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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

  • work Practice Area

    Real Property - Transactions

Date & Time
  • event Date

    Wednesday, September 14, 2022

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

$347.00
CLE
ALL

This CLE course will explore the unique issues facing landlords and tenants entering "pop-up" rather than traditional longer-term leases for retail space. Our panel will advise on how best to draft standard lease provisions such as delivery, insurance, and maintenance and guide counsel on addressing the risks associated with such short-term arrangements.

Faculty

Robin Abrams
Vice Chairman and Licensed Associate Real Estate Broker
Compass

Consistently named among the leaders in commercial real estate, Ms. Abrams offers unparalleled expertise and a sought-after consultative approach. Throughout her career, she has worked with major retail brands and Fortune 500 companies. Ms. Abrams collaborates with retailers to develop strategic plans and to secure sites, as well as to mitigate for underperforming real estate. She also represents landlords and is the exclusive leasing agent for numerous marquee properties. Ms. Abrams is frequently enlisted by major media outlets and trade organizations for her expertise, she does extensive consulting work and provides expert testimony for litigation and arbitration cases.

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Glenn D. Wright
Principal
Wright Law Firm

Mr. Wright has handled many billboard, retail, office and commercial leases in the New York metropolitan area for over twenty years. He primarily represents property owners in outdoor advertising leases. Glenn lectures frequently on commercial leases and transactional matters. He also represents many businesses in real estate related litigation in State and Federal Courts and before local municipalities on permit and license applications.   

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Description

In recent years, the retail landscape has evolved with the rise of pop-up shops that occupy retail space for short periods, anywhere from a few hours to a few months. Sophisticated real estate counsel must be familiar with more than standard commercial leases.

The flexibility of a short-term lease agreement can hold considerable advantages over traditional leases. From a business perspective, pop-ups have compelling propositions for landlords and tenants. Even tenants and landlords accustomed to using conventional approaches to leasing can benefit from the new market dynamics and opportunities these innovative deals present. But critical to the success of these arrangements is a clear understanding of how they differ from traditional retail leases and the impact of those differences.

Given the short-term nature of the arrangement, pop-up leases will often be a license rather than a lease. Because the license merely grants a privilege of use rather than creating an estate in the property, the rights and duties between the respective parties shift. A reallocation of the associated risks follows.

Listen as our panel of experts in real property transactions provides practical guidance on how to best address the issues and balance the interests of each party involved.

Outline

  1. Overview of concept
  2. History of retail "pop-ups"
  3. Considerations of landlords and tenants when entering into short-term leases
    1. Unique concerns for "pop-up" art galleries or installations
  4. Short-term lease provisions
    1. Basic terms
    2. Exclusion of specific "basic" provisions
    3. Delivery of possession and condition of delivery
    4. Approvals and permitting issues
    5. Insurance
    6. Right-to-entry and notice
    7. Assignment, sublease, alterations, holdover
    8. Defaults, late charges, default interest, remedies
    9. Rules and regulations
    10. Personal guaranties of lease obligations
  5. Reciprocal easement agreements, covenants, and existing leases
  6. Leases vs. licenses

Benefits

The panel will review these and other critical issues:

  • What are the practical benefits of entering into pop-up leases?
  • What are the risks associated with such short-term arrangements?
  • What are solutions to conflicts with REAs, covenants, and existing leases?
  • What are the roles of social media and omnichannel retailing?
  • What rights does a company receive as a licensee vs. as a lessee?
  • Is the tenant's liability different under a license then it would be under a lease?