Carl Wright, P.E. founded The Wright Group in 1998. Based in Media, Pennsylvania, The Wright Group is a commercial real estate development/investment company that provides value-engineering analysis, project management, civil engineering, and property management services to other developers and investors.
Q: How has your strategy changed as a result of the credit crisis? Have you expanded/narrowed your acquisition criteria? If so, to what, and why?
A: The Wright Group has focused our acquisition strategy on retail-driven projects including pharmacies, AutoZone, etc. The credit crisis and downturn have really pushed us to improve our execution. As an example, we’ve lowered our construction costs by honing our value-engineering strategies. As values and revenues decline in challenging times, the ability to optimize profit by simplifying design, eliminating excess and waste, and refining construction practices has improved cash flow and strengthened our ability to obtain financing. We now provide value engineering services to cut construction costs for companies like Wawa Food Markets and CVS/pharmacy.
Q: How did you get your start in the business?
A: The opportunity to combine three of my professional passions, real estate, engineering, and construction drew me to real estate development. I used my civil engineering degree to get a position at a consulting firm where I was fortunate to work with some the best developers, attorneys, and consultants in the business. In 1998, I optioned a 100 acre farm. I was able to engineer the project in my spare time and was fortunate to assign the approved project to a national homebuilder. We bought a small shopping center with a credit tenant with the proceeds, renegotiated a long-term lease with higher rent and then refinanced.
Q: What is your favorite part of your job? Least favorite?
A: Favorite: Creating opportunities and overcoming challenges by collaborating with and learning from brilliant people who are passionate about real estate. Least favorite: Working with reviewing and permitting agencies that introduce unnecessary delays and construction constraints.
Q: Pretend for a second that investors/shareholders and returns don’t matter. Tell me about your dream commercial real estate project and why you would love to do it.
A: My dream project would be a mixed-use, walkable town center. Great shops and restaurants to generate traffic. Beautiful landscaping and fountains to create a dramatic sense of place. At the center of it all, a piazza and outdoor stage to bring people together. I’d love to build a true destination, a place that brings people together and serves as the hub of community activity and energy. My modern inspiration would be Jorge Perez of The Related Group and what he did for West Palm Beach, FL with the creation of City Place.
Q: Who is the person in commercial real estate you most admire? Why?
A: If I had to choose one person, it would probably be Jeff Sutton of Wharton Properties, owner of over 100 retail properties in New York. I admire the discipline he has to stay focused on his core strength (retail), stick to the market he knows, and resist the temptation to over leverage during the CMBS frenzy.
Q: If you weren’t in real estate, what would you be doing with your life?
A: I would say create, own and operate a fitness-focused resort offering both indoor and outdoor activities such as mixed-martial arts, yoga, hiking trails, kayaking, mountain biking.
Q: What do your weekend activities include?
A: My home is in Avalon, NJ so I try to spend as much time outside as I can – surfing, running, riding my scooter around the island. I also love reading about business and real estate, training in mixed martial arts, and on Sunday evening, planning out an ambitious week.
Q: Assuming you are able to get time off this year, what vacation destination would you like to visit in 2010? What about this vacation destination is so appealing to you?
A: I just returned from a trip to the Grand Canyon so I don’t have my next trip planned yet. My mom, sister, niece, cousin and I rode mules to the bottom of the canyon, swam in Colorado River tributaries, and rode out next day. Seeing my 71-year old mother lead the way to the bottom of the canyon was just as awe-inspiring as the beautiful scenery we saw along the ride. My next trip down into the Canyon will probably be a hike or raft down the Colorado River – for some reason, those mules love walking on the edge of the cliffs which can be a bit unsettling.
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