How to evaluate buyout opportunity with an option to purchase real estate?

Ex. Seller is selling a business and also owns the underlying real estate said business operates from. You have the option to buy the real estate along with the business or sign a long-term lease with the seller to continue operating on his property. 

How do you reason about which option makes the most sense? When would it make sense to buy vs. lease from the seller?

Assume geography is somewhat critical to business operations (so not a remote-friendly software company). For industries like niche manufacturing, value added distribution, etc.

 

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