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<b><i>In the Spotlight: </i></b>Navigating the Long-Term Ground Lease/Turnkey Sublease Transaction
The fact is, sometimes land is simply not for sale. For many reasons ' ranging from local custom to estate planning to tax considerations ' the most desirable real property is often available only through long-term ground leases and is usually developed and subleased to retail tenants. The long-term ground lease turnkey sublease transaction (referred to in this article simply as the “Turnkey Sublease”) is thus a much-used device.
At first glance, the structure seems simple enough: The fee owner leases vacant land to the developer, who builds a store and subleases it to a retail subtenant. But deeper examination reveals complexities: 1) multiple lease negotiations must take place in close synchronization; 2) there are likely to be multiple lenders involved; and 3) both the fee owner and the subtenant need to be protected in the event that the developer goes belly-up.
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