Examples of Lease Renegotiation and Termination Projects
Negotiated terminations on 54 leases for Fitting Image and Woman's World/Modern Woman, resulting in $19.5 million liability eliminated.
Successfully negotiated the termination of Andersen’s office leases nationwide, comprising $685.0 million of liability and 3.6 million sq. ft. of space. Exceeded client’s expectations while also managing issues related to bankruptcy risk, MFN, FF&E, etc.
Renegotiated 2,500+ leases, resulting in savings of tens of millions of dollars.
Evaluated entire portfolio of 103 leases, encompassing 5,325,000 sq. ft. of office and technical space nationwide. On behalf of C&W and then its successor, Savvis, successfully negotiated substantial rent reductions. On behalf of the parent company, successfully negotiated favorable purchases of lease rejection claims and settlements of parent company guarantees, thereby resolving disputes with landlords. Cable & Wireless’ aggregate lease obligations exceeded $500 million.
Restructured industrial leases in the US, Canada, and Mexico.
Renegotiated 32 leases, generating savings of approximately $2,800,000.
Renegotiated 1,000+ leases, resulting in savings over $9,100,000.
Renegotiated 58 leases, resulting in savings of $7.4 million.
Negotiated the termination of 14 leaseholds, resulting in $8.4 million in savings.
Negotiated rent reduction on 87 retail and outlet leases with 23 landlords; 12-month savings in excess of $3.4 million; term savings in excess of $8.15 million.
Examples of Auction Sales
As part of the restructuring of a bankrupt 560-unit cooperative apartment corporation consisting of three 14-story buildings, sold 252 sponsor units in a transaction that infused the co-op with a new capital contribution valued at up to $17,000,000; plus refinanced the existing debt with a new $30,000,000 mortgage.
Sold multi-building campuses in Running Springs, CA; Bonners Ferry, ID; Naples, ID; and Sutton, VT for $17.5 million.
Sold to Publix Supermarkets as a turn-key 101,047 sq. ft. commercial bakery in Atlanta, GA for $5,600,000.
Sold 159 commercial and residential properties in NJ, PA, FL, SC, and NC generating proceeds of more than $137 million.
Sold over 60 properties (20 owned and 40 leased), using both an auction and competitive bidding process, realizing proceeds in excess of $26 million.
Sold 272-room resort and convention center (with championship golf course) in Sullivan County, NY.
Sold 6.85 acres of environmentally challenged land in Wallington, NJ for $2,100,000.
Sold ice cream plant and 3.8 acres of environmentally challenged vacant land in West Caldwell, NJ for $2,320,000.
Sold a 210,000 sq. ft. facility on 5.5 acres in Clifton, NJ. After competitive bidding, increased the $3.5 million stalking-horse contract to $4,500,000.
Negotiated complex stalking-horse contract for the disposition of 58 properties, a total of 3,139,299 sq. ft., in 21 states, for $67,000,000. Conducted auction and overbid the stalking-horse contract, generating $85,600,000.
Examples of Brokerage Sales
Sold a 108,000 sq. ft. pasta manufacturing facility in Kenosha, WI for $6,500,000.
Sold 95,000 sq. ft. flagship store in New York, NY for $22,000,000.
Sold 17 restaurants across the Southeast and Midwest for $22,935,000.
Sold a former shipyard and mega-yacht repair facility consisting of two adjacent land parcels for a combined 23.29 acres on the Savannah River for $10,000,000.
Sold a 928,000 sq. ft. property in Dayton, OH for $3,300,000.
Sold the 35,152 sq. ft. video production and recording studio facility, including dance studio, banquet room, and 500-seat performance theater, in Malibu, CA for $15 million.
Sold a former textile mill, consisting of six granite buildings, along the Willimantic River in Willimantic, CT for $5,550,000. Property offered development potential for residential, commercial, hotel, restaurant, museum, multi-family, industrial, and office uses.
Sold 9.75 acres of industrial land located in Old Bethpage, NY for $3,500,000. The property was an EPA Superfund Site with a 50,000+/- sq. ft. industrial building.
Examples of Lease Sales
Negotiated the sale and termination of 79 leaseholds, eliminating more than $5.4 million in claims.
Disposed of 18 retail leases in New England and Mid-Atlantic states, totaling 606,919 sq. ft., for $5,100,000 within one month; rejection claims reduced by $23,350,000.
Conducted a sales process that facilitated a $130 million reorganization plan. Sold 18 owned stores located across the central and northeastern states for $23,055,000 and 54 leases (991,440 sq. ft.) for $14,400,000.
Sold 44 leases in 24 states generating over $4,000,000 and eliminating $4,100,000 in rejection claims.
Sold 91 retail properties, encompassing more than 7.9 million square feet (leased, ground leased, and owned) for $159,000,000.
Sold leases and negotiated lease terminations on 537 retail locations (1.5m sq. ft.) in 44 states.
Negotiated complex stalking-horse contract for the disposition of 58 properties in 21 states for $67,000,000. Completed the lease portfolio sale through an auction process generating $85,600,000 for 3,139,299 sq. ft.
Disposed of 83 retail leases, including Speedo, Olga-Warner’s, and Calvin Klein Jeans outlet stores.
Strategic Advisory Services
Keen-Summit Capital Partners LLC (i) conducts real estate/lease portfolio reviews and lease mitigation studies, (ii) develops real estate and lease restructuring strategies, (iii) provides financial modeling services, and (iv) offers expert witness testimony related thereto. Keen-Summit Capital Partners LLC has the flexibility to deliver real estate advisory services tailored to our clients’ needs.
Valued 150 properties in 37 states.
As CIBC's financial advisor in the Roche One bankruptcy proceeding, assisted CIBC in successfully challenging a defective disclosure statement and negotiating a resolution and sale of its claim.
Valued 204 Burger King restaurants in five states (TX, WA, CA, VA, HI) totaling more than $65,000,000 in value.
Provided expert witness report and testimony in litigation with former landlord.
As the Chapter 7 Trustee's real estate consultant, provided real estate valuation and litigation support.
Valued 367 locations nationwide.
Acted as the real estate advisor to the Montgomery Ward creditors' committee in connection with a $400,000,000 sale of a real estate portfolio.
Valued 167 Pathmark grocery stores.
Valued 216 Cumberland Farm stores in eight states.
Valued twelve properties, including residential buildings, restaurants, ranches, and a railhouse in TX, NJ, CA, and NC.
Valued over 170 properties and provided related advisory services.
Acted as real estate advisor for its clients which were involved in litigation with regard to former Piggly Wiggly retail stores.