99 Renews for 10 Years After Threatening Closure
Charlie Doe built the 99 Restaurant fortune and his builder kept 2 buildings for his sons. These brothers received a letter from the 99 stating that the two locations they owned were the most expensive leases in the 80+ store portfolio and that if they didn’t reduce the rent, the tenant would close the stores. They were also informed that all of the 99′s landlords had received the same letter.
The challenge was to bring light into the 99′s intentions and the status of their leases throughout the portfolio. MANSARD compiled a list of all owners of 99 real estate throughout New England and implemented a pro-active campaign to initiate communication amongst all owners to determine their leasing conditions. After collecting the market leasing data, we advised our clients through a series of negotiations with the 99, culminating in a meeting the the President of the restaurant group and the signing of 2, new 10 year leases worth in excess of $3,000,000. Contact MANSARD