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Real Estate Law
My concern relates to Tenant's Proportionate Share calculation. I rented a retail space beside a movie theater that
My question relates to the estimation of the Tenant's Proportionate Share.
I have actually leased a retail space nearby to a cinema, which is likewise the property owner. The theater makes use of approximately 90% of the mezzanine (the 2nd floor of the building) for housing projectors and devices to show movies.
In my industrial lease contract, the term "Tenant's Proportionate Share" specifies the ratio of the Gross Leasable Area (GLA) of the Premises to the overall gross leasable area of finished buildings in the Shopping mall. This leaves out any office utilized by the supervisor of the Shopping mall, mezzanine and/or basement locations not designated for retail functions, and any outdoor seating areas or garden stores.
Given that the theater occupies about 90% of the mezzanine for its own industrial use, should the proprietor include or leave out the mezzanine in the GLA for the Common Area Maintenance (CAM) estimation?
Real Estate Lawyer: Richard
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My concern refers to the calculation of the Tenant's Proportionate Share.
I have actually rented a retail space nearby to a theater, which is also the property owner. The theater uses around 90% of the mezzanine (the second floor of the structure) for housing projectors and devices to reveal movies.
In my industrial lease agreement, the term " Tenant's Proportionate Share " defines the ratio of the Gross Leasable Area (GLA) of the Premises to the total gross leasable area of finished structures in the Shopping mall. This omits any office utilized by the manager of the Shopping Center, mezzanine and/or basement areas not designated for retail purposes, and any outside seating areas or garden shops.
Given that the film theater occupies about 90% of the mezzanine for its own commercial usage, should the proprietor consist of or leave out the mezzanine in the GLA for the Common Area Maintenance (CAM) estimation?
Good afternoon. Yes, in this situation, you would need to include the mezzanine in the CAM calculation given that it is plainly being made use of for retail purposes due to its connection to the theatre.
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