By Josh Brown
NORFOLK
The owner of Town Point Center, an 11-story office building at the corner of Boush and Plume streets in downtown Norfolk, announced it has sold the building for $12.75 million.
Jim Ingram, executive vice president and chief investment officer for Jackson, Miss.-based Parkway Properties Inc., declined to disclose the name of the buyer. He cited a confidentiality agreement.
Land record documents list the buyer as Town Point Financial Associates LLC.
The property has an assessed value of $9.76 million for tax purposes, according to the city.
Parkway bought the 131,000-square-foot office tower for $10.45 million in 1998. The building, across the street from Nauticus and the battleship Wisconsin, was put up for sale in the spring.
The space is rated Class A, or top of the line for offices.
The building is 97 percent leased, Ingram said. Its tenants include Monarch Bank, the accounting firm McPhillips, Roberts & Deans and Southern Trust Mortgage Co.
Town Point Center opened in 1986.
In 1994, a partnership that owned the building lost it through foreclosure in part because of the bankruptcy of a major tenant who was also a part owner.
Mike McNarney contributed to this article.
Josh Brown, (757) 446-2318, josh.brown@pilotonline.com
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Umm, commercial assessment wrong.
If the property sold for 10.45 million in 1998 the tax assessment should have been 10.45 mill for the past 10 years. I don't understand how the assessment could be so far off considering it's based on current sales. If the building itself sold for 10.45 million, the assessment should have crept right up to that price. To sell for 12 million, means the assessment was 3 million off. How much would that add to the bottomline in Norfolk? Maybe you could save some residential property tax if you acutally assessed commercial correctly...
What a deal!
Only $97 a square foot for a Class A building that's 97% leased? Somebody needed some cash.
Woah
Mad props for unloading right past the peak of a market based on the biggest mania in history. Many businesses are destined to fail, many more properties (both commercial and residential) will hit foreclosure, and the banks STILL aren't really releasing all of the property they are sitting on. There is still a number of bank failures to go as well. Wonder if foreigners bought it. If nothing else, now is the time to unload more of our country to foreigners, since they have money and we have debt.