Commercial real estate transactions can be complex but with the right help, they can also provide excellent opportunities. Restaurant chain Romano’s Macaroni Grill recently completed the purchase of the Sullivan’s Steakhouse Chain which includes a restaurant in Baton Rouge. The purchase of the chain was completed for $32 million. The complete sale includes the purchase of 14 restaurants which includes the restaurant in Baton Rouge.
It is expected that the Sullivan’s Steakhouse brand will remain in operation. Representatives from Romano’s Macaroni Grill reported that the steakhouse chain will compliment its already existing portfolio of greater than 100 Italian restaurants. The Macaroni Grill chain operated in the Baton Rouge area from 1995 to 2010. It recently emerged from bankruptcy protection.
When conducting a commercial real estate transaction, it is important to guide it through all of the phases of the process which begins with selecting the best opportunity for the commercial real estate project. The selection should usually be complimentary. Once an opportunity has been decided upon, such as the purchase of a business, then all necessary due diligence must be conducted including obtaining the financials of the business. Once the decision to purchase has been made, purchase and sale contract documents must be drawn up and executed.
There are many important interests to protect as part of a commercial real estate transaction to ensure the smoothest transaction possible. As a result, parties to the commercial real estate transaction should be familiar with what the process looks like and how to avoid potential pitfalls in order to enjoy a successful transaction.