Retail leases · Uncategorized

Let’s eat, Grandma! Let’s eat Grandma!

A comma can change the meaning of a sentence fairly drastically. And, for lease administration purposes, it can have an unexpected impact on cash flow. The clause below was from a center we worked on last week: “Tenant’s Proportionate Share” shall be equal to the number of rentable square feet included in the Premises divided… Continue reading Let’s eat, Grandma! Let’s eat Grandma!

Malls · Retail leases · Shopping Center · Uncategorized

Just how good was that tenant attorney?

One of our earliest blogs was about the landlord’s standard lease being the best case scenario. Changes that are made to that standard lease are being done at the tenant’s request because the tenants have seen, over and over, how not changing those clauses has impacted their financials. Tenants are dealing with tens or hundreds… Continue reading Just how good was that tenant attorney?

Malls · Office Properties · Retail leases · Uncategorized

A couple of percentage rent/gross sales issues this week

This week, we were working on an acquisition of a property in the southeast. One tenant occupied the majority of the property, with a handful of other tenants accounting for about 10% of the leasable area, but about 20% of the income. There was a restaurant tenant that had a unique name that I had… Continue reading A couple of percentage rent/gross sales issues this week

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

Same difference – more subtle changes in lease language

I grew up using the expression “same difference.” I think I used it when I said something that I believed was right, but someone pointed out something that was wrong about what I said – but it wasn’t important enough for me to care. I think today I would probably just say “whatever.” There are… Continue reading Same difference – more subtle changes in lease language

Malls · Retail leases · Shopping Center · Uncategorized

Looking behind the retail curtain at the holiday

Way back when in high school, I was on stage crew for the school’s productions. What I realized was that after doing that for several years, whenever I went to a Broadway show or musical, I would be at least as interested in how the crew handled the sets and lighting and sound as I… Continue reading Looking behind the retail curtain at the holiday

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

“I need to call in my friend Pete to get some more information about this lease…”

I love the shows Pawn Stars, American Pickers and Mysteries at the Museum. With these shows, they find an item that interests them, authenticate it and then give a bit of history on the piece. As geeky as it may sound, there can be identifiable histories to leases and lease language. Did you ever pick… Continue reading “I need to call in my friend Pete to get some more information about this lease…”

Malls · Retail leases · Shopping Center · Uncategorized

Gross sales/percentage rent considerations when backfilling a department store/big box

Site plan of King of Prussia Plaza from the early 1960s with an Acme Supermarket: Since the 1970s, it has not been common to see certain types of tenants in regional malls as department stores enforced certain types of use restrictions that existed in their leases (often to protect parking).  However, as closures of former… Continue reading Gross sales/percentage rent considerations when backfilling a department store/big box