

Most of the interested parties are developers of mixed-use properties. There is interest from entities in the hospitality industry and religious camps. While the goal is to sell to another educational institution, the number of colleges and other schools that have expressed interest is "very small," according to the realtors. 

Kiesa said he spends most of his time reaching out to colleges about the Wells campus. While there have been a lot of discussions, he said "it hasn't been fruitful." 

"That's an unfortunate reality," he continued. "(The colleges) have their own issues with their own campuses." 

Rupprecht detailed the opportunities and challenges with the Wells listing. The opportunities, he explained, include its location — it overlooks Cayuga Lake and is centrally located between Binghamton, Ithaca, Rochester and Syracuse. The campus has beautiful buildings and grounds, he said, and there is a large population density within an hour of the village. 

Rupprecht highlighted some of the challenges, one of which is the rash of college closures in the past 10 years. Low population density in Aurora — he noted there isn't a grocery store within two miles of the village — and zoning are factors. The college campus is zoned for institutional use, but he said it's more likely the campus will be used for a different purpose. 

Another hurdle is a right of first refusal on the property. A limited liability corporation linked to Pleasant Rowland holds a right of first refusal on several Wells-owned properties, according to a document obtained by ÈËÊÞÐÔ½». Rupprecht said that many times when developers learn there is a right of first refusal on a property, the conversations end. 

Despite the challenges, Rupprecht is optimistic about the campus. 

"I think that there's a path forward, regardless of whether it's going to be an educational institution or some alternative development," he said. "There have been no decisions made yet. We have a long way to go." 

There is a timeline for the potential sale of the campus. CBRE is in the midst of a three-month active marketing period, which will run through February. 

In March, the firm hopes to get best and final offers from interested parties. 

"I believe that we will have offers based on our conversations with people," Rupprecht said. 

If the sale process advances and there is a contract, the buyer will have an estimated 90 days for due diligence. The best-case scenario is the sale will close by late summer, according to Rupprecht. 

During a question-and-answer period, Henking was asked what would happen if Wells does not receive any substantial offers. She said the property would be remarketed until it's sold. 

If that process doesn't yield a good offer, an auction is another option. However, Henking acknowledged the college would likely get less for the campus through an auction. 

Within the village, there are concerns about the future of the Community Medical Center and Peachtown Elementary School. Both are on the Wells campus and would be affected by the sale. 

Rupprecht said they have informed developers about the medical center and school. While they have been receptive to keeping the medical center and school in their current locations, arrangements would have to be made between the parties. 

The sale of the campus, along with disposition of other assets, must be approved by the state attorney general's office.