Buying retail strip while a tenant
I own a medical office in a retail strip in West Michigan. My landlord recently asked if I'd be interested in purchasing the strip from him as he recently moved out of town and is looking to offload. Currently isn't on the market but he is willing to talk about selling. The strip is at full occupancy (7 tenants) one of which is one of my practices.
The building is new (2016) and is a great location. I own residential properties but no commercial. What questions should I be thinking about/asking when looking into this? Is it appropriate to ask for copies of all the current leases and for any record of delinquency/rent checks bouncing with current tenants?
The conversation started because I inquired about the longevity of my neighbors as we are outgrowing our current space. So my practice would end up being a capstone tenant for the plaza. Looking for advice on where to start when inquiring about details so I can run numbers.