2000

Snyder Plaza Props., Inc. v. Adams Outdoor Adver., Inc.

Supreme Court of Virginia

259 Va. 635, 528 S.E.2d 452

Snyder owned parking lot in downtown Norfolk. City sought to condemn property and reached agreement with Snyder in 1995. From 1953, Snyder had leased a portion of the property to Adams for installing and maintaining four billboard signs. After the settlement by Snyder, Adams filed a declaratory judgment action to determine the leasehold damages as a result of the condemnation. Adams presented expert evidence using both a sales approach and an income approach. Commissioner used income approach and set present value of the leasehold interest at $61,731.05. On appeal, Snyder objected to the commissioner not limiting income to the remaining 31 months of the lease, but including an additional 29 months. However, testimony showed that the lease would likely renew for two or three years. Commissioner did not err in using economic rent, rather than contract rent, in determining valuation of leasehold interest in condemned property. President of Snyder could not testify to value of leasehold interest as it was not his property. No error in circuit court approving commissioner’s report.

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