Memorial Health Selling 90 Acres
Memorial Health is selling back to an affiliate of The Scotts Company 90 acres of land it purchased in December of 2009 for its original selling price of $4 million.
The land located on the northeast corner of Rte. 33 and Scottslawn Road was acquired by the independent health system with the intention that perhaps it would be the appropriate location for a future hospital expansion. “In 2008 and 2009 we were in the early stages of planning for the growth we knew was on our horizon and Scotts made this parcel available to us,” recalls Chip Hubbs, President and CEO of Memorial Health. “As we have grown and our planning has proceeded, the best decision is to expand at our current hospital campus just south of Uptown Marysville and it made sense to put this non mission critical land back on the market.”
With the blessing of its Board of Trustees and the Union County Commissioners, Memorial Health worked with the Union County Community Improvement Corporation (CIC) to offer the valuable tract for sale through them. In turn, Continental Realty was hired as the broker to manage the listing.
As part of the negotiated sale in 2009, Scotts has continued to lease back the property for its use until Memorial made decisions for its development.
“This is really a unique circumstance of two large community organizations working together for the betterment of our region,” says Hubbs.
Memorial Health originally funded the purchase of the land through issuance of Build America Bonds and paid off that debt in March of this year. Proceeds from this sale will now be directed toward the pending on-campus investments and to further enhance the financial security of the health system which remains dedicated to maintaining its independence for the benefit of the region.