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Yachts, Jets, Horses & Hooch: Specialized Commercial Leasing Models
These are a few of my favorite things! Defining commercial real estate asset class is essentially a property explaining how it identifies — not necessarily what its original intention was or what others think it ought to be. In a leasing world of mixed-everything uses, even blending traditional categories of commercial leases — retail, office, industrial — seems like a pedestrian, first-step exercise. Subcategories are complex integrations into traditional leasing models and require creatively applied knowledge and extrapolation from macro-category forms of lease.
This article discusses, from a general issue-spot and contextual analysis perspective, how lawyers ought to think about specialized leasing formats and the regulatory backdrops that may inform what the documentation needs to contain for compliance purposes. It also addresses steps of analyses required by leasing lawyers to understand and apply existing leasing law principles to sometimes novel circumstances. In recognition of the fact that this publication is multi-jurisdictional, I've avoided using specific legislative references, where possible, and a deep dive into the contents of such applicable legislation is beyond the scope of this article.
Asset Class Assessment
For commercial leasing purposes, leased properties are typically classified into three asset classes: retail, office and industrial. Mixed-use projects typically involve retail, office and residential components. Industrial properties sometimes combine retail. But what if it's not just those things being done on those properties? What if there are other operations that don't fall cleanly into those categorizations?
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