In a deal that had been in the works for the past few years, Bryant & Stratton College has sold its recently opened Amherst campus property back to a local developer.
Bryant & Stratton will remain as the property's sole tenant under a sale-leaseback deal it cut with developer Alan Dewart.
"This was envisioned from the get-go," Dewart said. "This is something we've been working on for a while."
According to documents filed in the Erie County Clerk's office, Dewart's B&S Northtowns Campus Group LLC paid $4.85 million for the Millersport Highway property that houses Bryant & Stratton's recently opened 30,000-square-foot suburban building.
Bryant & Stratton typically leases the buildings where it houses its educational programs.
Locally, the college also leases space in Orchard Park from a partnership whose principals include Dewart.
The $6 million Amherst campus, which neighbors Uniland Development Co.'s Crosspoint Business Park, is expected to serve more than 800 students. The project was aided by a payment-in-lieu-of-taxes (PILOT) program approved by the Amherst Industrial Development Agency two years ago.
The PILOT will be transferred to Dewart's group.