To understand what it is you should look for in a commercial real estate lawyer, you need to first understand what commercial real estate is. There are significant differences between commercial and residential real estate properties. Simply stated, commercial real estate is property that tenants rent for business use purposes only. Commercial real estate includes retailers of all types, from offices, hotels, and strip malls, to restaurants, and convenience stores. The investments made in those properties can range anywhere from in the hundreds of thousands of dollars to into the millions.
Practicing in the area of commercial real estate is a very specialized area of the law and requires a lawyer who is both experienced and knowledgeable. Attorney Gary I. Handin has over 45 years of experience practicing in the area of commercial real estate and is someone you can trust to give you the best advice based upon your specific circumstances. Should you make a wrong decision, it could prove to be extremely costly.
What Are The Four Classes of Commercial Real Estate?
Commercial Real Estate is broken down into four different classes.
- Office space
- Industrial complexes
- Building units used by multiple families
- Retail stores
Office Space Class A, Class B, or Class C
- Class A offices are the most prestigious of the three considering they are newer and, of course, based upon their locations and the amenities they offer.
- Class B buildings are, as a general rule, generally older and not as high priced as Class A buildings. A large number of investors often target Class B buildings as fixer-uppers since they are less expensive than Class A offices.
- Class C buildings are rated as such as they are usually older. They are also usually located in less attractive areas of the city and are inevitably in need of some form of maintenance.
Industrial real estate is a broad category covering product manufacturing and, production, research and development, storage and distribution. Multifamily residential units refer to housing where multiple apartments are contained in either one or multiple buildings…also known as apartment units. Retail real estate involves the building and development of shopping centers, entertainment properties, clothing shops, florists, and the like.
What Do Commercial Real Estate Lawyers Handle?
- Real estate transactions on behalf of the buyers.
- Real estate transactions on behalf of the sellers.
- Representation on behalf of the lenders.
- Participation in the development of real estate.
- Purchase of commercial real estate
- Participation in commercial landlord/tenant negotiations
- Commercial loan workouts
Commercial real estate provides income and capital appreciation to sophisticated investors who invest wisely. Investing in commercial real estate can be lucrative and serve as a hedge against the volatility of the stock market. Investors can make money if their properties appreciate before they sell them. However, most returns come from the rents they receive from their tenants.
Commercial Real Estate Lawyer In Coral Springs
Should you have any questions about commercial real estate and would like to speak with someone who is experienced in the legal challenges involved and who can lead you in the right direction, feel free to contact the Law Offices of Gary I. Handin.Unfortunately, we all are currently going through difficult times. Please stay safe! We are still here to serve your needs. Contact us at (954) 796-9600 or toll-free at 1-877-815-4560 to schedule an appointment to discuss your questions telephonically. You can also contact us electronically using this form.