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Excluded areas – reducing or eliminating absorption

For purposes of prorata shares, leases will often define excluded areas as greater than some specified square footage. 「The tenant will pay a prorata share of real estate taxes based upon the leasable area of the center excluding premises (or occupants) greater than 25,000 square feet.」 You will see language like this in almost all […]

When Sloth from the Goonies is your leasing agent

You really never know what you are going to find in a lease when you are doing acquisitions. About three years ago, we did two shopping center acquisitions in the Southeast for one of our institutional clients from a local developer. In one restaurant lease in each of the centers, the developer had negotiated a […]

Buried language can burn you

I am sure I sound like a broken record to anyone who has ever taken more than one of my classes because I always (seriously always) bring up how language can be buried deep within a lease that can change the cash flow from a tenant. The best example I can give is one landord’s […]

Retail vs. office leases

Last month, we worked on a beautiful, relatively new lifestyle retail property in California. It was developed by company that traditionally develops office. We did not know that they were office developers when we started the project. It became obvious after abstracting the first two leases. How could it be obvious by reading lease? By […]

The landlord’s best case scenario – Its standard lease

It doesn’t get better than the landlord’s standard lease. Seriously. The language in the standard lease is typically the best the landlord can possibly do because changes negotiated from its standard almost always favor the tenant. A landlord doesn’t have a standard lease form and then have the ability to say 「We are going to […]

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