Carefully approaching a commercial real estate project with the proper tools and guidance may afford the best opportunity for success. A shopping center in Baton Rouge was recently sold for $2.47 million to an investor. According to reports, the company that bought the shopping center has the same address as a company that owns multiple pizza franchise locations. The representative for the buyer, however, noted that the pizza side of the investor's business is separate and there are currently no plans to put a pizza restaurant of the franchise the investor owns at the shopping center. The shopping center includes 19,000 square feet and 3,600 of it is vacant and includes three open spots which the purchaser plans to fill.
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.
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.
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.
Recently, a developer who is a native of Louisiana recently acquired six office buildings in Baton Rouge, and another in Louisiana, for $52.7 million. Because of the developer's connection to the area, he decided to invest in it. The developer has a couple of local partners in the deal. Improvements are planned for the buildings which total 519,000 square feet. In addition to investments in Louisiana, the developer has made other recent developments through the country.
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.
Land and property are big business. Many Louisiana developers keep their eyes open for the next perfect property, one that is ready to be sold at a reasonable price and able to turn a profit. Real estate transactions can be complex, however, and it can take careful and savvy negotiation to obtain the right terms and get the deal hoped for.