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The Modified Anchor Tenant in Enclosed Regional Malls
As traditional department stores and so-called “anchor” tenants in enclosed regional malls are closing stores and limiting their expansion in the marketplace, landlords are seeking alternatives to the traditional department store or anchor store to occupy space in their shopping centers. (“Anchor tenants” can be defined as those selling a wide assortment of goods and occupying more than a certain number (e.g., 50,000) of contiguous square feet of floor area.) These anchor-tenant alternatives — referred to in this article as “Modified Anchor Tenants” or “MATs” — are often defined as follows: A collection of multiple tenants that in the aggregate occupy the lesser of:
- Fifty percent (50%) of the square footage occupied by the former anchor on the first level of the enclosed mall; or
- At least [xxx] square feet of space.
One of the key elements in this definitional term is that the MAT does not need to occupy the same square footage that the anchor tenant was supposed to occupy when the in-line tenants' leases were originally negotiated, nor does this MAT need to consist of only one tenant.
If a tenant has an existing lease that was negotiated with the understanding that a department store or other anchor store was going to be in operation within the mall, replacement of such with a Modified Anchor Tenant creates fundamental problems. After all, anchor tenants frequently lease under more favorable terms because they are the anchor.
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