Commercial real estate question
Hello,
I own a large commercial Mill building. The shell is good, it has great bones, but it's primarily used for storage at this time.
I have someone who has been after me for a while to purchase just the top level of the building in order to create a residence for themselves. Cost doesn't seem to be an issue.
I'm hesitant to jump into moving this building into a condo association, as I use it for my other business and would need to retain ownership of the other two levels. In theory, I could retain ownership of the two bottom floors, and sell just the top floor.
The person who wants to build out a residence for themselves is fine with a condo association. I'm hesitant because I would have to subdivide the property, removing that one building and putting it into a condo association. I would then have to give myself ownership of the other two levels and sell the top level to this individual.
It's a pretty complicated situation and I understand them wanting to have equity if they are putting money into the property. If it was up to them, they would buy the building from me, but it's not for sale.
Is there another option? Or is the only way to accomplish this through a condo conversion?
TIA!!!