Florida’s commercial real estate market has weathered many ups and downs in the past decade. This has had ripple effects in many industries including construction, commercial mortgages, property-management companies and more. Additionally, venture capital, franchising issues and zoning laws are just some of the topics that may be addressed during the sales and purchase of commercial real estate.
One Georgia-based company is poised to acquire multiple commercial properties throughout the southeast in an effort to facilitate the rebounding of many downtown areas. The company, Fairfield Commercial Real Estate, is actively involved in commercial real estate transactions in Georgia, Texas and Florida that total roughly $100 million. Another property sale that recently closed was in Tampa Bay where Fairfield paid $47.25 million to an Oregon company for the Fifth Third Center building, more than $30 million of which will be mortgaged. The prior owners had paid almost $5 million more for the building just nine years ago.
According to reports, Fairfield Commercial Real Estate is looking to expand its reach by as much as $600 million with even more commercial real estate transactions in the next two years. The push comes as more cities are working to restore urban areas and solicit more businesses to leave the suburbs and return to traditional downtown settings.
Companies that are frequently buying, selling or refinancing commercial real estate understand the nuances of contract negotiation, real estate land use laws and more. For this reason, thorough legal reviews of all transactions can be important elements of these processes.
Source: Tampa Bay Business Journal, “Atlanta buyer enters Tampa with $47M Fifth Third Center buy,” Ashley Gurbal Kritzer, July 30, 2014