Helping property owners and tenants figure out a stay or exit plan can benefit both parties.
As I penned this column, it was Good Friday and Passover.Most of you have folks from whom you solicit advice. Those of you who own a business most likely get counsel from a banker, attorney or CPA. Others may seek wise words from priests, clergy or a sage family member. And finally, maybe you take direction from TikTok, Facebook or Instagram.
If you fail to give your owner the proper notice, you lose out on options. In this case, the tenant wanted to remain in the building but missed his option window. He also wanted the owner to contribute to some construction expenses and wanted the right to buy the building.I recommended the owner renew the tenant at the preset option terms and contribute a small amount of the construction expense. Additionally, I suggested not granting a right to purchase.
As to buying rights. These come in several flavors — option to purchase, right of first offer and right of first refusal. Most favor the occupant. Instead of limiting flexibility through a purchase right grant, I offered the owner: “approach the tenant first if you desire to sell.” There’s no commitment to the resident but they’re the most likely buyer anyway.I was introduced to a light manufacturing company several years ago. They’ve not had a need for my services but we’ve kept in touch.
This is typical of a strategic buyer who purchases a competitor but has an adequate physical plant to consume the operation. Consequently, some time would remain once the new owner of the enterprise vacated.Fortunately, the lease rate she pays is dramatically below market, so she has a few paths forward.
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