Understanding the commercial real estate process can be a valuable tool for the development and growth of a business. A nearly one-acre sized piece of property was recently sold in Baton Rouge for $349,308. A brewing company sold the property to an arm of the Baton Rouge Area Foundation. The entity that bought the property was acting on behalf of Community Foundation Realty. The Baton Rouge Area Foundation is part of developing a 33-acre site between the downtown area and LSU. The site will potentially be a center for public and private research.
A 4-acre tract of land in Baton Rouge recently sold for $2.3 million. Plans for the property were not immediately disclosed. The land is zoned for office and retail uses. The local construction company that sold the land owns five tracts in the local development of which the one that was sold is one. A representative of the construction company noted that the construction company is pleased with the sale and looking forward to working with future buyers.
The co-founder of Louisiana Fish Fry recently purchased a local commercial building for $564,295. The property was purchased in Baton Rouge by the limited liability company owned by the man and his wife. The purchase includes two lots just less than 10,000 square feet total and a building just over 2,417 square feet. Though it is unclear what the couple plans to do with the property, there are many ideas for it. The acquisition of the commercial property is at a time when the fish fry co-founder is in a legal dispute with his brother related to an attempt to dissolve a holding company.
Each commercial real estate transaction will be unique which is why it is important for a party to such a transaction to have property guidance throughout the process.
Real estate transactions can have a beneficial impact on purchasers, sellers and the local community.
When engaging in real estate transactions, many important legal considerations will arise along the way which makes understanding the legal implications of every phase of a project, and the legal resources available, important.
Having a professional on the side of either the seller or purchaser can be an effective tool in negotiations during the commercial real estate sales or purchase process, as well as if the transaction encounters any legal, or other, challenges.
Commercial real estate transactions offer important considerations, and often opportunities, at every phase of the process.
Commercial real estate investments can be profitable, as well as beneficial to a local community, which is why the legal process to secure a successful transaction is valuable to any purchaser.
A downtown Baton Rouge building will soon be re-developed as a mixed-use building that will include apartments and commercial space. It was announced that the conversion will begin soon. A commercial real estate trust, which holds a long-term lease on the state-owned building, will be conducting the conversion. The trust is expecting to spend $6 million on re-developing the building that will house 28 one- and two-bedroom residential units. Below the apartments will be 5,600 square feet of commercial space. The building is expected to reopen in the fall of 2014.