MCA hires Commercial Advisors for property disposition

After announcing last fall that it will no longer admit new students, Memphis College of Art (MCA) remains committed to its current students through May 2020. MCA has also hired Cushman & Wakefield/ Commercial Advisors to represent the College in the disposition of their real estate portfolio.

“MCA will retain residency in Rust Hall through the teach-out period of May 2020,” said Laura Hine, President of the Memphis College of Art. “And in the sale of the real estate assets south of Poplar, we will be mindful of our students’ educational and housing needs. We are committed to our students and will have them in mind during every step of the process.”

Proceeds from the MCA real estate sales will both create a reserve fund for the teach-out of the current students, and retire the College’s real estate debt, Hine said.

“Rust Hall is the heartbeat of MCA, and an important Overton Park landmark,” said Hine. “In the disposition process of Rust Hall, we will work with the City of Memphis and the Overton Park Conservancy to determine the highest and best use of this amazing and beloved building.”

The MCA campus includes 12 buildings south of Poplar Avenue and the iconic Rust Hall, a mid-20th century landmark building in Overton Park designed by architect Roy Harrover, who is largely credited for having established a modern architectural identity for Memphis. The buildings south of Poplar include three multifamily properties, two student-housing properties, four art studio/office buildings, a single-family home, and a mixed-use office/retail/multifamily property on Poplar Avenue.

“We will work closely with MCA on all new ownership decisions,” said Matt Weathersby, Principal with Cushman & Wakefield/Commercial Advisors. “The community significance of these properties is one we will keep top-of-mind throughout the process.”

Despite marketing their properties, MCA remains at the forefront of creativity in Memphis and has much to offer through May 2020. The College’s current students bring creativity and innovation to businesses and organizations throughout Memphis through internships and community projects. MCA Community Education continues to provide high-quality and sought-after art courses to the greater Memphis community, including its popular Fashion Design Program, new Makers Series, and larger-than-ever Summer Art Camp. Gallery lectures and events continue to draw our community to MCA, and share the important work that artists produce. Stay in touch with MCA’s happenings on their website – mca.edu – and on Facebook and Instagram.

For more information on the College’s properties, view the Memphis College of Art portfolio or contact Cushman & Wakefield/Commercial Advisors at (901) 366-6070.

 

 


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