Commercial real estate transactions offer important considerations, and often opportunities, at every phase of the process.
Several principles of a 30-year old local wealth management company have purchased office space in Baton Rouge for $1 million with plans to move in. The company plans to move its business into the 6,000 square foot building. Local commercial real estate representatives were involved in representing the parties on both sides of the transaction. The company will be moving into the Bluebonnet Palms Office Park.
The property was purchased from a local construction company that has been working on the office-condominium project that totals 43,000 square feet. The builder on the project noted that it is in discussions concerning half of the remaining 12,000 square feet. The Bluebonnet project was described as "desirable" and about 95 percent owner occupied. According to one of the representatives on the deal, the market for office space in the area is so strong that land is at a premium.
Whether the purchase of commercial real estate is for office space, as an investment or to be rented out to tenants, the sales and purchase of commercial real estate involves many important considerations. Such transactions can also involve many players, including developers, owners, management companies and property managers that may make achieving a successful transaction seem complicated. Solutions can be found in legal principles that underlie commercial real estate transactions and offer guidance throughout the process.
Commercial real estate transactions may sometimes seem complex. From contract negotiation to drafting purchase agreements to real estate closings and management agreements that may come down the road, an experienced commercial real estate attorney can offer guidance in through every step of the process to help ensure a successful transaction.
Source: The Advocate, "Altus Wealth Management buys Bluebonnet office," Timothy Boone, Dec. 20, 2013