The North Grand Mall is in the middle of negotiations with two major anchor stores on commercial lease deals. The mall’s developer, GK Development, secured their third six-month extension for negotiations. Ames City officials are trying to help negotiate the deals and suggested that GK offer the potential tenants incentives to sign a lease with them.
While the two potential tenants’ names have not been released they are said to be “well thought of in the community” and one would require tearing down and building a new location south of Sears. City Councilman Jami Larson said of the lease negotiations, “There are two tenants that we have in mind that would be incentivizing…if these two tenants come in, we jumpstart life back into the mall.”
Contact the Des Moines commercial lease negotiations lawyers of LaMarca Law Group, P.C. at (877) 327-2600 today, if you are a business owner and have questions or need legal assistance in negotiating commercial lease terms.
When businesses lease assets, they often must draft a contract with a lessor. This contract will detail the numerous lease provisions, such as the amount of lease payments, the date of payments, and any provisions for early termination.
The details of this contract are critical because they determine whether a business treats the lease as an operating or capital lease. The type of lease will determine how the lease payments affect the company’s balance sheet and income statement, two financial statements that are important to creditors and investors.
If your company has legal questions about a lease contract, contact the Des Moines commercial lease lawyers of LaMarca Law Group, P.C., at (877) 327-2600.