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.
Understanding and properly navigating the commercial real estate transaction process is important to the success of a business that specializes in commercial real estate.
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.
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.