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Delimma

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ok We have been in a location for exactly 2 years, we have a 5 year lease, with an option to extend 10 years on a piece of land that is in a nice busy location. we only pay 500.00 we built an actual Barn on the land and of course then used comercial grade for the interior…We call our selves RED BARN PIZZA.
last we I was informed that the land that we built on was SOLD. The previous land owner said the new owner wanted to build a small strip mall on the land. I am sure that I dont want to be in the new strip mall and we have been in the black from day one. we are just a little DELCO we average around 4000.00 a week and I just work on friday and saturday and the occasional day when someone is sick,
There is an old Dairy Queen right down the road, been vacant a while,
the owner actually has lowered the price to next to nothing, and has had a LOT of interest now.I inquired about why and it has some phase 3 problem because it used to be a gas station…the owner said that it has to be a cash sell because bank wont finance it
SORRY so long winded, but my long winded question is how do I approach the new landowner and suggest he buy me out so I can move to this location…drive through, better view from the street and most important a dining room, we are near an induatrial park and a school and next to 3 little leauge parks.
 
Ron,

I don’t think I understand the question “how do I approach the new landowner and suggest he buy me out so I can move to this location”.

What exactly would he buy out if you’re leasing? Are you actually asking how can you get out of your lease? -J_r0kk
 
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There is a reason the bank won’t finance an old gas station site… Be very careful, consult an attorney with some experience with former gas station properties… I think you will change your mind about that as a possible location.
 
i would be very careful about this property.Were i live in NJ we have several gas stations for rent and sale. The problem there not selling or renting is because they have contaminated soil. Very good reason a bank wont finance.Also there is one that can only rent or sell for a certian store because of contamination. My friend also lost a 25,000 deposit when he tried to purchase a vacant lot later to find out it originally was a gas station and the bank turned the project down.One last thing are the tanks removedfrom the property could be 100K mistake to remove.Sorry to be so negative but it ticks me off if people are trying to dump something if this is the case.
 
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update

ok have alot better understanding
first I was wondering since I have a 15 year lease and the currant land owner would want to level m little barn to put a strip mall there.
2) THE PROPERTY that I would be looking at DOES have a phase 1 soil contamination…thats why its soooo cheap…I would have it payed for in 5 years at the same rate as what I am paying for the land I am on now
3) my only set back that I see is when I sell m business its going to be cash and owner finance… not the best scenareo…
4) where would I find an attourney and real estate person that has experience in this field?
just open phone book?
thanks
Ron
 
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