GALLOWAY TOWNSHIP — Stockton University is looking to sell its offices inside a medical building on Jimmie Leeds Road, which were donated to the college two years ago.
The Board of Trustees approved the negotiation of the sale of the property as part of the sale of the entire medical building at 72 W. Jimmie Leeds Road during a meeting Wednesday that was held virtually due to social distancing requirements related to COVID-19.
Three offices totaling 2,588 square feet in the Stockton Medical Building were donated in 2018 by Drs. Philip and Pamela Paparone after the doctors from Ventnor closed their practice. Stockton also is in possession of a fourth office space in the building, also donated to the university.
According to Stockton spokeswoman Diane D’Amico, the college’s units are all currently being leased. She said the leases expire at the end of July, but she cannot discuss pricing because the sale is not finalized.
According to the township tax office, the space owned by Stockton is assessed at $630,300 in total.
Stockton Vice President of Facilities Donald Hudson said the entire building, which includes 11 units and six different owners, has been for sale and now there is some interest from buyers.
The resolution authorizes Stockton President Harvey Kesselman to negotiate the sale on behalf of the college.
