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U.Va. Foundation Completes Two Real Estate Transactions

July 9, 2002-- In late June, the University of Virginia 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 University 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 a ground lease from the foundation until 2011. The property, purchased for $297,519, will remain on the city tax rolls while under lease. Under the Three-Party Agreement, foundation properties used for investment purposes are subject to city real estate taxes.

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 these sales have allowed the foundation to begin to build 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. "No University funds will be used for the upkeep of the gift properties."

Contact: Louise Dudley, (434) 924-1400

FOR ADDITIONAL INFORMATION: Contact the Office of University Relations at (434) 924-7116. Television reporters should contact the TV News Office at (434) 924-7550.

SOURCE: U.Va. News Services

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Last Modified: Tuesday, 09-Jul-2002 09:59:48 EDT
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