Investors recently purchased an office complex in California for $136 million. The purchase occurred in the area of Palo Alto, which is not far from Los Angeles, and remains a popular spot for the purchase of real estate properties featuring commercial leases. The complex that was recently bought goes by the name of Embarcadero Place.
The recently purchased office complex, which features four buildings, spans 197,000 square feet. From a price standpoint, this sale was the second big Palo Alto office property purchase to take place in January. Earlier in the month, a buyer spent a total of $138 million on a brand-new office building spanning 64,000 square feet. A Visa technology unit occupies this second property.
Right now, a rapid land grab is taking place in the desirable Palo Alto region. Investors are striving to get their hands on any property available in this area due to the tech startup culture that was born there. In addition, the area has a downtown that is bustling, and Stanford University also has a strong influence there.
Making a commercial real estate purchase can understandably be an exciting move, as being able to offer commercial leases to businesses means more money in one's coffers. However, the process can also be a major disappointment if the proper steps are not taken from day one. A qualified attorney in Los Angeles can help with navigating the complex process to make sure that no important detail is missed from a legal standpoint. The attorney's goal is to ensure that one's best interests and rights are both protected in the commercial real estate deal.
Source: mercurynews.com, "Investors grab Palo Alto office park for $136 million", George Avalos, Jan. 26, 2018