There is a lot to know when acquiring property and planning a construction project but there are also many legal tools and resources to help address those concerns. A Petroleum company recently purchased a 2.8 acre tract of land in Louisiana to build a convenience store on. The deal was filed in East Baton Rouge and noted that the company paid $1.5 million for the vacant piece of land. A spokesperson for the company noted that it plans to open a convenience store on the site in 2019.
The petroleum company has been building many stores throughout the Baton Rouge area including nearly 7,000 square foot stores with included amenities such as free Wi-Fi and frozen dessert stations. A commercial real estate project can present many challenges and complexities but can also be a great source of success for the parties involved. When a company is acquiring land to develop, this can be especially true.
It is important to ensure that all proper due diligence on the property is conducted and to negotiate the terms of sale and purchase. It is also important that contract documents are drafted to accurately reflect the terms of the purchase and sale. When engaging in a construction project, a number of parties will also be involved in that process so it is important to ensure all the necessary contracts are in place and to help manage the project which will include project managers, contractors, sub contractors and others.
In addition, financing can also be a concern and there are many legal tools and resources to help with that as well. Knowing how to plan and prepare for a commercial real estate project, and usher is through to success, is valuable information companies and individuals engage in commercial real estate should always be familiar with.