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minicity, Both Buyer and Seller in California

Help-what is our best option? = TIC, partnership or condo-ize our shared warehouse?

Asked by minicity, California Wed Oct 31, 2007

Your insight would be much appreciated ! My business has operated in a 90,000 sq. ft. warehouse for the past decade and we presently lease a third of the building. We want to now OWN our space and are wondering how to go about approaching the owners. We know that will not sell the entire building, but may entertain an offer for a portion thereof. In another 5 years we will want to sell off our operating business (and portion of the building where we operate). With these objectives in mind, how do we approach the owners and what format/structure best suites our interests? (We prefer not to own a share of the overall building, but if we just buy our portion does that mean we need to create new legal deed to our "portion" of the building and need to do it by going to the city and condo-izing the overall building?... or is there another alternative ?

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