CARRIAGE HOUSE REALTY
CARRIAGE HOUSE REALTY | UMW expansion is really cooking | ||
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Jan 23, 2010 UMW expansion is really cooking UMW Foundation buys Country Cookin' in Fredericksburg
The University of Mary Washington Foundation is the new owner of Country Cookin' restaurant and an adjacent strip mall with three stores, but the businesses will stay open indefinitely. The private, nonprofit foundation, which acquires and develops property for the university, announced the purchase yesterday. UMW Foundation Chief Executive Officer Jeff Roun-tree wouldn't say how much it paid for the shops across from the Fredericksburg campus in Eagle Village, formerly Park & Shop. They are assessed at about $2.2 million, according to the Virginia Mass Appraisal Network. The businesses front U.S. 1 and are operating under "pretty long leases," Rountree said. The strip mall contains Glass America Auto Glass, Outlooks for Hair and Best-Way Rentals and Sales. "It's a very profitable center," Rountree said. "I don't see anything happening there for a while." The university will address future Eagle Village development in its master plan, he said, which is scheduled for approval in April. "You can see how this was sort of an island in the middle of Eagle Village," Rountree said of yesterday's purchase. "Obviously, to make sure that we had one contiguous piece of property to work with for future development was key." He added: "That's a very, very good piece of property, mainly because of its Route 1 location." In December, the foundation spent $2.1 million for the Pizza Hut at 1224 Powhatan St. and a house next door. That's $231,100 more than their assessed value. The foundation also bought a house behind Pizza Hut at 1217 Thornton St. UMW has no immediate plans for those properties, which are near the school's smokestack. Rountree said the foundation paid "market value" for its most recent purchase, which he said is more than its tax-assessed worth. "The only value that matters is what it's worth to the UMW Foundation," Rountree said. "I think, in this case, we paid a very fair price." He said the foundation "came to terms on the property a long time ago" but that the owner--Roger Dodger LLP in Fairfax County--wanted to find another investment opportunity before closing. Asked what other property UMW is interested in buying near Eagle Village, Rountree said: "That's pretty much about it." He said he'd be "open to any discussions" with the owners of Clean Machine car wash and a nearby strip mall with a dry cleaners and a Hispanic grocery store. "I'm not sure either one would be appealing to us, but they'd be the only natural candidates," he said. "Neither property is of great focus for us." Rountree said future development at Eagle Village could include faculty housing or offices above retail space. "Our focus is totally different than your average person buying a shopping center because ours is much longer term," he said. Jeff Branscome: 540/374-5402
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