There are many office buildings, shopping centers, hotels, recreation areas and other types of commercial real estate in Florida. The main objective of the owners of these various commercial properties is generally to make money. Owning these types of properties can generate income through the rent of the tenants, but they can also be very good investments for the owners. The hope is that the value of the property will rise over the time they own it, and down the road they can sell it for millions more than they originally paid.
Recently a real estate portfolio consisting of office buildings and a shopping center was sold for $43 million. The spaces in the buildings are currently occupied at the time. Between the office buildings and the shopping center the total sale involves approximately 131,000 square feet of commercial real estate. The sellers were the developers of the properties, which were built in 2006 and 2008. It is unclear how much the developers made off the sale of the properties.
These types of real estate transactions obviously involve very large amounts of money and are big investments for the buyers. Therefore, it is important that the buyers do the proper research into the property to ensure that they will not only generate income for them while they own it, but also that it is a sound investment. It is also important to ensure that the sale is handled properly. If the purchase agreement is done incorrectly or the proper guarantees are not given, the buyers or sellers could end up in expensive litigation later on.
There are many commercial real estate transactions each year in Florida. These transactions generally involve tens of millions of dollars and are very important to both the buyers and sellers of the property. Therefore, it is important that the purchase agreements are drafted properly and each party fully understands the terms of the agreement. For these reasons, potential property owners may want to seek guidance throughout the commercial real estate purchase process.