- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Coaching Changes
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Commercial Landlord Question
Posted on 3/30/20 at 1:09 pm
Posted on 3/30/20 at 1:09 pm
In a commercial lease as a retail business and the landlord is in the middle of selling the property (yes, right in the middle of all of this). The current landlord/brokers say the new landlord wants to setup a phone interview with the existing tenants, including us. However, the current landlord is only giving general answers as to who the new landlord is and seem to be trying hard to conceal the identity.
Does anyone have experience dealing with such a thing? All of the tenants are getting hit hard because most are completely shut down. Wondering what kinds of questions will be asked and ramifications of same. Maybe a competitor trying to take over one of the tenants or leases by purchasing the property?
Does anyone have experience dealing with such a thing? All of the tenants are getting hit hard because most are completely shut down. Wondering what kinds of questions will be asked and ramifications of same. Maybe a competitor trying to take over one of the tenants or leases by purchasing the property?
4
Posted on 3/30/20 at 1:18 pm to IglooTiger
What state is the building in?
Posted on 3/30/20 at 1:39 pm to IglooTiger
Are the interviews one company at a time, or all the tenants together?
I don't think you are under any obligation to provide the potential buyer with any more information than you are obligated to provide the current owner.
Might also be a good time to check and see if your lease says anything about change of ownership.
I don't think you are under any obligation to provide the potential buyer with any more information than you are obligated to provide the current owner.
Might also be a good time to check and see if your lease says anything about change of ownership.
Posted on 3/30/20 at 2:52 pm to IglooTiger
I wouldn't be that concerned. Plenty of reasons they might be vague about the buyer. Some investors like to maintain a low profile within their markets.
Having not read your lease, I'm assuming there is some boiler plate language about you being required to sign an estoppel certificate if the property trades hands. Estoppel will be a basic 'outline' of your lease, ie. it commenced on X date, it expires on X date, your rental rate is X, you aren't in default currently, you don't have any claims against the landlord, etc.
Jumping on the phone with the new landlord sounds like a good opportunity to build rapport, ask him about his plans for the property, ask if he has any capex projects planned.
Is your business suffering due to COVID? If so, ask him if his lender is providing him with P&I relief and if he plans to pass that through to the tenants.
Having not read your lease, I'm assuming there is some boiler plate language about you being required to sign an estoppel certificate if the property trades hands. Estoppel will be a basic 'outline' of your lease, ie. it commenced on X date, it expires on X date, your rental rate is X, you aren't in default currently, you don't have any claims against the landlord, etc.
Jumping on the phone with the new landlord sounds like a good opportunity to build rapport, ask him about his plans for the property, ask if he has any capex projects planned.
Is your business suffering due to COVID? If so, ask him if his lender is providing him with P&I relief and if he plans to pass that through to the tenants.
Posted on 3/30/20 at 6:02 pm to Grits N Shrimp
Thanks for the insight. I see the opportunity in the call to establish some rapport. I don't like the timing at all since most businesses like mine are asking for short term landlord concessions and getting them (and if it were to be the existing LL I would likely get some relief). The other tenants are far worse off and I'm the only one that can actually contribute some rent. Just awful timing.
Posted on 3/30/20 at 10:34 pm to IglooTiger
quote:
In a commercial lease as a retail business and the landlord is in the middle of selling the property (yes, right in the middle of all of this). The current landlord/brokers say the new landlord wants to setup a phone interview with the existing tenants, including us. However, the current landlord is only giving general answers as to who the new landlord is and seem to be trying hard to conceal the identity.
Does anyone have experience dealing with such a thing? All of the tenants are getting hit hard because most are completely shut down. Wondering what kinds of questions will be asked and ramifications of same. Maybe a competitor trying to take over one of the tenants or leases by purchasing the property?
Tell him your in a tight spot and need a reduced rate. Start at half and go up.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News