commercial real estate · Malls · Retail leases · Shopping Center · Uncategorized

Premises trash and utilities vs. common area trash and utilities

It is not uncommon for a landlord to provide or arrange services for the actual tenant premises within a shopping center. Perhaps the tenants are provided water services to their spaces through one water main/meter, or the landlord arranges for trash removal from the premises rather than having each individual tenant arrange the service themselves.… Continue reading Premises trash and utilities vs. common area trash and utilities

commercial real estate · Malls · Retail leases · Shopping Center · Uncategorized

Taxes and insurance addressed in CAM – and then again, separately

It’s not unusual to see terms referenced several times throughout a lease. Often, it will be a definition of a concept in one clause and the use of that defined term in another. But, sometimes, it can be confusing as to why a term is mentioned multiple times. Case in point is when insurance or… Continue reading Taxes and insurance addressed in CAM – and then again, separately

commercial real estate · Malls · Retail leases · Shopping Center · Uncategorized

Bring back my favorite retail real estate memory of the 70s!

I was born in 1965. As much as I loved Space Port (an arcade) at Oxford Valley Mall and the wall of history dioramas at Neshaminy Mall (which I understand are still on display), I did not discover my favorite thing about 1970s retail real estate until I started reading department store leases and shopping… Continue reading Bring back my favorite retail real estate memory of the 70s!

Malls · Office Properties · Retail leases · Shopping Center · Uncategorized

An approach to lease administration and due diligence

When we are verifying rents at a property, we do all of our calculations – prorata shares, caps, breakpoints, CPI calculations, lease year language applications and so on – prior to looking at what the current landlord has done. I don’t know about you, but I can be fairly easily led by what someone else… Continue reading An approach to lease administration and due diligence

commercial real estate · Malls · Office Properties · Retail leases · Shopping Center · Uncategorized

It’s just a couple of days

We will not complete the date fields in a lease abstract until we know which dates we are going to use as the Commencement Date and the Rent Commencement Date. That can be incredibly frustrating for anyone that has to deal with us. Think about that. You’ve just executed a lease and you want a… Continue reading It’s just a couple of days

commercial real estate · Malls · Office Properties · Retail leases · Shopping Center · Uncategorized

Considering the proper treatment of tax abatements and incentives in your leases

I have the honor of serving on our city’s development authority. It is a recent appointment, so I cannot take any credit for the great things that have been done already. As part of the appointment, I was required to take a class that included a couple of hours on tax incentives and bond financings.… Continue reading Considering the proper treatment of tax abatements and incentives in your leases

commercial real estate · Malls · Retail leases · Shopping Center · Uncategorized

Be explicit – even fixed CAM can be tricky

There’s no doubt that prorata CAM, tax and insurance calculations can be tricky. You have to make sure the shopping center definition is correct, the expenses are correct, the method of calculating the leasable area is correct, the method of calculating vacancies is correct, the definition of excluded area is correct, the treatment of excluded… Continue reading Be explicit – even fixed CAM can be tricky