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.
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.