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Reevaluating REAs

By Sheldon A. Halpern

Reciprocal Easement Agreements (REAs) among one or more developers, department stores, and, in the mixed-use context, owners of parcels devoted
to non-retail uses, have rarely been formulaic. Part one of this three-part article discussed how the economy has impacted the flexibility and control of REAs, nontraditional occupants, consolidation and conveyance of improvements. Part Two herein focuses on operating covenants and monetization of real estate.

Operating Covenants by Department Stores and Inducements by Developers

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