Buying and Selling Buildings
Jeff's Short (not quite a blog 👨🚀)
When buying and selling buildings, there are a lot of things to manage. Due diligence is a time to do a thorough screening of the property’s condition as well as code compliance and environmental tests. Required by banks, Phase I Environmental Site Assessment (ESA) helps to minimize a buyer’s risk by checking for historical contamination, hazardous materials, and vapor intrusion. If something is found, the ESA moves on to Phase II, where actual lab sampling digs deeper than Phase I’s review of records, aerial views, and property walkthroughs.
Dates are critical to move a deal forward. For example, Minnesota’s vapor investigation guidance requires a minimum of two sampling events: one in the heating season (November 1 to March 31) and one in the non-heating season (April 1 to October 31). With November fast approaching, building owners should plan accordingly if a sale might happen in the coming year.
Wise buyers and sellers rely on commercial real estate professionals to navigate the process of asset transactions. Planning ahead may mean the difference of a deal moving forward to closing or stalled and then dropped. We’re here to help you through the process.
Jeff Salzbrun is the founder and managing partner of Commercial Equities Group (CEG). As a veteran-owned real estate brokerage, CEG has been involved in thousands of sale and lease transactions, ranging from single offices to 250,000+ square foot buildings. At CEG, we get your deal done. We know space, and we know the CRE business.
