CRE Brokerage - Commercial Lease Deal Flow
Hey All,
Currently have an off-market leasing opportunity for a restaurant. It's fairly high profile and owner wants tenants to provide proof of funds and concept prior to getting access to any info. I have good relations with the owner but they are very strict on this because if the deal gets out, they will be over-loaded with calls and they already are overwhelmed.
I found a tenant who seems on the surface to be a good candidate. Drafted up an NDA and asked for proof of funds. I excluded the address on NDA until proof of funds is provided and currently stuck in a stand-still as tenant does not want to provide anything until he's given some more details. I've been burned before so I'd rather walk away from a deal with a tenant like this, yet they seem like a very good candidate match based on their current portfolio.
Getting back into the CRE game after a decade off. I had previously focused on investment sales and have not dealt with leasing much. How would you all handle this?
Editing because I sort of misread:
I think the owner is in the right to dig his heels in, but probably needs to compromise a bit: I feel like you need to get the two of them on a call to talk candidly and see if they can reach a consensus. Can’t they both sign a boiler plate NDA that just states “a property in XYZ city for approximately X square feet to be further discussed?”
Can you guys give them more info without giving away the address? Like photos/floorplan/square footage etc? And just give them a radius of where approximately the building is, I.e. just off the corner of North ave & West Street?
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