For this assignment you are to write an extended LOI for the purposes of a long-term rent for a property. This property can be retail or office. You are to pick a search engine of your choosing, but I would recommend loopnet as it is free, and find a property you would be interested in. This property can be anywhere you choose.

You are basically looking to mirror the purchase LOI by Trammell Crow and former Redfish property (Pruven) which I wrote but for a lease (see Lebel LOI for the restaurant space as a lease example). I would also look at other LOIs on line.

In this process you will need to write an LOI, write a statement of what your proposed business is, and an explanation of how you came up with the rent numbers you did with comparisons.

Deliverables

1. The LOI (should at the least cover what is listed below)

a. Lessor

b. Lessee

c. Rent

d. Term (must be at least 5 years)

e. Escalations (what it will be say the CPI and write out what it will be each year)

f. Any signage

g. Tis or abatement

h. Type of business

i. Security deposit

j. Acceptance time period

k. Any other information you find pertinent

2. The copy of the property listing from Loopnet or whatever search engine you choose

3. An explanation of your business and how your business fits in the marketplace where this property is. Prove to me you are a worthy tenant.

4. A brief statement of why you came up with the numbers you did for the rent. You should be pulling at least 5 comparable spaces (please include copies of those listings in the document).

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