Foundation Completes Two Real Estate Transactions
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.
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.
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.
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.
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 foundations chief executive officer. "No University
funds will be used for the upkeep of the gift properties."
Louise Dudley, (434) 924-1400