SUCCESS STORIES
Client:
Circuit City
Assignment:
To Sub-Lease a vacant 46,000 sq ft building in Greensboro NC
Issues:
The building was on the book-end of the trade area with good parking but limited exposure/traffic counts. After 90 days we were able to secure interest in a tough leasing climate from two fitness operators and agreed to lease terms with Peak Fitness. The shopping center had a restriction in its operating agreement that did not allow fitness users.
Solution:
Once Circuit City’s attorneys had drafted an amendment document we coordinated and solely handled the approval and execution of twelve parties to the Shopping Center Operating Agreement to allow the lease to a fitness user. Parties that had to approve the amendment included Kmart, RBC Centura Bank, Logan’s Roadhouse, American United Life Insurance, Panda Express, Biscuitville and the adjoining shopping center. Our client successfully mitigated its lease obligation despite the hurdles.
