LOCAL PROPERTY PART OF MAMMOTH REAL ESTATE DEAL
Nov. 23, 2020
A local industrial property used by a manufacturer of high-end tobacco products sold for over $15.5 million. The sale was part of a broader deal between two investment firms. The selling firm originally bought the property for $14.8 million about a year ago. The investment group which bought the property is internationally famous for holding and managing commercial real estate.
Its purchase was part of a package deal that the seller and buyer had agreed on. The deal included almost 50 properties and was worth $800 million.
Large Commercial Transactions Require Attention to Detail
Granted that not every commercial real estate deal will be as large as the one in this case, there are still many investors and developers in Saint Petersburg and throughout the Tampa Bay area who may find it advantageous to swap or buy and sell several properties in their portfolios with another party.
In an ideal world, such deals work out well for all those involved.
Commercial transactions of this sort require keen attention to details of the transaction.
The terms of the deal need to be spelled out carefully so that all sides completely and clearly understand, and agree on, their rights and obligations.
On the other hand, buyers and sellers alike need to be careful not to make promises or statements that might not turn out. If they do so, they open themselves up to the possibility of litigation.
Complex commercial transactions such as the sale of multiple properties in different locations require several steps, and a mistake on any of them can derail a deal or hurt a party financially. Having the right legal help when going through a commercial real estate deal is an important step toward preventing a bad outcome.