Commercial real estate development can provide opportunities for communities and businesses. An investment group recently purchased a piece of land, a little over an acre in size, in Baton Rouge. The group plans to build an urgent care clinic.
The land, which was the last developable lot, was sold for $725,000 for the project. The land is being developed for a healthcare group that operates several urgent care clinics in the Baton Rouge area. The clinics offer vaccines, x-rays and treatment for common illnesses and injuries.
Construction is planned to begin on the newly purchased lot in a few months, and the clinic is expected to open in 2017. In total, the healthcare group has several new urgent clinics it plans to open in 2017. Shortly, construction on all three will be underway with openings for all three scheduled for 2017. Commercial real estate projects have many important aspects to consider, which commonly include construction and managing a construction project.
Prior to a commercial real estate acquisition, it is important to consider the particulars of the property, such as applicable zoning regulations, the price of the property and how to best negotiate the purchase contract. New considerations may quickly arise, including project construction that can include additional contracts that must be negotiated, including management contracts. Overall, commercial real estate acquisitions provide opportunities for growth, but must be well managed during all phases of the process.
One of the doctors involved with the urgent care practice in Baton Rouge commented that the project was a good opportunity to expand the practice. Skilled guidance and thorough knowledge throughout that process of purchasing and developing commercial real estate can help an expanding company realize its goals for both the project and the business.
Source: The Advocate, “Perkins property near Lee sold for medical clinic,” Timothy Boone, May 31, 2016