Dec
14
What do I look for in a retail lease?
By
Myself and a couple other partners are forming an LLC and will be looking for a retail store front to lease in CA, Los Angeles city. We are new to this and do not know exactly what to look for in this type of lease. Is it possible to negotiate with someone like for example, pay cash upfront for like 6-9 months and keep the rent the same for the second year. The type of business is ****** spa and foot masage service.
Thanks.
Sell and Rent Back
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2 Comments
December 16th, 2009 at 7:13 pm
Its possible to negotiate a deal like that, but get the lease checked out fully for small print and particularly and personal guarentees and charges they may include. Also position on repairs. Always worth getting legal advice.
December 20th, 2009 at 3:43 am
My standard format for a commercial lease in a strip shopping center is 40 pages of legal size paper. You may find that you are offered something similar. I recommend that you have a commercial real estate attorney review the lease for you before signing anything.
As for rent, the most common situation I saw was the same amount of rent for a 5 year term and an option to renew for an additional 5 years at an increased rent. A commercial real estate attorney will probably be familiar with the common practices in your area. It may also be a good idea to speak with a commercial real estate broker as well to get an idea of the going rates and practices.