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Updated about 6 years ago,
Monetizing Commercial Building
Just looking to bounce ideas with some experienced folks on here.
My law firm has been expanding and has outgrown our current space. The seller of a unique property accepted our offer a month ago and we are set to close in about another month. The property is close to our current office but much larger. It's separated into two buildings, which are comparable in size and take up a good chunk of a city block. One of the buildings is half occupied by a long term tenant (established law firm) and our firm will be occupying the other half. We have it under contract at a price that makes sense for that building alone, so the second building is gravy. The second building is 2 stories ~ 9000 ft^2 and is occupied by two small tenants who pay almost nothing. They are on m2m leases. The buildings are on the located in downtown Jacksonville and are within an opportunity zone. The surrounding area is being developed with a number of large residential projects and is about to see a massive influx of money from the owner of the Jaguars. I need some thoughts on how we should analyze the highest and best use of the building. We are using a well known broker for the transaction but we just haven't heard any stellar ideas for the other building. It's both awesome and scary to have a good sized building and no idea what to do with it. Thoughts on how we should be looking at this as a commercial landlord?