Now that the final semester of classes at Cardinal Stritch University has come to an end, the university's 44-acre campus has been listed for sale by commercial real estate company
Transwestern with an asking price of $24 million.
Cardinal Stritch, a private Catholic University that lies in Glendale and Fox Point and was founded in 1937,
announced in April that it would shut down all educational programs at the end of the spring semester, which ended on May 22, and begin the wind-down process of all university operations. Cardinal Stritch president Dan Scholz cited declining enrollment, the pandemic and mounting operational and facility challenges as reasons for the closure.
The campus has a total of about 607,000 square feet of building space between 12 buildings ranging from classrooms, labs and a library to dormitories and a gym,
the listing shows.
These buildings include:
- A 3-story, 114,000-square-foot building built in 1962 that was 50% dormitory and 50% office space
- A 1-story, 48,000-square-foot building built in 1962 that was 30% cafeteria and 70% office space
- A 2-story, 136,000-square-foot building built in 2005 that was 50% classrooms and 50% office space
- A 1-story, 38,000-square-foot building built in 1962 that was 70% science classrooms and 30% office space
- A 1-story, 10,000-square-foot building built in 1962 that was mostly used as a boiler house
- A 2-story, 35,000-square-foot building built in 1967 used as a dormitory
- A 2-story, 119,000-square-foot building built in 1985 with cafeteria, office, library and auditorium space
- A 2-story, 77,000-square-foot building built in 1997 with classroom, office and auditorium space
- A 2-story, 32,000-square-foot building built in 1962 used for classrooms
There are 985 regular parking spaces and 31 handicap parking spaces on the campus's surface lots.
Located at 6801 N. Yates Road and listed as an opportunity for reuse or redevelopment, the land is divided as 28.5 acres in Glendale, zoned S-1 Special (Institutional) District, and 15.03 acres in Fox Point, zoned F (Institutional District), according to the listing.
"The subject site by size and location is an exceptionally rare offering in the mature and established north shore suburbs of Milwaukee and represents a once-in-a-lifetime, legacy-level acquisition opportunity," the listing says. "Surrounded by highly desired, tree-lined residential neighborhoods to the east, north, and south, in conjunction with adjacent and nearby human-scale retail centers, the CSU campus blends seamlessly into the neighborhood gestalt. The site offers possibilities for owner-users and developers alike."
About 4.5 acres of the campus is currently leased by St. Francis Children's Center, a non-profit that supports children with special needs. The 75-year ground lease ends in 2047, according to the listing.
Offers are due on July 31 with a preferred closing of Dec. 31. Contents and personal property of the university is expected to be available for sale as well, according to Transwestern.
The sale requires approval by the Sisters of St. Francis of Assisi and the Vatican.
Transwestern is a privately held real estate firm, headquartered in Houston, with offices nationally. Marianne Burish and Dan Walsh of Transwestern's Milwaukee office are the listing brokers for the Cardinal Stritch property. Burish is a member of the Cardinal Stritch Board of Trustees.
