I hope all is well. I was wondering if any property owners had an experience negotiating a billboard lease with an advertising company. I would love some suggestions. I have a property in Tuscaloosa, AL under contract that currently has a short term billboard lease left on it that i would assume upon closing of the deal. The lease amount is under market rate and I want to try to renegotiate a new lease with more favorable terms. I would appreciate any advice or suggestions.
Do you have a copy of the existing lease? Is it a large tenant or regional? I have some contacts in AL if you can give me some details.
We have one - big picture it's a small monthly lease amount but with a year-end kicker based on their revenue. I don't know what a standard lease looks like - is there data anywhere for how much? and where?
I just wrote an article about this. Feel free to PM me for a copy. Is current lease a ground lease? I would look for a monthly payment, NOT a lump sum and no easement, just a lease.I would also make sure, depending on location, that you have the right to restrict the content if you are leasing to a smaller company or an ad agency. Make sure all costs are passed through to the tenant, including all permits and approvals, maintenance obligations, tax increases, etc.