Potential Pitfalls for the Unwary
Since ground leasing is typically something the average landholder does only once in his life, he is at a disadvantage with respect to understanding business risks of ground leasing from the perspective of the ground lessor, in comparison to a sophisticated ground lease tenant with multiple ground lease experiences. Big box or other major franchise convenience food or retail business are typically experienced and sophisticated with respect to ground leasing. Often they will approach a negotiation based on their own self-generated form, which is well integrated with ground lessee and lender protections. Their ground leases generally contain certain commonly used features. Purchasers of property subject to existing ground leases, in particular convenience food or shopping center leases with national or regional franchise occupants, should expect that the ground lease probably contains these features and should review title carefully to determine if they exist.
Agenda
Faculty
Craig A. Kepler
Ballard Spahr LLP
- Of Counsel with the law firm of Ballard Spahr LLP
- Practice emphasizes all aspects of commercial real estate, with significant experience in ground leasing, including multiple big box ground lease projects (Lowe’s, Kohl’s, Costco, Wal-Mart, etc.), as well as multiple single-user triple net projects (Carl’s Jr., El Pollo Loco, CVS Pharmacy, etc.)
- Conducts regular seminars and workshops on numerous aspects of real estate law
- Wrote numerous articles concerning real estate transactions
- Admitted to practice in California and Minnesota
- Member of the Real Estate Section of The State Bar of California, and member of the Minnesota State Bar Association’s Legislative Committee, Real Estate Section
- J.D. degree, Wayne State University Law School; B.A. degree, University of Michigan
- Can be contacted at 612-371-3544 or [email protected]
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