The Worst Ground Lease Ever...Sucks to be an Heir!

[SUPERUNDERDOGGIE]

I found this on ebay....this commercial property has national tenants like McDonald's, Lowes, etc....over 270,000 square feet of retail space that I'm sure generates millions in rent revenue. The only problem is that the owner of the property signed a ground lease for the entire thing back in 1966 for $23k per year total income.....doh!!!

270,000SF+/-RETAIL COMMERCIAL STRIP CENTER REAL ESTATE - (eBay item 330140145314 end time Sep-26-07 16:48:30 PDT)

[VintageMike]

I'm shocked to hear that an aagrement signed in 1966 is holding up. In most cases, the owner (or their heirs) find a loophole that allows them to get more.

[batmanmc]

if its sold does the new owners have to honor the lease or can they come up with a new one.

[toys2cool]

wow not a bad deal just starting at $2.5 million

[batmanmc]

wouldnt be if you could get the lese redone to make it more profitable. mike