Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, September 30, 1995 TAG: 9509300011
SECTION: BUSINESS PAGE: A-6 EDITION: METRO
SOURCE: MAG POFF STAFF WRITER
DATELINE: LENGTH: Medium
Carilion Health System said Friday it hopes to generate nearly $5 million from the sale of 25 surplus properties that it will put on the market next week.
The parcels, all in Roanoke, are residential and commercial real estate to be advertised for sale beginning with newspaper ads Sunday.
Carilion Senior Vice President Curtis E. Mills, who is overseeing the project, said the move is part of the health care company's re-engineering to concentrate on its core business and is not the result of any financial distress.
All of the properties have been assessed to determine a fair market price, Mills said, and they will not be sold unless acceptable offers are received.
The properties include several prominent structures, such as the Cherry Hill mansion in South Roanoke, the old Rockledge house above Roanoke Memorial Hospital off Belleview Avenue and the Wellington Apartments on South Jefferson Street.
Mills said some of the properties are unused commercial space, such as the former office of Dominion Health Services across Jefferson Street from Community Hospital of Roanoke Valley.
There are nine single-family homes, seven duplexes, three apartment buildings and one triplex. Most of the real estate for sale consists of residential properties that house medical students and residents in training at Roanoke Memorial and Community hospitals.
Prospective buyers can get packets of information on properties in which they are interested. They will be informed of the showing dates and may submit offers through Nov. 3, when offers will be reviewed, accepted or rejected.
To minimize disruptions to tenants, each property will have no more than three set showings. New owners will be required to meet existing rental agreements so that tenants can remain until the end of their leases.
Bill Poe of Waldvogel, Poe and Cronk Real Estate Group said the sale will be "fairly well received," based on the locations of which he is aware. He said the properties are near the hospitals and "they will create interest."
Carilion president Thomas L. Robertson said earlier that the hospital is not using formal bids because it wants to make sure buyers agree to uses that are compatible with adjacent neighborhoods.
Poe called the method "an unusual way of marketing. It's not done a great deal around here." But, he said, Appalachian Power Co. has used that method in selling some of its surplus property.
by CNB