SALEM, Va.-Mark Noftsinger, vice president of business affairs at Roanoke College, is pleased to announce the sale of a Jefferson Street property in downtown Roanoke that had been owned by the college. The sale was completed this month for the property, which is where the former Jefferson Motor Lodge was located. The property has been purchased by Roanoke Junction, LLC.
Roanoke College had owned the downtown Roanoke property since 1972, when the college was given 55 percent ownership of the property as a charitable donation. In 1984, the remaining ownership of the property was sold to Roanoke College for $77,500. A long-term lease with National College of Business and Technology (at the time called National Business College) had been in place since 1959, several years previous to the property being donated to Roanoke College. The donation to Roanoke College and the transfer agreement kept this lease in place until 2014. National College handled all operations of the property since 1959 until the sale this week.
The sale price for the property was $1.3 million. The property was assessed for tax purposes at $1.96 million. It was considered an endowment asset of the college, and the funds from the sale will be invested in the college's endowment, which as of June 30, 2007 was $ 121 million.
"Roanoke College has been looking for a buyer for this property for several years, and we are pleased to make this sale," Noftsinger said. "We hope the sale will help to encourage positive development in this particular area of downtown Roanoke. We view this as a positive move for Roanoke College and for the City of Roanoke as well."