ARLINGTON, VA—Earlier this month, the Arlington County Board approved a proposal giving Virginia Hospital Center the option to purchase the site at 1800 North Edison St, a parcel of land next to the hospital that the county owns.
The payment for the land, per an agreement outlined in an earlier non-binding letter of intent between the County and the hospital, will be either "cash, one of more specified VHC-owned properties, or a combination thereof." As for the purchase price itself, the LOI established it will be the fair market value of the property determined at the time VHC exercises the option to purchase. The earliest date that it can do so is 30 months after the effective date of the agreement.
At a minimum, the purchase price will be $12.45 million, which is the land's current appraised value.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
