Seller of Vacant Shopping Center Refuses to Transfer Title
An out-of-state pension fund successfully acquired and renovated a California shopping center after initial contract disputes were resolved through renegotiation, leading to the development of a major retail commercial hub.
The Situation
Our client, an out of state pension fund, contracted to purchase a large, mostly vacant shopping center in California intending to renovate and lease out the center. When the seller refused to transfer the property to our client, contending that the contract had not been properly drafted by a third party attorney and was therefore unenforceable, our client called us.
The Result
After reviewing the contract, we recommended that that the contract be redrafted rather than litigated and working with our client and the seller, a new contract was negotiated and drafted, satisfying the seller's concerns, and our client took title to the property.
After purchasing the property, we continued to work with out client during the renovations, assisting the client in obtaining the permits and approvals needed to tear down and rebuild large sections of the shopping center, and in negotiating and drafting contracts needed to rebuild it.
The development is now a major retail commercial center for the area.