Commercial Real Estate Purchase Process

The number of purchase options on the market can be quite overwhelming. By using O’Donnell Commercial’s trusted process for purchasing commercial real estate, clients can quickly narrow their choices while their broker will negotiate for the best sales price and overall terms.

Determine Needs

  • Review existing space-discuss exit strategy (When does lease expire? Does current location need to be sold?)
  • Determine size requirement
  • Define location
  • Discuss budget-meet with banker if necessary
  • Discuss timeline – include necessary construction time

Provide Options

  • Broker prepares list of available properties
  • Find “out of the box” opportunities
  • Discuss options and coordinate corresponding tour

Site Tours

  • View selected properties
  • Discuss needs/construction costs of each property
  • Narrow properties to “short list”

Negotiations

  • Prepare non-binding negotiating documents for selected properties (see RFP and LOI examples)
  • Analyze responses
  • Prepare financial analysis (see example analysis)
  • Review all appropriate costs
  • Negotiate for best business terms

Final Property Contract

  • Work with attorney to review contract
  • Oversee all parties (i.e., contractor, architect, landlord, attorney)

Follow Up

  • Remain involved throughout construction/move-in period
  • Monitor critical dates
  • Maintain relationship with tenant
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