Selling and buying a property in Florida can come with many difficulties. This is because the world of commercial real estate can be complex, especially if multiple parties are involved. Both sides may hit a brick wall, for example, when trying to negotiate during the real estate transaction. However, being prepared for each stage of the deal by understanding the law can help a person to overcome such challenges.
One company recently sold two buildings for $19 million in the Miami neighborhood known as Edgewater. This turned into a profitable transaction for the company, since it purchased the buildings in 2005 for the significantly lower amount of $12.6 million. The company which sold the properties is led by a developer and architect.
One of the buildings, an office building, features more than 43,000 square feet. Meanwhile, the other is a retail establishment that spans nearly 4,500 square feet on a property that is more than 61,000 square feet in size. The retail building has tenants such as Cars 2 Go, known for renting out smart cars to its customers, as well as the famous cafe chain Starbucks.
Due to the amount of money at stake in a commercial real estate deal, watching such a deal fail may be a person's worst nightmare. Although some transactions do turn out well, others are much harder to get through. When the two parties in a transaction remain at odds and can't overcome their potentially deal-breaking differences, both sides may end up wasting their time and energy in Florida. Nonetheless, it indeed is possible to achieve a positive outcome if the right steps are taken during this process.
Source: South Florida Business Journal, "Company headed by architect Karp sells Miami buildings for $19M", Brian Bandell, April 10, 2014