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Property: DRS Laurel Technologies 246 Airport Road Johnstown, Pennsylvania Assignment: |
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Challenge:
– Modify the existing absolute net lease to a NNN lease structure with certain property maintenance and capital obligations being shifted to Landlord
– Existing building required significant capital improvements
– Limited available existing product to accommodate requirement as alternatives
Conclusion:
– Negotiated a five (5) year, two (2) month lease extension with renewal options at pre-negotiated rental terms
– Landlord agreed to assume certain property maintenance obligations including roof, structural and major repairs/replacements
– Landlord agreed to fund capital improvements and provide for a tenant improvement allowance