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.
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.
Understanding and properly navigating the commercial real estate transaction process is important to the success of a business that specializes in commercial real estate.
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.
Business owners know that opening or expanding a business can be cumbersome. Even building a new facility has many legal hoops to jump through. Many times a site one chooses isn't zoned for the planned business. Once a sale goes through and the business owns the land, zoning laws can be a headache of their own. Real estate transactions can hang in the balance if these issues cannot be cleared up.
Gov. Bobby Jindal has proposed selling some publicly owned property in an effort to generate $35 million for the state operating budget and $40 million that would be saved for uses determined at a later date. The additional $40 million would be deposited into the Budget Stabilization Fund, known as the state rainy day fund, which is currently underfunded. With the proposal submitted, it is now up to state lawmakers to consider the pros and cons of the idea.