I speak English, Greek and Spanish. Μιλώ αγγλικά, ελληνικά και ισπανικά. Hablo inglés, griego y español.
Commercial Real Estate Services
Ready to work for you
Over two Decades
We understand that commercial real estate transactions can be complex and demanding. That’s why having a knowledgeable attorney by your side is essential. We’re here to provide you with friendly and confident legal services tailored to your specific commercial real estate needs. We’ve been doing this for over two decades and look forward to working with you.
Expert Guidance during your real Estate Transaction
Representing Commercial Buyers & Sellers
It’s crucial to have expert guidance to maximize your return and streamline the process when it comes to selling your property. We specialize in representing sellers and offer the knowledge and support you need to navigate the complexities of the real estate market.
From strategically pricing your property to effectively marketing and negotiating offers, we work tirelessly to ensure you receive the best possible outcome. Our team will handle contract review and negotiations, facilitate due diligence, and guide you through the closing process. With our expertise, strong advocacy, and commitment to your success, you can trust us to provide you with the expert guidance you need to sell your property with confidence and achieve your desired goals.
When it comes to buying a property, having expert guidance is crucial to ensure a smooth and successful transaction. At The Law Offices of Steve Leunes PLLC, we specialize in representing buyers and provide the knowledge and support you need throughout the process. With our deep understanding of the real estate market, extensive due diligence, and strong negotiation skills, we strive to protect your interests and secure the best possible outcome.
From contract review and negotiation to thorough property inspections and navigating financing options, we will be by your side, advocating for your best interests every step of the way. Trust our dedicated team to provide you with the expert guidance you need to make informed decisions and achieve a successful purchase.
We have a deep understanding of commercial real estate contracts and will carefully review and negotiate the terms on your behalf. Our goal is to protect your interests and ensure that the agreement accurately reflects your intentions, mitigating risks and maximizing your advantages.
We conduct thorough due diligence to uncover potential issues that may affect your commercial real estate transaction. From property inspections to zoning and land use assessments, our dedicated team leaves no stone unturned, providing you with a comprehensive understanding of the property’s condition and any associated risks.
We pride ourselves in carrying out in-depth and precise title examinations for your commercial property. Our dedicated team of experts goes to great lengths to ensure that the title of your property is clear and free of any encumbrances that could affect its marketability. We offer invaluable assistance in obtaining title insurance that gives you assurance and peace of mind.
Lease Negotiation and Drafting
Leasing commercial space requires attention to detail and strategic negotiation. We assist in negotiating favorable lease terms, reviewing lease agreements, and drafting customized lease provisions to protect your interests as a landlord or tenant.
Entity Formation and Structuring
We provide guidance on entity formation and structuring to ensure the most advantageous legal and tax structure for your commercial real estate venture. Establishing a corporation, limited liability company (LLC), or partnership? I can help you choose the right entity and draft the necessary documents.
We ensure that your commercial real estate transaction complies with all applicable laws and regulations. Our team will guide you through the complex landscape of zoning ordinances, environmental regulations, and other legal requirements, ensuring a smooth and compliant transaction.
Navigating the financing process in commercial real estate can be complex. We work closely with you and your lender to ensure compliance with lending requirements and review loan documents to protect your interests throughout the financing process.
You can have confidence in our representation. We are skilled negotiators, effective problem solvers, and dedicated advocates for your best interests. We handle the legal complexities, allowing you to focus on your commercial real estate goals.
What People Say
Why Steve Leunes, Esq?
Steve combines legal expertise with a friendly approach to provide you with the utmost confidence and support throughout your commercial real estate transaction. He is committed to helping you achieve your goals, providing guidance, and delivering results with a personalized touch.
Contact Steve today to schedule a consultation and experience the dedicated and personable service you deserve. Let Steve be your trusted partner in navigating the intricacies of commercial real estate.
Things you might not know
Questions And Answers
These FAQs provide general information and should not replace personalized advice. Consulting with real estate professionals and experts is recommended for specific guidance related to your commercial real estate needs.
Commercial properties can serve a variety of purposes depending on their characteristics and zoning regulations. Here are some potential uses for commercial property:
Retail Spaces: Commercial properties can be used for retail stores, boutiques, shopping centers, malls, or restaurants.
Office Spaces: Commercial properties can be used as office spaces for businesses, professional services, coworking spaces, or corporate headquarters.
Industrial Facilities: Commercial properties can be utilized for manufacturing plants, warehouses, distribution centers, or industrial complexes.
Hospitality Establishments: Commercial properties can be transformed into hotels, motels, bed and breakfasts, or other lodging accommodations.
Medical and Healthcare Facilities: Commercial properties can house medical offices, clinics, hospitals, dental practices, or assisted living facilities.
Educational Institutions: Commercial properties can be converted into schools, colleges, training centers, or daycare centers.
Entertainment Venues: Commercial properties can serve as theaters, cinemas, event venues, concert halls, or sports facilities.
Professional Services: Commercial properties can accommodate law firms, accounting firms, consulting agencies, or real estate agencies.
