Mercyhurst University’s North East Campus has been sold to a Baltimore-based company.

The property went up for sale after university officials announced the school would be closing in August of 2019. 

The former North East Campus has been sold to Blue Ocean, a Baltimore-based property investment company. Blue Ocean is the same company that owns the SPIRE Institute Sports Complex, located in Geneva, Ohio.

The sale comes after the Erie County Board of Tax Assessment agreed to lower the value of the property.

Blue Ocean representatives have not yet announced their plans for the property, however North East Borough officials and business owners welcome the company’s large investment in their community.

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“This is the cornerstone of all the new development that we’re talking about in the community, and we’re just beyond thrilled that Mercyhurst has done a fantastic job finding the next suitor to come in and take over. The Ehrenfeld companies are going to be tremendous for this area,” said Patrick Gehrlein, North East, Borough Manager.

Later Wednesday, the Mercyhurst University President will provide an update on the sale of its North East Campus.

JET 24/FOX 66/YourErie.com will have much more on air and online as this develops.