The sale of EMU’s Park Woods and baseball field to VMRC was announced on May 11. The official press release describes the sale as part of a strategic partnership “allowing VMRC to plan for future growth while providing EMU with the resources to advance its educational mission.” The press release did not disclose the totality of the real estate transaction; rather it focused on the sale of the 13-acre Park Woods. According to public records accessed through Harrisonburg City’s real estate system, the total sale is listed at 31.49 acres. The land and buildings listed in the sale were valued at $19,568,500, but were sold for $10,000,000.
The discrepancy between what was sold and what was reported raises questions; we, the Co-Editors, sat down with President Rev. Dr. Shannon Dycus for answers.
Dycus said that the press release “highlights portions of the transaction that are most impactful for the campus community.” Rather than disclosing the entirety of the sale between EMU and VMRC and delving into specific details, it was the university’s intent to focus on the changes most relevant to students. Dycus said, “None of the other aspects of the transaction would impact our campus life in any way.”
Dycus specified that the agreement with VMRC is a sale-leaseback transaction. According to real estate investment trust W.P. Carey’s website, this is a type of transaction that involves a company selling assets to an investor, giving the company usable funds while allowing it to retain access to the land it has sold. In this case, VMRC is acting as the investor for EMU. EMU has sold all the land in the red-highlighted area in the satellite image. We are currently leasing all of this land except for Park Woods. Dycus made it clear that EMU plans to buy all of this property back, excluding Park Woods and the baseball field.
EMU’s May 11 press release states that the partnership will support both parties’ “long-term strategic goals by strengthening financial sustainability.” At the end of the 2024-2025 fiscal year, EMU had $20 million of liabilities according to ProPublica. Revenue exceeded expenses by $300,000 in the same year.
VMRC representatives Angela Green Urbaczewski and Joe Hackman met with us in Park Woods to discuss what the transaction means for the retirement community. Hackman recounted some of Park Woods’ history, including its origins as a space for church conferences in the late 1800s. According to EMU’s website, 23 acres of the original space were purchased to start Eastern Mennonite School (which would become EMU). Since then, the urban green space has been in EMU’s care.
“Within our community, …it’s been laid out. This is what the transaction looked like. This is why it happened,” said Green Urbaczewski. “It seems like maybe at EMU, it hasn’t been as clear.”
While early in the planning stages, VMRC plans to update the accessibility of Park Woods, allowing residents with walkers or wheelchairs to more easily access the space. “The goal is to ensure that this is an area that all groups can enjoy,” said Green Urbaczewski. VMRC does not anticipate changes in how the EMU community will access the woods in the near future.
“I think both boards were very strategic in looking at how they could both secure the strategic financial stability and future of the two organizations” said Green Urbaczewski. VMRC anticipates expanding onto the land where the baseball field now sits, which, according to Dycus, “is on a five-year projected sale.” EMU’s press release states that a new ballfield will be constructed at another location on campus, but these plans have yet to be finalized.
EMU and VMRC’s partnership builds on the existing relationship between the two institutions. Green Urbaczewski mentioned a banquet that VMRC hosted to kick off EMU’s baseball season. Players got to meet and connect with VMRC residents who “shared all their historic baseball paraphernalia.” She also referenced a course taught by English professor Martha Eads that involved students reading to VMRC residents.
Post-interview, Dycus followed up with information on University Retirement Communities, which Green Urbaczewski also referenced. Both representatives emphasized that this partnership is the beginning of a deeper relationship that will allow for more intergenerational connection.
Dycus underscored the mutually beneficial nature of the relationship, saying, “The larger message here is not about who owns the land, really,” said Dycus. “The larger message is about us engaging a creative option to help some sustainability for the institution.”
