Coronavirus is laying bare deficiencies that exist in lease language. We are currently working on a still very successful regional mall. Its one vacant anchor is slated for redevelopment. The owner had never had a large portfolio, so did not have the benefit of seeing the evolution of lease language and, as a result, has… Continue reading Just how bad can that cotenancy provision be?
A while back, we had addressed the “percentage rent unicorn” – that landlord dream within a dream (Hopefully, you are thinking The Princess Bride right now) – where landlords can bill percentage rent over a monthly breakpoint with no annual reconciliation. It is not something we see often, but when we do, it often leads… Continue reading The percentage rent unicorn revisited
This past week, we had a call with a long term client to review the results of a lease audit. Typically, it is the accounting people, perhaps some accounts receivable people and occasionally asset management. We review additional historical billings and expected increases to cash flow. But, this week was a little different, it was… Continue reading Squeeze another 353 sf out of that space!