Retail Strip, Verified
Northgate Crossing Retail
A multi-tenant retail strip where the rent roll didn’t match public lease records.
Retail Strip, Verified
Northgate Crossing Retail
A multi-tenant retail strip where the rent roll didn’t match public lease records.
Client
Confidential — 1031 Buyer
Client
Confidential — 1031 Buyer
Location
Charlotte MSA, NC
Location
Charlotte MSA, NC
Industry
Retail
Industry
Retail
Timeline
48-hour turnaround
Timeline
48-hour turnaround
A 1031 buyer on a deadline needed a fast read on a multi-tenant retail strip. We cross-checked every lease against public records and tenant filings.
Two anchor-adjacent tenants were month-to-month rather than on long-term leases as marketed. Re-priced for the real risk, the deal still cleared — a Proceed at a lower number.
A 1031 buyer on a deadline needed a fast read on a multi-tenant retail strip. We cross-checked every lease against public records and tenant filings.
Two anchor-adjacent tenants were month-to-month rather than on long-term leases as marketed. Re-priced for the real risk, the deal still cleared — a Proceed at a lower number.
Key Highlights:
A buyer brought us a multi-tenant retail strip where the rent roll told a cleaner story than the leases did. We reconciled every line before pricing.
Rent roll reconciled against leases, estoppels, and public records
Month-to-month and below-market tenants flagged
Reimbursements and recoveries verified tenant by tenant
Income re-based on contracted, collectible rent
Key Highlights:
A buyer brought us a multi-tenant retail strip where the rent roll told a cleaner story than the leases did. We reconciled every line before pricing.
Rent roll reconciled against leases, estoppels, and public records
Month-to-month and below-market tenants flagged
Reimbursements and recoveries verified tenant by tenant
Income re-based on contracted, collectible rent
Challenges
Two tenants carried lease terms on the rent roll that the recorded documents didn’t support — enough to move the income, and the price.
Key Challenge Points:
Two overstated lease terms versus public records
Stated rents above what the leases actually contracted
Reimbursement income credited beyond the lease language
Challenges
Two tenants carried lease terms on the rent roll that the recorded documents didn’t support — enough to move the income, and the price.
Key Challenge Points:
Two overstated lease terms versus public records
Stated rents above what the leases actually contracted
Reimbursement income credited beyond the lease language
Results
After correcting the rent roll to real contracted income, the deal still penciled — at a lower basis. We returned a Proceed, repriced to the verified cash flow.
Results:
2 overstated lease terms corrected
Income re-based to verified, contracted rent
Purchase price renegotiated to the real number
Verdict: Proceed, after re-pricing
Results
After correcting the rent roll to real contracted income, the deal still penciled — at a lower basis. We returned a Proceed, repriced to the verified cash flow.
Results:
2 overstated lease terms corrected
Income re-based to verified, contracted rent
Purchase price renegotiated to the real number
Verdict: Proceed, after re-pricing
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Related Case Studies
See
How
We
Re-Underwrite
Every
Asset
Class
Browse more deals we rebuilt from the ground up — each re-underwritten to a clear Proceed, Conditional, or Walk Away verdict.
