GAFFNEY, S.C. — HTC Global Services, a technology company based in Michigan, appears to be the only bidder for the 125-acre core campus of the shuttered Limestone University. Its $10.5 million cash offer drew no competing bids, and a closing is expected this month, according to The Gaffney Ledger.
FOX Carolina reported Nov. 5 that court documents show HTC Global Services made the $10.5 million bid as the opening offer in a court-supervised sale. A magistrate judge with the U.S. District Court approved the bidding procedures, according to the station. Under those rules, HTC’s price became the floor that any rival had to beat by $500,000, and the company would collect a $315,000 breakup fee if it were outbid.
The Gaffney Ledger first reported the offer in early October, describing it as a “stalking horse” bid for the 125-acre campus. The paper said the minimum opening bid at auction was set at $11,315,000, close to $1 million above HTC’s offer. That figure matches HTC’s price plus the breakup fee and the required $500,000 overbid. In a Nov. 6 report, the Ledger said sources identified HTC as the prospective buyer after no other offers came in. Brokers for the real estate firm handling the sale could not comment, the paper said.
The deal is not final. FOX Carolina reported that a date for the sale approval hearing had not been set and would come after the auction. The station said it had asked HTC Global Services for comment and was waiting for a reply. Neither outlet has said publicly how the company plans to use the property. The Ledger reported in October that Ken Moon, executive director of the Cherokee County Development Board, had met with the company’s owners and briefed county council on its plans if it won the bid.
Limestone University said in April 2025 that it would close after earlier disclosing a financial crisis, FOX Carolina reported. In March, the station reported that a bank had sued the university and asked a judge to take control of its assets. The Ledger’s coverage refers to the property for sale as the “core campus,” which suggests other university land may not be part of this transaction.
For the Upstate commercial real estate market, a technology company buying a closed college campus would be one of the more unusual adaptive reuse deals in the region. It would also put a 125-acre property in Gaffney back into active use. Brokers and investors should watch the court’s sale approval and any plans HTC files with local officials. Those filings will show what the campus becomes and whether university land outside the core campus comes to market separately. Depending on how many people the company brings to the site, the deal could also add demand for nearby housing, retail and services.
Sources: FOX Carolina, The Gaffney Ledger, The Gaffney Ledger, The Gaffney Ledger
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