Commercial real estate investments can be profitable, as well as beneficial to a local community, which is why the legal process to secure a successful transaction is valuable to any purchaser.
Local investors recently acquired the United Plaza VIII building in Baton Rouge. The acquisition, which was recently announced, is for the three-story building which measures 52,606 square feet. The acquisition marks five buildings owned by the local investment company in the 75-acre United Plaza Office Park. The investment group currently owns 500,000 square feet of office space in the office park, including United Plaza buildings I, II and XII, with an occupancy at about ninety-seven percent.
The investment group notes that the acquisition is based on its commitment to the Baton Rouge community and its belief in its growth. The company will exclusively lease and manage the building.
There can be many aspects to successful commercial real estate transactions. There can also be many parties involved and each element of a commercial real estate transaction is important. Because there are so many variables, including contract negotiations, drafting a purchase agreement, real estate closings and possible management agreements, and many parties, including developers, owners, property managers and property management companies, it is best to approach each aspect of the transaction thoughtfully.
Sales and purchases of commercial real estate can also involve significant costs and planning. An experienced business and real estate attorney can guide a party through all of the phases of a commercial real estate transaction, whether it is the party’s first purchase or the party has made many.
Source: The Times Picayune, “Local investors acquire 5th building in United Plaza Office Park,” Renita D. Young, Dec. 2, 2013