Educational nonprofit organization ACT announced it has entered into an agreement to sell its Iowa City campus to Iceberg Development Group.
The sale comes on the heels of its recent strategic and operational transformation to a for-profit company with its partnership to Nexus Capital Management LP, a Los Angeles-based private equity firm. The partnership was announced in April.
The sale is being led by the West Des Moines-based development company’s manager, Jim Bergman.
Since ACT’s partnership with Nexus went into effect, ACT is no longer involved in the ownership or the sale of the property. However, it is leasing space within the property and the sale will have no immediate impact on ongoing operations, according to a spokesperson.
“Iceberg Development Group will create a community that offers a variety of housing options while prioritizing partnerships with nonprofit organizations that align with ACT’s historic mission and ensure the betterment of the community,” a press release said.
“This project, under Bergman’s direction, presents a strong opportunity to leverage Iowa City’s values and resources to make a lasting impact on the community while maintaining fidelity to the city’s commitment to inclusivity and education. The high-level vision for the development of the property includes a variety of uses, primarily focused on education and housing, in line with these community priorities,” the release went on.
Josh Seamans, senior vice president for Cushman & Wakefield, said he “can’t speak to who else” might utilize the campus as an educational entity in the future, and whether or not the development group has commercial or residential community housing in mind is “to be determined.”
The news release said a “community and mission figure (is) prominently in plans for (the) campus development” and ACT will plan the campus’s development with an unnamed nonprofit.
When asked if there were specific nonprofits tied to the housing/community that’s being proposed, Mr. Seamans said there may be some that the development group potentially has in mind, but could not speak to it, nor could he disclose the purchase price of the campus.
This is a developing story. The CBJ will update as more information is made available.