Financial Institutions: Commercial properties can house banks, credit unions, or financial service providers.
Mixed-Use Developments: Commercial properties can be part of mixed-use developments, incorporating a combination of residential, commercial, and recreational spaces.
It’s important to note that specific property zoning regulations, permits, and local ordinances may influence the allowable uses for commercial properties. Consulting with local authorities and understanding zoning restrictions is crucial when determining the potential uses for a commercial property.
The market value of a commercial property is determined through a comprehensive appraisal process that considers various factors. Here’s an overview of how the market value of a commercial property is typically determined:
1. Property Analysis: An appraiser will assess the physical characteristics of the property, including its size, location, layout, condition, and any unique features that may affect its value. They will also consider factors such as accessibility, visibility, and proximity to amenities or transportation.
2. Comparable Sales: Appraisers analyze recent sales of similar properties in the same market area to identify comparable sales data. These comparable properties should have similar characteristics, such as property type, size, age, location, and use. The sales prices of these comparable properties provide a benchmark for determining the market value of the subject property.
3. Income Approach: For income-producing commercial properties, such as office buildings or shopping centers, the income approach is often used. This approach involves analyzing the property’s income potential, including rental income and other revenue streams. The appraiser will consider the property’s net operating income (NOI), capitalization rate, and market rental rates to determine its value.
4. Cost Approach: The cost approach estimates the value of a property by considering the cost to replace or reproduce it, taking into account the land value and the cost of construction. This method is often used for new or unique properties where comparable sales data may be limited.
5. Market Trends and Conditions: Appraisers evaluate the current market conditions, including supply and demand dynamics, interest rates, economic trends, and local market factors that may impact the property’s value.
6. Local Regulations and Zoning: Appraisers consider local zoning regulations, building codes, and other legal restrictions that may affect the property’s value or use.
7. Appraisal Report: After conducting a thorough analysis, the appraiser prepares an appraisal report that includes their findings, methodology used, comparable sales data, and their final determination of the property’s market value.
It’s important to note that the market value of a commercial property is an estimate based on professional judgment and analysis. Hiring a qualified and experienced appraiser is crucial to obtaining an accurate market value assessment.
The long-term investment prospects and potential returns on investment for a commercial property can vary based on several factors. Here are some key considerations:
Rental Income: Commercial properties generate rental income from tenants, which is a primary source of returns. The potential rental income depends on factors such as location, property type, market demand, lease terms, and occupancy rates. Analyzing market rental rates and assessing the property’s income potential can provide insights into long-term income prospects.
Market Appreciation: Over time, commercial properties have the potential to appreciate in value due to market trends, economic growth, and development in the area. Positive market appreciation can enhance the long-term value of the property and increase potential returns upon its sale.
Lease Terms and Renewals: The terms and conditions of leases play a significant role in determining investment prospects. Long-term leases with reputable tenants and periodic rent escalations can provide stability and predictable cash flow. Additionally, the potential for lease renewals and the ability to attract new tenants upon lease expiration impact the property’s income potential.
Location and Market Conditions: The property’s location, local market conditions, and economic trends can influence its long-term investment prospects. Properties in prime locations with strong market demand and growth potential generally have better prospects for higher returns.
Property Management: Efficient property management practices can contribute to the long-term investment prospects. Effective management helps maintain tenant satisfaction, minimize vacancies, address maintenance issues promptly, and optimize rental rates. Well-managed properties are more likely to attract and retain tenants, thereby enhancing potential returns.
Economic Factors: Consideration of broader economic factors, such as interest rates, inflation rates, and market stability, is important in assessing the long-term investment prospects. Favorable economic conditions can positively impact property values and potential returns.
Risk and Mitigation: Every investment carries some level of risk. It’s essential to evaluate the risks associated with the specific property, such as market volatility, tenant defaults, or changes in local regulations. Implementing risk mitigation strategies, such as diversifying the tenant base or obtaining appropriate insurance coverage, can help protect long-term investment prospects.
It’s important to conduct thorough due diligence, including financial analysis, market research, and consultation with professionals, to evaluate the long-term investment prospects and potential returns on a commercial property. Working with experienced real estate advisors, financial analysts, and legal experts can provide valuable insights and help make informed investment decisions.
The financial performance of a commercial property, including its income and expenses, plays a significant role in determining its overall value. Here’s how financial performance impacts the value of a commercial property:
Income Potential: The income generated by the commercial property, such as rental income from tenants, is a key factor in determining its value. Properties with higher rental income or strong revenue streams are generally more valuable.
Net Operating Income (NOI): The net operating income of a property is calculated by subtracting operating expenses from the total income generated. Investors and appraisers use NOI as a key metric to assess the property’s profitability and value. Higher NOI generally translates to a higher property value.
Cap Rate: The capitalization rate (cap rate) is another important factor in property valuation. It is calculated by dividing the property’s NOI by its purchase price or appraised value. Cap rates vary by property type and market conditions. A lower cap rate signifies a higher value, indicating that the property generates a higher return on investment.
