VCU’s real estate foundation buys former Ukrop’s site
Virginia Commonwealth University's real estate foundation has purchased the property at Grace and Harrison streets where Ukrop's operated a store until last spring.
The foundation bought the property last month for $9 million from BET Investments Inc., a Pennsylvania-based development company.
But plans for development are on hold for now because Ukrop's Super Markets Inc. holds a lease on the property through 2018, said Brian Ohlinger, VCU's associate vice president of facilities management.
The property was highlighted as a site to consider purchasing in VCU's 2004 master plan. The plan identifies the property as having potential for mixed-used development that would include parking, student housing and retail outlets.
-- Karin Kapsidelis
Reader Reactions
Not a bad deal for the current owner considering the 1/1/2008 total assessment is only $3,006,000, especially in the current real estate climate. Will there be a VCU Bobby Ukrops School of Real Estate anytime soon?
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