Commercial property can play a critical role in a business's financial viability and its ability to expand. Because these properties can be quite costly, even when leased, it is imperative that business owners carefully consider how to handle commercial property transactions to ensure they are entering into agreements that further their and their business's best interests.
Two local businesses appear to have done that recently. According to reports, Havertys on Airline Highway has agreed to sell its premises to Vivid Ink in a deal worth $2.25 million. Vivid Ink, which is known for large format printing and currently occupies another 38,000 square foot building, plans to utilize 11,000 square feet of the Havertys building and lease out the remaining space. Vivid Ink hopes that the business they lease to will be in the same field, thereby creating a sort of graphics hub.
Havertys has its own plans. With the deal closed, it plans to relocate to another premises near the Mall of Louisiana. While the business's exact location is yet to be disclosed, there may be many reasons for the move. Havertys may be acquiring a cheaper locale in order to reduce its overhead, or it may be moving in an attempt to reach a wider client-base.
Regardless of Havertys' reasons for selling its current commercial property, this instance illustrates the importance such properties can have on a business's future. While Vivid Ink entered into the commercial real estate market looking to expand, Havertys may be looking to accomplish other financial goals.
In cases like this, there are literally millions of dollars on the line. Making a hasty or reckless decision with regard to commercial real estate can therefore be quite costly. This is why it is usually beneficial to acquire the assistance of a qualified business law attorney before entering into any commercial real estate agreement.