Leasing
Sun Commercial Real Estate, Inc.
Leasing Overview
Sun Commercial Real Estate, Inc. provides current comprehensive market data as a foundation for representing the landlord or tenant in a commercial real estate leasing transaction. Tenant mix, location, improvement expenditures, credit and concessions must be carefully reviewed and evaluated to maximize value for the client.
Landlord Representation
Prior to beginning the marketing process for a commercial real estate lease listing assignment, Sun will meet with the Owner to define the leasing objectives, along with value expectations. Our review will include the following:
- What ownership issues exist that may affect the Leasing?
- What are the owner’s short-term and long-term objectives?
- What are the financial expectations of the owner?
- What time frames for Lease Up are realistic for the assignment?
- What is the ownership’s position toward providing Tenant Improvements and concessions?
- Does the owner have a standard Lease Agreement?
Once the Owner’s objectives are clearly defined, Sun will perform a thorough due diligence review of all physical and technical data on the project for the purpose of preparing marketing materials. This review will include the following investigations:
- Investigate competitive properties and perform a market analysis.
- Review buildings plans and “as-builts”
- Project tour and inspection
- Review CC&Rs, if any
Upon completion of a physical and capital review, a comprehensive Leasing Package and related Leasing Flyer are prepared. Packages are sent out to the brokerage community and upon request to prospective tenants. The Packages include the following information, and may vary depending on the specific property:
- Executive Summary
- Property profile
- Location, site & floor plans
- Photographs and/or renderings
- Area demographics
- Traffic counts
Sun Commercial is highly experienced in all phases of commercial real estate contract negotiations. Upon receipt of an offer or a letter of intent to lease, Sun will perform the following:
- Qualify the Tenant based on financial strength and related business history
- Present the offer or letter of intent, along with the team’s review comments to the Owner
- Prepare the counter offer, if necessary
- Negotiate all terms and conditions on behalf of the Owner
Status reports are submitted to the Seller on a pre-established basis. These reports are designed to track the level of detail required by the Seller and can include such items as:
- The number of Property Flyers and Leasing Packages mailed
- Property tours conducted
- Status of letters of intent received
- Regular reporting assures that the Owner remains informed of ongoing activity and is able to gauge the level of interest being expressed.
Tenant Representation
Prior to beginning our site identification process for a commercial real estate tenant representation assignment, Sun will meet with the Tenant representatives to review the following:
- What is the protocol for decision making and legal representation?
- What is the financial strength of the Tenant?
- Will there be corporate or personal guarantees?
- What are the specific property requirements including product type, size, location, visibility, parking and other unique features?
- What are the anticipated timelines for occupancy?
- Are there any unique lease terms that will be included in the negotiations such as an Early Exit Clause, and Exclusive Use Clause, First Right of Refusal or other special requirements.
Once the Tenant’s objectives are clearly defined, Sun will proceed with prospective site identification and will prepare a comprehensive Site Selection Package. The Site Selection Package will include the following:
- Property profile
- Location, site & floor plans
- Photographs and/or renderings
- Area demographics
- Traffic counts
Sun Commercial is highly experienced in all phases of commercial real estate contract negotiations. Upon selection of a site(s) we will prepare a letter of intent to lease, and Sun will perform the following:
- Present the offer or letter of intent, along with the Tenant’s history and financial strength
- Prepare the counter offer, if necessary
- Negotiate all terms and conditions on behalf of the Tenant
- Review and negotiate final lease document as required.