General

Florida commercial real estate matter settled before trial

Disputes between real estate investors and commercial brokers are nothing new. The relationship between the two is just one of many that are necessary in the development of commercial property that could end up in disagreement. This is illustrated in a Florida lawsuit that was recently resolved.

In this particular case a onetime commercial broker filed a lawsuit against Worldcenter partners for a stake she said was promised her of a $1.5 billion Florida development. Specifically she alleged that the developer did not provide her with the 10 percent stake she said she was owed. In the alternative, it did not provide compensation for the stake in the development. She filed the lawsuit in 2008.

Recently it was announced that the parties reached a settlement agreement. Though the specifics of the settlement have not been disclosed, with the trial around the corner and the project slated to break ground in the fall, it is likely that both parties are pleased to have the matter behind them.

When a commercial property dispute arises it is possible that the matter could go to trial. In other situations however—such as this one—a case will be resolved via a settlement. Whether a settlement agreement can be reached will depend on a variety of factors including what each party is seeking and how much each party is willing to spend on litigation.

Regardless of the approach used to resolve a property or business dispute the starting point for most parties is to meet with a lawyer who handles business matters. That individual can assess the issues and provide suggestions on how best to proceed.

Mon Aug 27, 2:59pm