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08-06-2012, 02:14 PM | #1 (permalink) |
Join Date: Aug 29 2010 Location: iowa
Posts: 218
Rep Power: 0 | PLEASE ADVISE!! My building may be sold out from under me!! I am renting my building for 2,490.00/mth and is one of the best and busiest corners in the middle of our city (28,000). We can't afford to buy the building, and our landlord has been made an offer, along with some of the surrounding businesses, to sell to a huge pharmacy company. My lease will be up next July. I have only been opened for 16 mths and have been growing in business and glad to have that 1st year behind me. Has this ever happened to anyone, and how did it work out for you. I'm worried sick |
08-06-2012, 02:27 PM | #2 (permalink) |
Join Date: Apr 14 2011
Posts: 598
Rep Power: 13 | Re: PLEASE ADVISE!! My building may be sold out from under me!! Usually they will honor your lease until its end of term. After that, it is up to the new owner to decide what to do. I have heard of new owners buying out tenants or not honoring leases at all...good luck |
08-06-2012, 03:03 PM | #3 (permalink) |
Join Date: Aug 29 2010 Location: iowa
Posts: 218
Rep Power: 0 | Re: PLEASE ADVISE!! My building may be sold out from under me!! I have paid so much out of our life savings to be here. Electric totaled $15,000 and moving the beds will be alot of $$. We built the walls, painted, did everything ourselves to save money, yet it took months. I can't finance this again or be closed while I try to relocate. The pharmacy is CVS pharmacy and is a big company, but then if they won't help me, I'm through and will have to file bankruptcy. We refinanced our home for this.....The city would love to see a new business like this come to town, they won't care about me. |
08-06-2012, 04:39 PM | #4 (permalink) |
Team TanTalk Join Date: Oct 21 2003 Location: The Fort
Posts: 942
Rep Power: 21 | Re: PLEASE ADVISE!! My building may be sold out from under me!! CVS will without doubt tear down the building ASAP and put up theirs. In 1 year or less there will be a Walgreens across the street (if not there already). If they try to put you out before the lease is up, have a lawyer review your contract and go from there. If they want to build ASAP, they may offer relocating $$; if you have a solid contract.
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08-06-2012, 04:48 PM | #5 (permalink) |
Join Date: Aug 29 2010 Location: iowa
Posts: 218
Rep Power: 0 | Re: PLEASE ADVISE!! My building may be sold out from under me!! I will hear if they are taking over the building by the 15th of this month. I would agree, they would want to start demolition ASAP, before winter begins. Hate to loose this location. It is the best in town for me. |
08-06-2012, 06:09 PM | #6 (permalink) |
Team TanTalk Join Date: Aug 27 2002 Location: East Coast Age: 56
Posts: 2,888
Rep Power: 22 | Re: PLEASE ADVISE!! My building may be sold out from under me!! You should always sign at least a 5 year lease with an option for another 5 years. You only did a 2-3 year lease? Your best option will be to negociate with CVS to get out early and use the $$$ to relocate. |
08-07-2012, 08:25 AM | #8 (permalink) |
Join Date: Jul 16 2012 Location: ohio
Posts: 4
Rep Power: 0 | Re: PLEASE ADVISE!! My building may be sold out from under me!! With no lease u r in a bad position. We were in an agreement with Walgreens(obviously a seperate entity was doing the negotiations) to sell our building several years ago....city would not rezone at the last minute...deal dead....long story short.... we were going to have the right to everything in the building and we were given one year from closing before they would take possesion and demolish....if closing was btw March thru May it would be extended until June. Basically no matter when the deal actually closed we were going to have one more "busy season" before we would relocate. You need to talk to the current owner.....if they would close before your lease is up....the current owner will be compensated for his loss of rental income....so the question is will the current owner help you at all. Negotiations take many twists and turns....we where going to be compensated for any lost income (avg of the last 5 years)that we incurred for 6 months for relocating. Obviously this doesn't help you in your situation but it may.. if you have a good relationship with your landlord and he "feels" for your situation and wants to help you out. Don't be afraid to ask questions..... I'm not sure who does the land acquisition for CVS but my experience with Walgeens reps was a positive one. They want your location for a reason....and they will recoup any money that they fork out now very quickly. Tell the current owner to get a experienced lawyer....one that has done work with the CVS entity before. Your "advice" to the current owner could help you in the long run....at least get it where you will be able to relocate without going bankrupt. Try to find out who is doing the deal for CVS..... this company knows that CVS doesn't want any bad feelings in the community. Let them know ur situation and you might be suprised how they help you out. Good Luck |
08-07-2012, 08:43 AM | #9 (permalink) |
Team TanTalk Join Date: Nov 23 2004 Location: ITA Member & Berman Supporter!
Posts: 3,136
Rep Power: 25 | Re: PLEASE ADVISE!! My building may be sold out from under me!! See if you can renegotiate your lease NOW for a longer term. This will give you more leverage if CVS DOES buy the building. And if they do not - you have now realized it is the busiest/best location in your city and you want to stay there (assuming you want to continue longer than another year) |
08-07-2012, 09:11 AM | #10 (permalink) |
Join Date: Nov 19 2010 Location: GA
Posts: 933
Rep Power: 14 | Re: PLEASE ADVISE!! My building may be sold out from under me!! Had a fairly new BP gas station up the street from my house...served some of the best coffee/bagels etc...had a nice little deli with seating...lot of business people would go for lunch for it was cheap/clean/had the parking. In biz for 5 years...Two months ago without warning, the place closed... the building was demolished, the corner lot bulldozed. Last week a new sign went up: "Coming soon CVS" Not be a downer, but if BP gas could not fight to stay... |
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