When engaging in real estate transactions, many important legal considerations will arise along the way which makes understanding the legal implications of every phase of a project, and the legal resources available, important.
A Louisiana commercial real estate company recently received a contract to provide leasing, sales and construction and property management services for a Baton Rouge area mixed-use development. The mixed-use development has been in financial trouble and was purchased as a foreclosure sale property last summer. It is possible that the property will be available for re-sale. Although the occupancy rate is unknown, the mixed-use development boasts nearly 365,000 square feet of retail space, 126,000 square feet of Class A office space, as well as apartments and condominiums.
Real estate transactions can have many important aspects and require many significant considerations. When owners have made a new purchase of commercial real estate, owners may be immediately confronted with not only sales and purchase considerations but with other important considerations such as construction, management and zoning law considerations.
Not only are there many legal considerations involved in commercial real estate transactions but, additionally, there can be many parties involved in a successful transaction and operation. Each of these potential relationships will also have important legal implications for owners to understand and carefully consider. Parties including developers, property management companies, property managers and construction companies may all be involved in a successful commercial real estate project.
Careful guidance through the sales or purchase process, as well as at every phase of executing a successful business plan for the commercial real estate project can be critical to success. Expert legal guidance and an experienced commercial real estate attorney can assist with the preparation and execution of important sales and purchase documents, management agreements and the ongoing maintenance of the successful project.
Source: The Advocate, “Stirling Properties to manage Perkins Rowe,” Jan. 20, 2014