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Lease Expense Review
Confidential - Retail
CLIENT
Confidential - Retail
SPACE
N/A
INDUSTRY
Retail
CRESA TEAM
Maria Nenciu
CRESA OFFICE
Toronto, ON
SERVICES PROVIDED
Lease Expense Review
CLIENT OBJECTIVES & RESULTS
CLIENT OBJECTIVES
- - One of Cresa’s National Retail Portfolio Clients was renting space which had changed ownership.
- The client wanted to ensure their reconciliation continued to be prepared in line with industry standards and the lease agreement.
- Under the new ownership, the expenses increase rapidly.
RESULTS
- - After a comprehensive review, the Cresa Toronto team identified that several expenses, which were either supposed to be excluded or were excessive, were recovered, such as:
o capital project
o pylon sign replaced instead of repaired
o recovery of reserve funds – funds collected by the landlord, in addition to the monthly rent, to finance future capital projects – even though the lease did not allow the landlord to collect this
- Fortunately, the landlord was receptive to Cresa Toronto’s analysis and agreed to revise the expenses to comply with the lease agreement.
- The correction resulted in immediate savings of $89,000 and future savings of $440,000 for the remainder of the term.
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© 2024 Cresa Toronto Inc., Brokerage
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