Hobby Lobby purchased the core campus of Northfield, including 217 acres, for $100,000 and a commitment to invest $5 million in repairs/upgrades. Hobby Lobby promises to facilitate the establishment of C.S. Lewis College on the campus.
The Boston Globe reports that in 2007 Hobby Lobby paid $3.5 million for the Bradford College campus in Haverhill, MA, which included a total of 18 acres. Hobby Lobby also committed to invest millions in repairs/upgrades to the Bradford campus.
At the time of the Bradford transaction the school was insolvent; had been closed for some seven years; and the buildings were generally recognized to be in very poor repair. Furthermore, the Bradford campus had a mere fraction of the number of buildings that were involved in the Northfield sale.
Hobby Lobby gave the Bradford College campus to Zion Bible College.
I happen to live and work not far from the Bradford campus, so I am familiar with some of the details. I can also tell you that, while Bradford is a pretty little campus, it certainly pales in comparison to Northfield. Northfield’s superiority in every respect cannot be questioned.
Nevertheless, Hobby Lobby paid 35 times the amount for Bradford than it did for Northfield.
My question for the leadership of NMH is: How can this have happened?
Chester J. Winkowski – MH ‘71
This is new information. Was Hobby Lobby a hard negotiator? Were there absolutely no other alternatives to this decision? It is disappointing to see the disparity between the two purchase prices, and moreso to hear that millions in upgrades were promised in both sales. I believe the administration has an obligation to speak to the alumni as clearly as possible about the financial piece of shedding the core Northfield acreage. Without full disclosure, I will carry a nagging doubt in my mind about the negotiating job done for us.
What I think is the most interesting point about the recent sale of the Northfield campus is that the school was more interested in what the campus would be used for than just for the money. The school had many inquiries about the campus but just to sell it to anyone would not due service to our founder or the thousands of alums who call that campus home. The campus was sold for the price amount $ 100,000 but they are investing an immediate $5 million to restoring the already existing buildings and that seems more important than just giving it to anyone. I think NMH has done a tremendous job in not only finding the correct buyer for the campus but making sure that it’s history is preserved. CS Lewis College was the right choice because the campus is returning to the roots that it was founded upon and will thrive just as much.
I have the distinction of being one of two members of the Class of ‘66 who went to Bradford Junior College. The chance of my graduate school closing is slim. The University of Texas at Dallas seems financially sound. It is a strange feeling to have one’s alma maters close.
But both campuses will be preserved and both institutions have guaranteed access to the alumni.
When I go to reunion I enjoy friends from many classes. I go to see the people. Since the Northfield Chapel closed the campus lost its charm for me.
The memories we have made in Memorial Chapel during the Hymn Sing, the Alumni meeting honoring the 50th reunion class and the awards are mine now. My Northfield memories are still mine and no one can take them away.
1. 2007 is a very different world economically speaking than 2009
2. Location matters: the real estate markets of Franklin and Essex counties are very different
3. Value is a function of what a buyer is willing to pay and unfortunately not the good will and good intentions of nostalgic stakeholders – were you willing to come forward with a better offer? Were you a consistent donor to the school making sure we had the financial strength needed hold on to that which we all valued?
I find the whole scenario perplexing.