Not everyone is in retreat mode during the current economic climate. Local developer Hunter Craig has purchased the Wachovia building on the Downtown Mall for $6.65 million.
The building at 119-123 E. Main St. is the Mall’s tallest structure, with Wachovia as the principal tenant. The properties will be managed by CB Richard Ellis-Charlottesville, which manages much of Craig’s other commercial property (including C-VILLE’s office). CB Richard Ellis-Charlottesville is now responsible for the management of approximately 845,000 square feet in Charlottesville and its surrounding areas, according to a press release from the company.
Court documents show that Craig, who is also the only publicly identified investor in megadevelopment Biscuit Run, purchased the Mall property on September 30, just one day after Wachovia announced its intentions to sell itself to Citigroup. On October 3, however, Wachovia announced that it would instead merge with Wells Fargo, a San Francisco-based bank. Last week, Wachovia announced a third quarter loss of $23.9 billion.
|
Hunter Craig has bought the Mall’s tallest building for $6.65 million. |
“I am thrilled to continue as a steward of two Charlottesville landmarks, the Wachovia Building and the Bank of America Building; both buildings are full of Charlottesville history and have stood the test of time due to their cornerstone location, beauty, and functionality,” says Craig, by e-mail. “The opportunity to acquire such landmarks transcends any concern I may have regarding the credit worthiness of a single tenant.”
Wachovia sold the building for $4 million in 2005 to American Financial Realty Trust, a company that primarily owned bank buildings for Bank of America and Wachovia. Earlier this year, American Financial Realty Trust was bought by Gramercy Capital Corporation, a publicly traded real estate trust that in the last year has seen its share price decline to $1.35 a share from $26 a share.
C-VILLE welcomes news tips from readers. Send them to news@c-ville.com.
