The careful negotiation of the rights and responsibilities involved with the operation of parking facilities associated with commercial properties is an often-overlooked component of the acquisition and leasing of those properties.
REITs: The Challenge of Parking Facilities
The careful negotiation of the rights and responsibilities involved with the operation of parking facilities associated with commercial properties is an often-overlooked component of the acquisition and leasing of those properties. It has been noted that the inadequate resolution of the competing interests between owners, lessors, and lessees of parking facilities can harm the interested parties' businesses and ultimately drive the parties into costly and time-consuming legal battles. Stacy E. Smith, Negotiating Parking Privileges in Commercial Leases: What Every Tenant Should Know. <i>Com. Leasing L. & Strategy</i>, July 2005, at 1. Unfortunately, the presence of a real estate investment trust ('REIT') among the concerned parties adds an additional layer of complexity to an already challenging situation.
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Hugh S. O'BeirneThis premium content is locked for LawJournalNewsletters subscribers only
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