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Updated almost 4 years ago on . Most recent reply
Commercial Property Sale - Parking Problem
I'm looking to sell one of my commercial properties (6,300 sq ft) while retaining ownership of the adjacent parking lot (25 spaces). The potential buyer needs about 6 or so spaces and I'd like to have suggestions for creative solutions to achieve both objectives. Some more detail and my thought process:
1) I could sign a long-term parking lease/agreement (10-years or so) for the 6 spaces so that the potential buyer would have confidence that he would have access to parking.
2) I could devise a parking easement (compensated by a higher purchase price) for 6 spaces, but I'm hesitant about the implications down the line should I want to sell the lot/land or redevelop it in some way.
3) I'd rather not deed out a portion of the parking lot as part of the purchase agreement for the building
Am I being unreasonable or can anyone suggest another solution?
Most Popular Reply
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I would just go with option number one. That's the easiest and most common solution.