Commercial real estate offers many exciting opportunities for many business and companies to grow and expand which is why it is helpful for them to understand the legal process surrounding commercial real estate transactions. A company recently purchase a class A office building in the Miami area for $96 million. It is the most expensive recorded office sale in the community just about a half an hour from Miami.
The 282,000 square foot office building was the second purchase for the company in the area and no financing was recorded for the purchase. The 11-story building was completed in 2010 and includes 50,000 square feet of retail space on the ground floor, a fitness center, a conference center and parking. The building is 91 percent leased. Commercial real estate transactions have many complexities associated with them.
Whether the parties are drafting a purchase agreement or negotiating one, conducting due diligence or completing a sale, it is helpful for them to understand the steps in the process and the legal tools available to help them with success. In addition, if a contract dispute or other dispute related to commercial real estate litigation arises, it is also helpful for parties to be familiar with their rights and remedies to resolve the dispute.
Commercial real estate and real estate transactions in general are important to many companies and businesses which is why understanding them is essential. The legal process provides resources to help parties facilitate a smooth and successful commercial real estate transaction that can be beneficial to all parties to the transaction.
Source: The Real Deal, “TA Realty pays $96M for Doral office building,” Katherine Kallergis, Sept. 29, 2017