Commercial Property Management/Lease Negotiation
I was wondering if you could assist my family with negotiating a lease (renewal date April 2016). We have a triple net lease commercial real estate property with KFC here in Arlington Virginia. Where is your office located? We need some help with negotiating the upcoming lease because we are not receiving the monetary increase that we deserve as we once did before. Could you please give me a call and I can give you further details about this. Our phone number is . I hope you can help us Jim. Thank you!
I appreciate your confidence in my ability however I am not as knowledgeable regarding retail property and current retail market conditions as I would need to be. You are wise to tackle this situation now; still modestly ahead of your April 2016 renewal date. I would continue to aggressively pursue closure on this deal because the time will be critical before you know it. Time has a way of getting away on renewals because it seems like there are fewer terms to be negotiated than with in a transaction involving a new tenant. Don't fall into that trap.
You should contract with an agent at one of the retail specialist brokerage houses in the Washington Metro area. There are many such brokerage houses. Since you don't have the clout of Ted Lerner and control the top brokers, expect to develop an arrangement interfacing every few days with a youthful energetic retail agent who will be paired with a more experienced senior agent that reviews the progress of your transaction as significant aspects of negotiations approach. Note that a solid retail representative will be able to tell you about CURRENT (not dated information) market conditions in your sub-market area off the top of their head.
Do not pause, you need to move forward with your efforts. Get a retail agent ASAP. It could take you a week to a couple of months. I will be happy to answer any technical related questions you may have as efforts continue for you.
Good luck. Keep me updated.