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Investments in Sale-Leasebacks and Build-to-Suits - Due Diligence Considerations

Stay up-to-date on the unique issues and challenges associated with sale-leaseback and build-to-suit developments.

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.

87 minutes
Certificate of Completion
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Entitlements

  • Entitlement and Permit Status; Use Constraints and Benefits
  • Reuse Options at End of Term

Term and Recovery of Cost

  • Base Term and Extensions
  • Rent Structure
  • Net Costs
  • Repairs and Replacement; Age of Elements

Property Condition

  • Current Condition
  • Useful Life of Improvements as End of Term Nears
  • Surrender Requirements

Uniqueness of Improvements

  • Other Viable Uses
  • Recovery of Improvement Value in Extension Terms
  • Retention or Removal of Equipment and Value Impacts

Retained or Constrained Rights

  • Rooftop and Exterior Control
  • Shared Parking Field
  • Expansion Land
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on October 21, 2015.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Kenneth S. Kramer

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 acquisitions and dispositions, leasing, financing, joint ventures, workouts, and alternative energy transactions
  • Leasing experience includes: build-to-suit office lease for approximately 150,000 square foot tenant with expansion rights, build-to-suit lease of distribution and office facility of approximately 175,000 square foot project; build-to-suit lease for 400,000 square foot warehouse and distribution facility, and a recent lease renewing, expanding and renovating two office buildings with renovation of common areas and the addition of a third build-to-suite R&D building to the campus (the latter transaction was completed during the COVID-19 pandemic and required modification of the financial structure for improvements)
  • Lectures on leasing transactions, build-to-suit leases, and other real estate topics
  • Former chair of Nossaman’s Real Estate Transactions Practice Group, and is the current assistant managing partner of Nossaman
  • J.D. degree, University of Southern California School of Law; B.A. degree, University of Pennsylvania
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Product ID: 396513
Published 2015
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