The Issue
Blankingship & Keith’s longtime client, a thriving consumer services business, encountered an opportunity to bid on the sale of multiple, similar business properties. In the process of developing a plan to acquire these businesses, our attorneys identified several complicating factors, including the fact that one of the real estate parcels was the former site of a gas station; a land survey showed that a neighboring business significantly encroached on one of the lots; and the local zoning codes were in a state of extreme flux. These issues had to be addressed within a limited window of time for the purchase to be successful.
The Strategy
Our firm prepared letter-of-intent proposals and began negotiating with the seller, who was represented by another sophisticated law firm. To resolve the issues with the parcel that formerly served as a gas station, we set to work on the slew of environmental approvals involved in purchasing and redeveloping property with underground petroleum storage tanks. Blankingship & Keith also successfully negotiated a resolution with the neighboring business on the encroachment issue. To resolve the issues of the shifting zoning codes, our attorneys tracked the local city council’s developments and made adjustments throughout the process to avoid conflicts and present our client with options that would take advantage of the new rules.
The Impact
Through the complete integration of Blankingship & Keith’s knowledge of corporate tax, real estate and land use law, our attorneys were able to resolve all overlapping issues while successfully negotiating with the seller to close the deal on time. Our client became one of the first businesses to take advantage of the new local zoning codes, developing an eye-catching vertical structure with multiple storefronts. We continue to represent our client in this venture by leasing the new retail spaces to national chain tenants.