Commercial real estate transactions are a common part of business growth. As an example, one need only look at a Baton Rouge non-profit planning to build an $18 million assisted living facility. To construct the building, the non-profit recently acquired 4.4 acres. The 68,000 square foot assisted living facility will have 90 units, 48 of which will be for assisted living and 42 for residents with Alzheimer’s Disease and dementia.
The new facility is expected to be completed in 2017. The project has undergone some changes but is expected to be a state-of-the-art facility, according to the Chief Executive Officer for the non-profit. The project is the first senior living community in the Baton Rouge area for the non-profit, which plans on constructing four such facilities in Louisiana.
Expansion through commercial real estate can be an important opportunity for many companies, developers, individuals or groups. All commercial real estate growth and expansion involves real estate transactions and involve many important components from due diligence to contract negotiations and contract drafting. Many parties may have a vested interest in the outcome of the transaction, so how these components is drafted is critically important.
Real estate transactions play an important role in business development, which means that businesses, developments, and investors need to have a careful understanding of the real estate transaction process. Knowing how to approach and successfully execute a commercial real estate transaction can be invaluable for any party engaged in the process, but failing to adequately address transaction issues could lead to unwanted consequences.
Source: The Advocate, “Provident acquires site in Americana for $18 million assisted living, memory care center,” Ted Griggs, Dec. 29, 2015