Pro Rata share of CAM charges should be based on “rentable” or “useable” square feet as opposed to “rented” or “used” square feet. Pro Rata share can change based on the expense. A tenant’s Pro Rata share should be equitable and be based on such tenant’s usage of, and/or benefit from, the item triggering the pass through. Operating expenses are typically grossed up to reflect at least a 95% occupancy level. The grossed up charges should be those that vary by occupancy. A gross up mechanism is needed due to tenant’s pro-rata share typically being a set percentage.
In this 19-minute video our speaker, Marc. H. Goldsmith, reviews different types of leases, such as net leases, gross leases, and modified gross leases. He also discusses the most common lease, triple net lease, where the tenant pays maintenance costs, taxes, and insurance. This is very common for retail space.
Marc H. Goldsmith, Counsel with McGuireWoods LLP’s Los Angeles, CA office. His practice focuses on commercial leasing and commercial real property purchase and sale transactions, as well as condominium law. He is responsible for negotiating, drafting and reviewing various real estate contracts for retail, office and industrial uses, including leases, purchase/sale agreements, easements, licenses, deeds of trust, subordination agreements, and amendments. Mr. Goldsmith serves as general corporate counsel to numerous nonprofit homeowners associations, business and mixed-use condominium associations, timeshare associations, and for profit entities.
Agenda
Faculty
Marc H. Goldsmith
The Law Offices of Marc H. Goldsmith
- Counsel with McGuireWoods LLP’s Los Angeles, CA office
- Practice focuses on commercial leasing and commercial real property purchase and sale transactions, as well as condominium law
- Responsible for negotiating, drafting and reviewing various real estate contracts for retail, office and industrial uses, including leases, purchase/sale agreements, easements, licenses, deeds of trust, subordination agreements, and amendments
- On behalf of national retailers, he has negotiated and closed many retail lease transactions for stores of all sizes
- Handled hundreds of leases, licenses and easements for telecommunications sites throughout the western United States
- Serves as general corporate counsel to numerous nonprofit homeowners associations, business and mixed-use condominium associations, timeshare associations, and for profit entities
- Can be contacted at [email protected]
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