How do I valuate and purchase retail commercial, and buy out one 50% owner?

[Brandt Tingen]

Hi All!

I am coming into an opportunity where I may be able to buy out an owner of his 50% share in a commercial piece of property in a very high-demand area of washington DC.  

I have been studying multifamily, but I know retail is another beast altogether.  I am a little concerned because although the property is in one of the prime retail locations in the country, it is a little in dissarray due to mismanagement.  The tenants are either abusing the property or are looking to break their leases due to issues related to deferred maintenance.  

I'm looking to get an education in the steps to valuate and purchase a piece of retail.  Any ideas or resources on this would be greatly appreciated.

Also, how would this work with me buying out one owner's 50% stake? I am assuming I will need to take title with the owner who is staying, and create a new operating agreement under a new LLC that I create with the remaining owner. Any ideas here are much appreciated.

Thanks!