Binghamton University Foundation is selling its interest in the University Plaza to a Broome County developer.

In a statement released by Binghamton University, officials say the housing and shopping complex on the Vestal Parkway was sold to Newman Development, which already owned the property and had been leasing it to University Plaza LLC.

The sale is expected to net over ten million dollars with proceeds being added to the Foundation endowment.

Officials say following the sale, University LLC and Newman Development with each communicate with tenants to ensure a smooth transition.