[T-BOT]

Any members leasing commercial retail space in malls or street locations ?

A girl friend that owns a store called " Flavor Hall " here in town, gave me a good tip to include a schedule in a retail street store lease agreement. It was:

"Right of First Refusal"

this means that if the owner of the building puts the building up for sale while you are leasing space there, you are the first in line to Buy the building if you want.

the good part about this is. She told me that even if you don't end up buying the building, the interested party that wants to buy it may give you a lump sum $$ for you to give up your " right of first refusal ".

That bluuuuu my mind.

Any other tips about lease agreements ? ...in malls, street etc ?

 

[Rodney]

Interesting tip! I'd never heard about that before.

 

[Comin'OutSwingin]

Yes, very good tip!

In one of my many past professions I was a real estate agent (I became one to sell a house to myself and make money on the transaction!).

I used to do a little commercial selling and leasing, and helped my dad with some lease agreements. We always put that in the contract. Normally most people don't have a problem doing it for you. It doesn't really put them at a disadvantage, so it can be done pretty easily.

 

[T-BOT]

It doesn't really put them at a disadvantage, so it can be done pretty easily.

yeah, I get it. No disadvantage for the owner because once he gets an offer from an "Interested Buyer" it automatically turns into 2 parties bidding on the sale price. You the "Lease Holder" and the "Interested Buyer".

In all probability, the sale amount would increase because there are 2 parties bidding on it. Wow !!! ...

Any other tips about leasing in Mall or street locations ?

 

[Comin'OutSwingin]

yeah, I get it. No disadvantage for the owner because once he gets an offer from an "Interested Buyer" it automatically turns into 2 parties bidding on the sale price. You the "Lease Holder" and the "Interested Buyer".

In all probability, the sale amount would increase because there are 2 parties bidding on it. Wow !!! ...

Exactly!

Any other tips about leasing in Mall or street locations ?

It's been a while since I was in real estate, but if I can think of something, I'll be sure to post it.