If I purchase a building, and there are tenants in place, can I evict them in order to raise the rent?
It really depends on the language in your contract, as well as the language in the existing leases. The Leases may state that the current Leases be honored throughout the lease period, even when the Building is sold to a new owner, and you will need to honor this at the time of purchase.

One option is to try to find them alternative suitable space to lease.

This is an important issue to investigate during the "due diligence" period in your contract, and I would recommend that you consult a reputable attorney who is experienced in commercial property management.

Posted By: Karen Reinthaler on Saturday, January 30, 2010