Two of the three lots on the north side of the block hold the Chasselton Apartments, a 62-unit complex that is 95% leased. The third lot on the north side is surface parking. The four lots fronting Madison Street on the south side of the block contain fully leased single-story retail buildings.

The apartment building and the retail buildings total about 75,000 sf. Given current zoning, the seven contiguous parcels could hold closer to 500,000 sf. Zoning on the block allows for 240-foot-tall buildings on the north half and 160-foot-tall buildings on the south half of the block. Virginia Mason's specific intentions for the block were not immediately available Friday evening.

The property came to market in June 2005. The man with the disposition assignment, Whit Hamlin of locally based Meriwether Partners told GlobeSt.com at the time that the retail buildings and the parking lot provide considerable current income, but the highest and best use is a mixed-use redevelopment. The apartment building is a tougher decision, he said. It could remain as an apartment, be converted to condominiums or be torn down altogether in order to allow for a larger redevelopment site. Given the new owner, it could also provide housing for patient families.

Meriwether Partners, a commercial real estate services firm, was assisted in the disposition assignment by Kinzer Real Estate Services, a real estate advisory that specializes in site selection for major corporate headquarters.