Acquiring properties in a sale-leaseback transaction or which are leased pursuant to build-to-suit leases can present unique issues as compared to acquiring typical office, retail or industrial buildings or projects. The building has often been entitled and constructed to accommodate the particular tenant’s use. The rent structure may also have been designed to address that tenant’s use or to reflect the tenant’s contribution to the build-out of the property. Since build-to-suit tenants or tenants who are looking to complete a sale-leaseback transaction have often taken space to meet a key business need, the functionality of the property for a future use may be constrained in certain respects. As a result, the due diligence for these types of acquisitions may involve some greater thought than a typical property acquisition: including the applicable requirements affecting the proposed site and use; the rent structure and whether it reflects special arrangements for the tenant; the value of the improvements to a subsequent user; and the duties of the tenant upon surrender of the property. This topic will address some of the unique issues of these transactions and how to assure such issues are adequately considered and addressed.
Agenda
Faculty
Kenneth S. Kramer
Nossaman LLP
- More than 35 years of experience as a real estate attorney
- Advises major regional developers and investors with diversified portfolios on a full spectrum of office, industrial, recreational, and retail property transactions, including ac-quisitions and dispositions, leasing, financing, joint ventures, and workouts
- Joint Venture experience includes multi-property portfolio acquisitions with joint venture capital partners, joint venture for single property acquisitions, structured equity invest-ment vehicle for reinvestment in 3 building project, evaluation of buy-sell implementation, and generally representing owners and acquirors of properties in negotiating the terms of joint ventures, including contribution, distribution and control terms.
- Lectures on joint ventures, leasing transactions, build to suit leases, and other real estate topics
- Former chair of Nossaman’s Real Estate Transactions Practice Group, and former assis-tant managing partner of Nossaman. Leasing partner for Nossaman.
- J.D. degree, University of Southern California School of Law; B.A. degree, University of Pennsylvania
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