Commercial real estate can be a challenging yet rewarding business to be in and legal resources help to protect valuable interests that are part of a commercial real estate transaction. The parties to a commercial real estate transaction should be familiar with the legal resources available to help them accomplish a successful transaction and guide them through the different phases of the process.

A realty company that recently acquired a former retail location in Nashville recently announced plans to purchase an adjacent property that would bring the total project foot print to a little over three-quarters of an acre. The company is under contract to purchase the neighboring property after purchasing the former retail property for approximately $7 million. The company also announced that it plans to build an office building at the site.

According to the realty company, plans are to construct a high-rise office tower. The office tower is expected to include between 350,000 to 500,000 square feet of office space. The tower is planned to be between 23 and 27 stories and also include approximately 7,000 feet of ground floor retail space. Its anticipated completion date is sometime around 2022. A representative for the company noted their enthusiasm for the project.

There are many moving parts involved in an ambitious commercial real estate project which is why parties should be familiar with contracting process; purchase and sale negotiations; elements of the construction process; and other considerations as well. Valuable legal resources can help with each step of the process from planning to completion to help guide it to as successful an outcome as possible which is why parties should be familiar with the legal tools available to help them.