Monticello Office Building, Norfolk, VA
Negotiating from an Owner’s Perspective
By capitalizing on the real estate recession of the early '90s, Jim Wright was able to acquire a four-story office building in downtown Norfolk, VA from a bank after a recession-related foreclosure. The building is located directly across the street from the highly-trafficked MacArthur Mall, which includes such upscale popular stores as Nordstroms, as well as movie theaters and fine restaurants.
Wright led a group of investors in the purchase of the property, and as managing member, he maintained controlling interest in the site. That allowed him to be patient in finding the right tenant for the building.
That patience was rewarded. After considering several tenant prospects, Wright selected Great Bridge, LLC, an emerging Internet-related company, in the spring of 2001. Great Bridge leased half the building for ten years with the expressed intention to lease the entire building over time.
As a part of the transaction, Wright personally guaranteed the mortgage on the building with the lender. Then, he negotiated the lease from the perspective of the owner, a reflection of his ability to understand the many dimensions of the issues and challenges facing building owners.
“It’s important to know when to wait and when to move forward,” says Wright. “With the Monticello Building, I knew the right tenant and the right deal would come around if I continued to look at all our prospects carefully.”
Monticello Office Building
A patient man has great understanding. (Proverbs 14:29)
Loudoun Parkway Commons sold out in six months