SSU Foundation Purchases Allenwood Shopping Center

SALISBURY, MD--The Salisbury State University Foundation recently made one of the largest property acquisitions in its history with the purchase of Allenwood Shopping Center from Frank Hanna of Salisbury. The center, located on the southeastern border of campus, cost $2 million.

The University will not be using a penny of state funds nor will the SSU Foundation be invading its $25 million restricted accounts for the purchase, said Martin Williams, vice president of University advancement and executive director of the University Foundation.

The Foundation is benefitting from low interest rates and the decision, made in 1997, to borrow funds to make its real estate purchases, said Williams. The SSU Foundation has a sterling credit rating and we can obtain financing on very favorable terms.

The loan will be paid down by the rents of tenants in the facility. Some 12 to 15 years from now, we expect the loan to be paid off, said Williams.

There are no immediate University plans to redevelop the property or change its use. Two decades ago, however, the campus was serving some 3,000 students with approximately the same amount of space. Since then the student population has doubled to 6,000. The University anticipates eventual academic use of the site.

Our mission is to help the University in myriad ways, said Williams. In this instance we wanted to arrange to preserve property that is contiguous to campus.

The Allenwood Shopping Center on Rt. 13 near Dogwood Drive consists of over two acres and seven different tenants, including Nacho Petes, Fratelli's Restaurant, Papa Johns and the Rent-A- Center among others.

Thom Bellavance (SSU's former president) wanted to purchase the center back in the early 1980s, said SSU President William C. Merwin. Unfortunately, in those days the Foundation didn't have the funds to acquire this valuable property. Since then it's price has doubled.

The Foundation has no immediate plans to change the functioning of the shopping center, and will work hard to increase the patronage of center businesses by townspeople and University students, staff and faculty, said Williams.

We intend to be good neighbors with our friends at Allenwood, said Williams. I have the utmost confidence that the Foundation will do a good job managing this property.