Transaction Management. Market Intelligence.
A CHALLENGING RELOCATION LEADS TO A TREMENDOUS LEASE UPGRADE
Our client occupied a 20,000 square foot building in Beauport, QC, fronting highway 40. The client did not have an option to renew the lease and the building had recently been purchased by a customer and owner/operator of several car dealerships. His intent was to demolish and redevelop the site, forcing our client to relocate. The industrial/commercial area of Beauport is very small and had few options to consider. Our client was faced with a tight deadline to relocate and heavy penalties for the extra time required in the original space.
Landmark canvassed the entire industrial park, submitting unsolicited offers on several properties. The existing landlord had a parcel of land that Landmark negotiated an offer to purchase on behalf of its client. The offer included language allowing the offer to be transferred to an alternate buyer. Landmark then coordinated with a local developer to solicit construction quotes in accordance with client specifications and negotiated a 15-year lease term. The offer to purchase for the land was then transferred to the developer prior to closing.
Our client relocated into a 15,500 square foot “build-to-suit” construction, secured under a 15-year lease, offering a tremendous upgrade from the previous location. Lease rates were established in accordance with construction costs resulting in a very competitive Base Rent fixed over the 15-year term.