Services

Purchase

One of the core strengths of Perry Commercial Real Estate & Investments is our experience in facilitating the purchase of commercial real estate. Given the number of years and transactions we have acquired properties for our clients, we know we excel at satisfying our client’s requirements.

Most tenants at some time, ask themselves “Why are we paying rent when we could purchase a building? There are multiple aspects to ownership of commercial property which should be explored prior to making a decision. We spend a substantial time with clients helping them to make analytical decisions. Once the decision to seek a building has been made, we start by determining the building size, type, geographic location, price, and use. Listed below are some of the steps Perry Commercial REI takes in facilitating a commercial property purchase:

1. We utilize our knowledge of the market and proprietary data bases to find properties that best fits the client’s requirements. We then produce a list of properties and. review that list with client to reduce number of prospects;

2. Begin touring properties which is where the best feedback about client’s likes is developed;

3. When we determine properties that meets the client’s requirements we run comparison sale information for similar properties in area to get a reasonable estimate of price range;

4. Draft Letter of Intent to purchase;

5. Negotiating the terms of the purchase both economic, convenience and timing;

6. With the client’s attorney we drafting/Review the terms of the Purchase Agreement;

7. Opening escrow and review the Escrow Instructions;

8. Assist client in lining up financing for the purchase;

9. Manage the transaction;

10. Through the use of recommended consultants, assist in Due Diligence matters.

Learn More on Due Diligence

These typically include:

a. Phase I and if required Phase II soil investigations;

b. Physical inspection of all structures;

c. Arrange for a consultant to help determine whether the current configuration of the building works for the client’s use to help develop a budget for required tenant improvements;

d. If the building being purchased is larger than the client’s current needs but fits the client’s long term goals then the consultant can advise how the available property can be improved to make it more marketable;

e. Confirm zoning requirements;

f. Review Preliminary Title Report;

g. Review property disclosure for earthquake faults and other seismic issues;

h. Review of area crime statics;

i. Inspect fire protection systems;

j. Insure that building meets current Americans with Disabilities Act (ADA) rules and regulations;

k. Review floor zone restrictions;

l. Determine whether there are any mold issues in the structures;

m. Determine the amount of utilities and possible issues if more are required;

n. Determine the condition of building systems including electrical; plumbing; sewer and HVAC;

o. Review all service agreements relating to the maintenance of the property;

p. Review all leases or rental agreements if any relating to any tenants at the property;

q. Resolve all possible issues relating to material physical defects found in any inspection;

r. Insure that the clients can obtain property insurance with appropriate limits;

s. Review any existing current actions, lawsuits, proceedings or other government activities such as condemnation;

t. Inspect for any unrecorded title matters;

u. Insure that there are not any options or rights of first refusal that the current or former owners may have granted;

v. Insure there is compliance with any energy efficiency requirements.

If the client is purchasing the property as an investment, the due diligence steps are also applicable and it should be noted that our experience includes numerous prior transactions for (1) office buildings, (2) retail buildings, and (3) multifamily complexes (apartments).

Copyright © 2018 by Perry Commercial Real Estate. All Rights Reserved.