MINNEAPOLIS – Transwestern Real Estate Services (TRS) announces the sale of the Bethany Global University campus to Substance Church. The 32.7-acre site located in Bloomington, Minnesota includes a total of 341,036 square feet of space in 16 buildings. Bethany Fellowship was represented by Transwestern’s Mike Salmen and Erik Coglianese.
“The purchase of the Bethany Global University campus is very beneficial for Substance Church,” said Nathan Buss, Chief Financial Officer for Substance Church. “Finding a campus that was designed for Substance Church’s similar needs means that the church is able to more easily update and renovate the property with a future redevelopment that aligns with the church’s goals, and ultimately to better serve the community.”
The property, marketed by Transwestern, saw interest from owner-users, developers and investors. Owner-user Substance Church is a mission-driven organization that intends to use the property for purposes similar to Bethany Global University. The land is zoned for institutional and religious purposes, and Substance Church plans to repurpose many of the existing apartment, dormitory, educational and support services buildings. The campus sits in the thriving West Bloomington neighborhood and is near parks, walking and biking trails, the Minnesota Valley Country Club, and the bluffs of the Minnesota River.
“Finding an owner-user for the campus was an ideal situation for Bethany Global University,” said Salmen, Managing Principal of Transwestern’s Capital Markets and Asset Strategies group. “It maximized pricing, and also the quickest path to closing. This is a fantastic outcome for Bethany Global University as it undergoes a transition into online learning, and the sale allows Bethany to continue its mission in religious education and global outreach.”
The property, which had been under Bethany's ownership since the 1940s, was made available for sale as part of a strategic restructuring initiative. The university recently shifted from an in-person learning environment to an online platform.
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About Transwestern Real Estate Services
Part of the Transwestern companies, Transwestern Real Estate Services (TRS) strives to add value for investors, owners and occupiers across all commercial property types. Fueled by a holistic perspective of the real estate life cycle, agility and creativity are hallmarks of our approach, while vast national resources and sound market intelligence underpin customized recommendations and property solutions.
Four dynamic, integrated companies make up the Transwestern enterprise, giving us the perspective to think broadly, deeply and creatively about commercial real estate. Clients and investors rely on us for expertise that spans institutional and opportunistic investment, development, hospitality, and brokerage and asset services. Our award-winning, collaborative culture empowers team members with resources and independence to work across boundaries in pursuit of innovative solutions, reinforcing a reputation for service excellence that translates to measurable results. Through offices nationwide and alliance partners around the globe, we positively impact the built environment and our communities while fostering a work climate that champions career vitality for all. Learn more at transwestern.com and @Transwestern.
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