ITT Tech Assets Hit The Market
(Image from ITT Tech)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowTwo Firms in New York have been tasked with managing the sale of Carmel-based ITT Educational Services Inc.’s assets. A&G Realty Partners LLC and Tiger Capital Group LLC say offers are being accepted for 30 properties owned by the bankrupt company as well as 111 leases.
The sale also includes intellectual property and furniture, fixtures and equipment at dozens of sites throughout the U.S. ITT Educational Services Inc.-owned properties are in California, Florida, Texas, Idaho, Mississippi, Michigan, Tennessee, Wisconsin, Washington, Illinois, New York, Georgia, Ohio and Indiana.
A&G co-founders Emilio Amendola and Andy Graiser said "these are well-built buildings in excellent condition, with good ceiling height and above-average parking, which can be used for flex, office, retail, health-related facilities, and schools. In addition, investors and users have the option to include all of the furniture and equipment as part of their bid. We are expecting a high level of interest in all of the properties." Assets not offloaded by A&G will be auctioned by Tiger Capital Group. The company had ITT Technical Institute and Daniel Webster College campuses in 39 states.
One month ago, ITT Educational Services announced it was discontinuing operations. Days later on September 16, the for-profit education provider filed for bankruptcy in U.S. Bankruptcy Court for the Southern District of Indiana. Some 8,000 employees and approximately 40,000 students have been displaced by the closing. Assistance for those stuck without a job or classes has been offered from many corners of the state.
A&G Realty was also recently retained to handle the sell-off of Colorado-based Sports Authority’s assets following its bankruptcy. You can connect to more about ITT Educational Services Inc.’s assets by clicking here.