Buying commercial building that I currently rent

[M David]

I own a small business in the medical field. My senior partner is retiring at the end of the year, and he owns the building where our clinic is located. Our clinic takes the entire building - there are no other tenants. He would like to sell the building to me on a contract for deed, but not for a few more years. I think he is nervous about having enough money in retirement and likes the idea of collecting a few more years of rent before he sells. I, obviously, would like to buy it right away rather than pay him rent.

Does anyone have any advice on how I can convince him to sell me the building right away when he retires? I know I could threaten to move our office, but that is a huge undertaking and fairly unrealistic in a town our size. We do not have a current lease with him - we have been just kind of coasting without a lease. What could I offer him that would make it a win-win for him to sell the building now? Any creative ways I can structure the deal to entice him to sell now?

Thank you VERY MUCH for your thoughts. I am looking forward to getting involved in residential real estate, single family homes, etc in the coming years. I'm hoping the purchase of this commercial building will be my first deal!