The situation
The owner of a large parcel of land that is suitable for a large shopping center/mall/big box store currently has many small tenants with leases of varying durations which made it difficult to sell the entire property free of all tenants to a single party for development. The owner turned to Murray, Plumb & Murray for help. We helped the owner develop a “kick-out” provision for the leases that allowed the land owner to terminate each lease if the bulk of property was sold to a single developer. The kick-out language was included in all new leases and with the help of Murray, Plumb and Murray was negotiated into existing leases.
The result
The land owner was able to maintain current income from smaller tenants while preserving the development potential for the entire parcel.