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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 […]

Red light, green light, 1, 2, 3…

This weekend, I was in South Bend and Chicago. On the way back to O’Hare, my wife and I had some free time, so we stopped at Macerich’s Fashion Outlets of Chicago. Besides having a beautiful, well thought out tenant mix, they have an outstanding parking garage. An outstanding garage, you say? Absolutely. I am […]

Phantom Square Footage

I would have to guess that we may have annoyed a client this week because we would not drop an issue. Their leases required the inclusion of licensee square footage in Gross Leasable Area (GLA). Generally, most standard leases today define licensees as exclusions when calculating prorata shares. (Licensees themselves are typically defined as short […]

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