Understanding the many aspects of a commercial real estate transaction can be useful for buyers, sellers and businesses. A shopping center in Baton Rouge was recently sold for $1.5 million. A local property company made the purchase of the shopping center. According to the future property manager of the center, the shopping center has been mostly vacant for a period of time. The shopping center is 120,000 square feet total.
When approaching a significant purchase of commercial real estate, it is best to be fully prepared for what may be both an exciting and complex process. A 59-acre piece of land was recently sold for $3 million in Baton Rouge. The land was purchased by a construction company that plans to build an asphalt plant on the property. A business partnership originally had the option to purchase the land for use as part of a natural gas liquefaction and fueling facility but the option to purchase lapsed earlier this year. The construction company that purchased the land specializes in paving, civil construction and industrial construction.
A request has been made to re-zone a building in Baton Rouge so it can be utilized as a restaurant. A commercial real estate realtor in the area is seeking to have the building re-zoned to facilitate an easier sale of the building. The realtor intends to make the purchase easier for a potential buyer who will not have to worry about any zoning concerns when purchasing the building which has been vacant for several years. The realtor is pursuing the re-zoning for the 3,150 square foot building which will be decided on later in the spring by a local government planning entity.
To help ensure a successful commercial real estate transaction, it is important to do any necessary homework beforehand. A shopping center in Baton Rouge was recently sold to a group of investors. Investors purchased the shipping center for $885,000. The purchasers were reported to have acquired the property as a long-term investment opportunity. The property was viewed as a valuable investment property because the 9,796 square feet the property includes is 100 percent occupied. Tenants include a medical center, hair salon and various other retail stores.
When deciding on a location for a business, or on where to expand a business as it grows, an important consideration may be zoning laws in the area and how the nature of the business might impact relevant zoning laws. Because of the importance of zoning laws, some people may wonder what they are and about the basics of zoning laws. Zoning laws are a type of land-use regulation that impacts the development of land and how it can be developed. For instance, commercial buildings can generally only be built in commercially-zoned areas and residential structures can generally only be built in residentially-zoned areas. Industrially-zoned areas are also common.
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.
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 bank recently purchased land in the Baton Rouge area to build a branch at the location. The lot was purchased by the bank for $550,000 and is located at an intersection. The bank plans to immediately begin construction and hopes to be open by the end of the year. The bank will place a full-service branch at the location. The bank recently filed for a public offering of its stock, is currently building a branch in the area and plans to open three branches in the Baton Rouge area over the next three years.
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.