BROKER NAVIGATES COMPLEX TITLE ISSUES TO REACH CLOSING
CHALLENGE:
An entrepreneurial investment group purchased a free-standing Wendy’s restaurant near the end of the lease term and negotiated an extension with the Tenant and a leasehold middleman. The new landlord undertook these negotiations without legal representation and their record keeping and lease structure fell short of institutional standards. After negotiating the extension with the Tenant, the Landlord engaged Ben Pargman and Davis Vainer to sell the property.
However, prior to engaging the brokers, the Landlord had not retained legal counsel and was not aware of significant complexities and deficiencies with its title, including the Tenant’s first right of refusal.
RESULT:
Ben and Davis reviewed the extensive lease history dating back to 1977 and made several recommendations to the Landlord regarding areas which required a lawyer to assist with. They then marketed the property and received multiple offers and carefully recommended accepting an offer from a purchaser who appeared to have the brokerage and legal team in place to navigate the complex title and lease issues. They then worked with the various attorneys and parties to resolve the issues and arrive at a successful closing.
“Thank you for getting us to the successful sale of Dothan Wendy’s! The investment group is very pleased with the result and how you helped us step by step through the process. We are especially grateful for you guiding us through the title clearance and lease assignment issues. You did a great job marketing the opportunity and finding the right buyer who could deal with the title and lease issues as well as getting us a great price. You made everything smooth and easy, and we look forward to working with you on the next deal. Thank you!”
– P. Sanni
