Another UArts bid has come in: $11.6 million for Juniper Hall
It’s the eighth of nine UArts buildings to draw leading bids that have been recorded on the public court docket.
The eighth of nine University of the Arts buildings for sale has drawn a leading bid: A limited liability company has offered $11.6 million for Juniper Hall, formerly used as a student residence.
The bid for Juniper appeared on the public docket in U.S. Bankruptcy Court in Wilmington on Tuesday.
Objectors have until Thursday to file against the bid made by a company called 311 Juniper Property Owner, named after the address of the property: 311 S. Juniper St.
» READ MORE: More bids come in for three UArts buildings, including the iconic Hamilton Hall on South Broad Street
The lawyer for the company did not immediately respond to a request for comment on what the client intends to do with the building. Max Frankel, a Philadelphia real estate developer, is listed on a court document as connected to the company.
Of the UArts buildings put on the market, sales have been finalized for three buildings: Art Alliance, which was purchased by Curtis Institute of Music; Terra Hall, which went to Temple University; and the Arts Bank building, sold to Quadro Bay LLC.
Other leading bids are in process for Hamilton, Anderson, Furness, and Spruce Halls. Competition already has emerged for the Hamilton and Furness buildings.
In the cases of Hamilton, Anderson, Furness, Spruce, and now Juniper, the leading bidders are limited liability companies named after the addresses of the buildings, and the potential buyers and their lawyers have been mum on their plans.
» READ MORE: Bankruptcy court judge rules that Arts Bank building can go to developer, the highest bidder
The ninth building, Gershman Hall, a theater and educational building, has not yet drawn a bid recorded on the public docket.
UArts abruptly closed last June, leaving students and staff scrambling, and the school filed for bankruptcy in September.
At a bankruptcy hearing last week, the UArts bankruptcy trustee said through written testimony that there are signed agreements for seven of the eight proposed property sales, noting two of the buildings are joined and being sold together. The total value of the real estate assets under the signed agreements is $75.61 million, the trustee testified.
Staff writer Harold Brubaker contributed to this article.