When a business is sold in a Florida community, the effects can be positive and far-reaching. However, the process of getting to that point may be complex and overwhelming to those involved in the commercial real estate transaction if they lack the proper guidance and do not understand the law. One Florida business owner recently sold his company for a profit -- a transaction that will have many benefits in that area.
The owner of a strip mall recently sold the business, known as Cedar Plaza, in Manatee County. The sale of the business may be appealing to customers who frequent businesses and restaurants in the mall area. This is because up to three new businesses are slated to fill vacant spots in the mall. In fact, nearly 6,000 square feet is available for other businesses to lease in the mall.
Cedar Plaza sold for almost $3.5 million, about $900,000 more than the price of the property in 2003. Twelve businesses are present in the strip mall, including companies such as Pizza Hut and a local barbecue restaurant. Renovations will continue to be made on the mall throughout the year, officials said.
The recent commercial real estate transaction in Florida certainly was profitable, but not all transactions end up being smooth and successful. A deal could actually flounder if the correct steps aren't taken. Comprehending laws related to real estate can help a person to successfully negotiate with the seller and lender when buying a property, and it may enable a seller to complete the transaction without a hitch in Florida.
Source: Bradenton Herald, Bradenton strip mall Cedar Plaza sells for $3.48 million, Matt M. Johnson, March 14, 2014