Retail and Shopping Centers Purchase and Sale, and Leasing
Our attorneys have substantial experience in acquisitions and sales of retail and shopping centers. We counsel our clients on market trends for retail and shopping center purchase and sales transactions, critical purchase and sales agreement provisions from buyer and seller perspective, including due diligence rights and timing and scope of review, title survey, and CCR and declaration review, lease abstracting, CAM, and exclusive use conditions, issues with anchor tenants, estoppels and tenant interviews, seller representations and warranties, conditions precedent, lender requirements for SNDA and other lender concerns, closing contingencies, defaults and remedies, post-closing issues and true-ups for taxes and operating expense.
Our attorneys have substantial experience in drafting and negotiating retail leases and counsel our clients on key issues including permitted use provisions, rights to rent abatement and termination, force majeure provisions, assignment and subletting terms, default and remedy provisions, and tenant and landlord obligations concerning operating expenses, maintenance, and repairs, services and access, and indemnity provisions. We advise on pre-leasing improvements, build-out, the role of financing in construction and future repair and maintenance issues, completion dates incorporating possible delays, review of future maintenance and repair obligations. We address approval of plans, change orders, cooperation of parties, delivery of premises, representation and warranties, construction financing considerations, tenant allowance, net operating income and DSCR calculations, functional maintenance and repair provisions, allocation of responsibilities, HVAC systems, conditions applicable to repairs, and utilities, sewer lines, and parking lots.
Represented the buyer of a neighborhood shopping center in Lynnfield, Massachusetts consisting of 16 tenants, including a restaurant, pharmacy, convenience store, yoga studio, offices, and 2 banks. This project included negotiation of the purchase agreement, and due diligence regarding title, lease, zoning and environmental Title V.
Represented a buyer of an approximately 12,000 square foot retail plaza on Route 1 in Saugus, Massachusetts, occupied by Fed-Ex Office, Bay State Physical Therapy, For Eyes and Premier Martial Arts. The transaction included negotiation of the purchase agreement, loan documents, tenant estoppels and subordination, nondisturbance, and attornment agreements with various parties, advice on due diligence items, including a reciprocal easement agreement and related estoppel, and title, zoning and environmental matters.
Represented an owner of an approximately 30,000 square foot retail strip in Mattapan Square area of Boston, Massachusetts, consisting of several retail tenants including a restaurant, in a refinance transaction with a regional lender. The transaction provided funds to refinance the current loan and additional funds for future tenant improvements. The retail strip is in a vibrant location, highly visible with pedestrian, bus and MBTA access, and is professionally managed.
Represented the co-sponsor, as general partner in a managing member entity and as limited partner investor in a development in Somerville, Massachusetts consisting of a mixed-use commercial, research and development, laboratory, and ground floor retail space building consisting of approximately 600,000 square feet of gross floor area and a parking garage. This project included advising on the general partnership structure, the general partner and limited partner entity structure, the real estate holding entity structure, and negotiating associated Delaware limited liability operating agreements.
Represented the owner of an approximately 210,000 square foot retail center in Saugus, Massachusetts in a $33,000,000 refinance transaction with two co-lending regional banks to build out grocery space for a national credit tenant. The existing tenants include Petco, Kohl’s, Carter’s, Dr. Dental, Title Boxing, and Work-N-Gear. This project included negotiation of loan agreements and non-recourse guaranties, and related construction matters.
Represented the owner of a 132,000 square foot community shopping center in Quincy, Massachusetts in a refinance transaction with a life insurance company lender. The building’s tenants include Dollar Tree, China Pearl Restaurant, Dunkin Donuts, Dominos Pizza, and Kam Man Market Place.
Represented the owner of a retail condominium unit in the South Boston area of Boston, Massachusetts in a lease to a tenant to operate a business known as The Handle Bar, an indoor cycling gym, in a condominium building.
Represented the owner of a building in the South Boston area of Boston, Massachusetts in a lease to a tenant for the operation of a True Value hardware store.
Represented the owner of a neighborhood shopping center in Lynnfield, Massachusetts in the preparation and negotiation of a construction contract to install a newly-designed commercial septic system consisting of 16 tenants, including a restaurant, pharmacy, convenience store, yoga studio, office, and 2 banks. This project included advising on local permits, and title and easements with abutters.
Represented a buyer in the acquisition, joint venture, financing, leasing, and construction of a PetSmart in Leominster, Massachusetts. This transaction included the negotiation of the purchase and sale agreement, joint venture agreement with limited partners, loan documents with a regional lender, construction contract, and lease with Petsmart.
Represented a buyer of a retail condominium unit in downtown Nantucket, Massachusetts and lease of the retail condominium unit to a national credit tenant to operate a real estate brokerage business in Nantucket, Massachusetts. This project included negotiating the purchase and sale agreement, amending the condominium documents, preparation and negotiation of a lease and guaranty, and advising on landlord work and construction-related matters. We also represented the buyer in a subsequent refinancing transaction of the retail condominium unit with a national lender including negotiation of the loan agreements.