We should make a SouthPerry College.

(Doesn't the ellipsis need an extra period to actually end the sentence?)

No. He was using the ellipsis as an aposiopesis. In that case, it's used for a trailing off effect (like going silent) and ends the sentence in its own way.

The only thing you could critique about his use of the ellipsis is that it should have spaces between the periods (. . .), but it's not a big deal. I only use the spaces when I use it in formal papers. This is an internet forum.