106 New Scotland Avenue, Albany, New York 12208-3492
www.acphs.edu
Founded in 1881, ACPHS maintains a reputation as one of the finest pharmacy institutions in the world. With more than 80 full-time faculty teaching over 1,500 students, the school offers four and six year Doctor of Pharmacy programs, Bachelor of Science in Pharmaceutical Services, clinical and biomedical technology programs, Bachelor of Science and Health and Human Services, laboratory medicine, and physicians assistants.
Client Objectives:
ACPHS contacted V/T Commercial through a regional brokerage relationship, seeking market knowledge about the establishment of a possible satellite campus in the Greater Burlington Vermont Area. The college was seeking to establish a presence close to a medical school (University of Vermont), teaching hospital (Fletcher Allen Health Care), near the untapped Canadian market, and in an area that would be attractive to its faculty, staff, and student base. ACPHS desired an academic campus of approximately 60,000 square feet for classrooms, administrative services, and laboratories, and with the ability to house its students (projected to be around 250) in a near-by residential rental complex. It needed excellent access to transportation and hotels, as well as good permanent housing for its faculty and staff. It also sought State of Vermont certification as well as economic assistance. The goal was to enroll its freshman class for the fall of 2009.
Process:
V/T Commercial compiled a comprehensive market survey of possible facilities and locations to meet ACPHS’ stringent needs. After a market tour, a detailed Request for Proposal was established and circulated to five selected locations/properties. V/T Commercial collected and analyzed the responses in a compact yet detailed format. Final negotiations, via a Memorandum of Understanding, were undertaken with the chosen property. Simultaneously, V/T Commercial made proper introductions to authorities in the State of Vermont Economic Development Office and successfully assisted in gaining close to $1,000,000 in tax incentives. Additional assistance and negotiations took place regarding student housing, and residential housing for faculty and staff. Throughout the process, V/T worked closely with ACPHS’ facilities coordinators, architects, Dean of Students, Chief Financial Officer, and President.
Result:
After approximately ten months of due diligence, the assistance of V/T Commercial and its team of professionals resulted in the successful execution of a long-term lease agreement, with an option to purchase, for a beautiful site for the ACPHS Vermont campus. The campus is located at 261 Water Tower Circle, Colchester, Vermont.
