Recently, a developer who is a native of Louisiana recently acquired six office buildings in Baton Rouge, and another in Louisiana, for $52.7 million. Because of the developer’s connection to the area, he decided to invest in it. The developer has a couple of local partners in the deal. Improvements are planned for the buildings which total 519,000 square feet. In addition to investments in Louisiana, the developer has made other recent developments through the country.
The real estate transactions had not immediately been recorded with East Baton Rouge Parish Clerk of Court’s office, but sources noted that the sale will appear as two separate filings and that only some of the buildings will appear in the public record; others will be recorded separately. The commercial real estate transaction process can sometimes seem like a complicated or lengthy one.
Developers have many important considerations when entering into a commercial real estate purchase – considerations that can range from contract negotiations to drafting a purchase agreement and real estate closings. Obviously, as is often the case, large sums of money hang in the balance and each phase of the process is an important one to the overall outcome of a successful transaction.
An experienced business and real estate transactions attorney can help a developer avoid common pit falls and if a dispute does arise, help guide the developer around it. A real estate attorney will work diligently to ensure the best outcome possible for the developer and the transaction as a whole.
Source: Greater Baton Rouge Business Report, “Details emerge on large B.R. office portfolio buy,” Stephanie Riegel, Nov. 4, 2013