Blossom Valley Plaza Shopping Center has been purchased by the Inland Real Estate Income Trust, Inc., according to recent reports. The purchase represents a major expansion in the company’s California commercial real estate portfolio, which now includes a thriving shopping center that serves up to 89,000 people within a 5-mile radius.
Blossom Valley Plaza is located near Modesto in Turlock, California, and includes 111,558 square feet of shopping space, with a Raley’s grocery store anchor and numerous national and regional companies such as Subway, Papa John’s, Wells Fargo and Jay’s Tire. Students from California State University, Stanislaus, as well as other residents in the area make up nearly 22,000 vehicle visits per day to the center. The property was built in 1988. According to the CEO of Inland Real Estate Income Trust, the property acquisition is in keeping with the company’s goals of expanding its commercial holdings by acquiring high-value assets.
However, dealing in commercial real estate can often be complicated and confusing. Acquisitions of this magnitude often involve numerous contracts, rental agreements, lease transfers and other complex transactions. These issues can complicate the process of buying a large commercial property and make it necessary for the parties to have sound legal guidance and advice.
Whether there are title disputes or other issues involved in any commercial real estate transaction, both parties may benefit from consulting with attorneys who have experience in dealing with such matters. By engaging the services of a commercial real estate attorney, a party to a complicated real estate sale or transfer may benefit by avoiding many of the legal pitfalls that can occur in a transaction of this size and scope.