Rental Market Trends: The rental market conditions and trends in the area where the property is located impact its value. A property in a high-demand area with increasing rental rates tends to have a higher value compared to a property in a less desirable market.
Vacancy and Lease Terms: The vacancy rate and lease terms of a commercial property affect its financial performance. A property with low vacancy rates and long-term lease agreements in place indicates stability and potential income, positively impacting its value.
Operating Expenses: The operating expenses of a property, including maintenance, insurance, property management fees, utilities, and property taxes, affect its financial performance. Efficient management and lower expenses can increase the property’s value.
Market and Economic Factors: Overall market conditions, such as interest rates, supply and demand dynamics, and economic trends, can influence the value of commercial properties. Positive market conditions generally lead to higher property values.
It’s important to conduct a thorough financial analysis and consider these factors when assessing the value of a commercial property. Engaging with professionals, such as real estate appraisers and financial advisors, can provide valuable insights and help determine the financial impact on the property’s value.
There are several financing options available for acquiring a commercial property. Here are some common financing options:
Commercial Mortgage Loan: This is a traditional loan specifically designed for commercial properties. Commercial mortgage loans typically have longer terms, larger loan amounts, and different underwriting criteria compared to residential mortgages. They can be obtained from banks, credit unions, or other financial institutions.
Small Business Administration (SBA) Loans: The U.S. Small Business Administration offers loan programs designed to support small businesses in acquiring commercial real estate. These loans often provide favorable terms and lower down payment requirements.
Private Lenders: Private lenders, including individual investors, investment groups, or specialized lenders, offer alternative financing options for commercial properties. These lenders may have more flexible requirements and quicker approval processes compared to traditional financial institutions.
Seller Financing: In some cases, the property seller may be willing to provide financing for the purchase. This arrangement, known as seller financing or owner financing, allows the buyer to make payments directly to the seller over a specified period, bypassing the need for a traditional lender.
Real Estate Investment Trusts (REITs): REITs are investment vehicles that pool funds from multiple investors to invest in income-generating real estate properties. Investing in a REIT allows you to indirectly acquire a share of commercial properties without the need for individual property financing.
Crowdfunding: Crowdfunding platforms have emerged as an alternative financing option for commercial real estate. Investors can contribute smaller amounts, collectively funding the property acquisition.
Bridge Loans: Bridge loans provide short-term financing to bridge the gap between the purchase of a new property and the sale of an existing property. They are useful when timing is critical for acquiring a commercial property.
Each financing option has its own terms, requirements, and eligibility criteria. It’s advisable to consult with lenders, financial advisors, and real estate professionals to determine the best financing option that suits your specific needs and circumstances. Additionally, preparing a strong business plan, financial statements, and demonstrating your creditworthiness can help in securing favorable financing terms.
Yes, there are potential risks and challenges associated with commercial properties. It’s important to be aware of these factors when considering commercial real estate investments. Here are some common risks and challenges:
Market Volatility: Commercial real estate markets can experience fluctuations due to economic conditions, changes in demand, or shifts in industry trends. These market uncertainties can impact property values and rental rates, potentially affecting investment returns.
Vacancy and Tenant Risk: Commercial properties may face periods of vacancy, resulting in a loss of rental income. Finding and retaining tenants, especially in competitive markets, can pose a challenge. Tenant defaults or lease terminations can also impact cash flow.
Economic Downturns: Economic downturns, such as recessions or financial crises, can adversely affect the demand for commercial space. Businesses may downsize or close, leading to higher vacancy rates and decreased rental income.
Property Maintenance and Repairs: Commercial properties require ongoing maintenance, repairs, and renovations. These costs can impact cash flow and require effective property management to ensure the property remains attractive to tenants and compliant with regulations.
Financing and Interest Rates: Obtaining financing for commercial properties can be challenging, especially for newer investors or properties with higher risk profiles. Interest rate fluctuations can also impact loan affordability and investment returns.
Regulatory and Legal Compliance: Commercial properties are subject to various regulations, zoning requirements, and building codes. Complying with these regulations and addressing legal issues can be complex and time-consuming. Failure to comply can result in penalties or legal disputes.
Environmental and Sustainability Factors: Environmental risks, such as contamination or compliance with environmental regulations, can impact the value and usability of commercial properties. Increasing emphasis on sustainability and energy efficiency may require property upgrades or additional costs.
Capital Expenditures: Commercial properties may require significant capital expenditures for renovations, tenant improvements, or infrastructure upgrades. These costs should be factored into the investment analysis and cash flow projections.
Property Insurance and Liability: Commercial property owners need to maintain adequate insurance coverage to protect against property damage, liability claims, or unforeseen events. Insurance costs and the potential for claims should be considered.
Market Competition: Commercial real estate markets can be highly competitive, especially in desirable locations. Competing with other investors or developers for properties and tenants may require strategic positioning and careful analysis.
Understanding and mitigating these risks and challenges through thorough due diligence, professional advice, and contingency planning is crucial when investing in commercial properties. Working with experienced real estate professionals, including real estate attorneys, financial advisors, and property managers, can help navigate these challenges and make informed investment decisions.