CRE entrepreneur with over a decade of experience as a leading commercial broker and investor with recent successes in asset management involving development, acquisition, and leasing.
Summary of RITE AID to Landlord conference call with new CEO which I sat on just now at 10/20 9:00AM EST: ‘We intend to close stores, reject store leases, and restructure existing leases effective immediately.’ ‘A&G will reach out. Request will have waiver of all past balances, reduced rent, free rent package, and adjustment of lease expiration.’ ‘We do not have time to negotiate the proposal sent to you by A&G. Do not expect movement off our proposal.’ ‘If your store is not on a current list, do not assume that your store will not close. We will conduct multiple rounds of closure throughout the BK process.’ ‘I want to emphasize the need for an expedited lease process’ I'll be taking stock of each of my client's RAD proposals from A&G, how a quick Landlord response effects the process, and the A&G response to any negotiated response by Landlord. Once A&G contacts you - reach out at a minimum to hatch a gameplan and swap notes. Encore Real Estate Investment Services Joseph Lopez, Mike West #riteaid #bankruptcy #BK #closing #retail #storeclosure #outofbusiness #chapter11 #negotiate #lease #NNN #netlease #restructure #freerent #rent #return #finance #wallstreet #NYSE #brokerage #advisement #consult #encore #encorereis
Principal at KLNB, LLC. Helping Landlord's and Tenant's Secure Retail Pad Sites and Land Deals.
10moWow! Thanks for sharing Evan Lyons.