Sometimes it seems like it’s all just too much to handle and it’s not even Friday the 13th yet!
It’s been an interesting last few weeks for sure, but one thing I know is that this too shall pass, but it probably gets worse before it gets better.
Charlotte ICSC was “postponed”, and a little less Madness in March this year. And on and on and on…….
Here is what’s important to pay attention to:
An Attorney friend of mine (who’ll remain nameless as to not share unsolicited legal advice – unless you want his info) who is one of the smartest guys I’ve ever known brought up Force Majeure language in various contracts. Buyer/Landlord or Seller/Tenant (especially 1031X buyers) don’t like delays. However, several factors force these delays. Banks Closed, Municipal Offices Closed, or at a minimum Zoning, BAR, BZA (any Public Hearing) as well as Plan Approvals will be delayed at a minimum (even with remote working).
For your Seller/Tenant transactions this is now a Pandemic, quarantines and such. In your contracts make sure to beef up the explicity of this provision (like during Hurricane Season).
For your Buyer/Landlord contracts, it’s not much different. Sure, you have the litigable right to hold the other side’s feet to the fire, but a healthy dose of proactive “let’s get through this together” will – in the long run – save time and make your deal.
Keep it in perspective, Wash your hands regularly, be safe and exercise good judgement and we’ll be fine.
Commercial Real Estate – especially in the US, and at these Interest Rates are some of the best values in most of our lifetimes.
Your Carolina Retail Experts and our Team of 6 have the systems in place, video conferencing and otherwise, to continue executing on a World Class level without disruption.
As always, please let any of us know if there are any questions we can answer or help with.
PS – If you believe now is the time to sell, or buy let me know because now is a great opportunity for either.