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Lease Expense Review
Confidential - Retail 02
CLIENT
Confidential - Retail 02
SPACE
N/A
INDUSTRY
Retail
CRESA TEAM
Maria Nenciu
CRESA OFFICE
Toronto, ON
SERVICES PROVIDED
Lease Expense Review
CLIENT OBJECTIVES & RESULTS
CLIENT OBJECTIVES
- - This popular retail chain store had a portfolio of over 160 leased locations.
- Following their lease administrator’s departure, the client decided to contract the lease expense review duties to Cresa Toronto.
- The challenges were many as some of the files were handled by their legal department, due to disputes with the landlords.
RESULTS
- - Cresa Toronto was assigned 40 files that came with major issues and difficulties, which the team successfully brought to completion.
- The team identified errors in areas such as:
o Recovery of capital expenditures in the fiscal year in which they incurred versus being amortized over the assets’ economic lifespan
o Duplication of management fees
o Recovery of administration fee on excluded expenses
o Recovery of excluded expenses (i.e. structural, expenditures at the landlord’s sole cost and expense, capital items, etc.)
o Recovery of a management fee that exceeded the maximum cap allowed
- Overall, this Cresa Toronto client recovered $260,000 in savings in just 1 year.
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© 2024 Cresa Toronto Inc., Brokerage
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