Foundation buys gas station, sells land

In late June, the U.Va. Real Estate Foundation purchased the 0.19-acre lot occupied by a Chevron gas station at the intersection of Ivy Road and Emmet Street.

Long-range plans for the property, which is located at one of the primary entrances to the Grounds, call for it to be transferred to the University and returned to green space, said Leonard W. Sandridge, U.Va.’s executive vice president and chief operating officer.

The gas station will continue to operate under lease until 2011. The property, purchased for $297,519, will remain on the city tax rolls while under lease.

On July 2, the foundation sold Maxwell Farm, the seventh former Albemarle County property of John Kluge to be sold since February, to a private partnership. The $595,000 sale involved 123 acres of land with no buildings or other improvements. Like the other buyers, the new owner plans to continue agricultural use of the property.

The proceeds of the sales go toward an endowment to maintain the remaining properties and to help support future academic programs there, said Tim R. Rose, the foundation’s chief executive officer.