The VCU Real Estate Foundation purchased the former Ukrop’s store and parking lot at Grace and Harrison streets for more than four times what a previous investor paid in 2002.
The purchase price is three times the property’s assessed value, according to city land records. The purchase was completed Dec. 23.
The foundation is a private entity that buys, sells and leases properties on behalf of Virginia Commonwealth University. The university president has a vote on the foundation board.
Pam Lepley, director of the university’s media relations, said there are no plans for VCU to acquire the site from the foundation. There also was no plan available for possible uses of the site. The foundation did not provide any additional details.
The previous owner, BET Investments of Horsham, Pa., purchased the property in 2002 for $2.1 million, according to city documents. Ukrop’s leased the property and opened the store in October 2003. The chain closed the location in May because of poor sales. Before that, it was a Community Pride grocery store.