Mountain State University announced the sale of its mall property this week–an attempt to settle some debts in the wake of the school’s loss of accreditation. From the Huffington Post:
The decision was announced by the university’s interim president, Richard Sours, during an emergency injunction hearing on Tuesday. He explained MSU had not put any buildings up for sale yet, but it was likely to happen so long as the sell didn’t “impact the university’s core mission.”
“If a buyer comes along and offers us a fair price for the mall, we’d be willing to sell that,” said Sours.
The Herald Mail reports that the university has a direct debt of $27 million and an overall debt of almost $34 million, according to a Moody’s Investors Service report.
Martinsburg Mall is located in Berkeley County, right near the main campus. It was purchased in April 2010 for $11 million dollars with a loan held through City National Bank. Apparently the school planned to turn 13,000 square feet of the building into classrooms or offices for administration.
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