Suffolk News-Herald

The Industrial Development Authority is knocking $350,000 off the original $2.3 million asking price of its Suffolk Industrial Park shell building.

Located at 1107 Obici Boulevard, the 50,000-square-foot building has been on the market since it was built in 2000.

The building was constructed with a $1.4 million loan through the Virginia Economic Development Partnership’s shell building program, said Tom O’Grady, director of economic development. Provisions of the loan gave the city five years to sell the building without having to make payments.

Under the agreement, the city is required to pay off the loan and accrued interest when the building sells or in April 2005, whichever comes first, O’Grady said.

Advantis Real Estate Service has been marketing the shell building for the past year. The company’s only compensation will be commission from the sale, he said.

O’Grady is hopeful the price reduction will draw a buyer.

&uot;Much like selling a home, we are trying to generate interest in the sale of the building,&uot; he said. &uot;When you reduce the price of a home, you, hopefully, are generating more interest from prospective buyers.

The IDA also voted to buy 20 acres to expand Northgate Industrial Park. The authority authorized spending $688,644 – $33,708 per acre to purchase the property from Upton Farms.