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Cres Solutions
Cres Cres

Success Stories

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Success Story - Kerbey Lane Cafe'


Savings: 

  • Increased TI allowance from $37.95/sf to more than $47.47/sf in addition to no liability and no cost for Fire Line to be installed.
  •  Percentage rent – 2% of $3.7 vs 2% of 3.5million.
  • Improved Renewal/Extension Option language so that it maxed out at 95% of fair market, and then defined fair market rates.
  • Capped Op Ex at max of 5% increase per year.


     

 Issues:

  • KLC had negotiated a lease on their own & didn't like it so they walked away from it.  They asked for John's assistance due to his being the current Land Lord.
  • They either wanted to move or renegotiate their current lease agreement.
  • Needed more TI allowance and less liability.

Results:

  • Went out to the market and got offers from 2 other competing, close by locations with more TI, less rent, and more Landlord provided improvements to use as leverage w/ the Corners as well as a Lease offer from downtown site
  •  Reduced liability regarding:
                Interruption of services language
                Capital Expenditures – must show 3 year pay back
  •  Added exclusive language regarding other 24 hour establishments and businesses which are limited to 30% of their sales from breakfasts
  • Reduced Personal Guaranty from, 5 year to 3 years
  • Designated parking for the restaurant





 

“We found ourselves in a position to find office space in a very short time. CRES worked tirelessly with us to find great space, at the right price.  I wouldn’t go to anyone else.”

-Christine Herbert, Vice President
Good Company Associates

 
 
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