Sell me the building at my price or I move!

Unfortunately, for those banks NOT working out current tenant lease issues to the tenant's favor, are now starting to hear the tenants roar!

This came to my attention on Friday.  Several tenants I know about have gone to their landlords (the bank's receivers/asset managers) and have demanded that the foreclosed upon property be SOLD! to them -- and only them, at their terms -- OR, the tenant is walking away from their lease, moving out and damn the re-negotiation problems or even the breaking the lease repercussions!

And, these out of state brokers who promised the bank/receiver that they could market and sell their buildings at the over price listed value, are losing tenants faster than their value can sink.

An attorney I personally know and play golf with has stopped re-negotiating their lease until the tenant who is demanding to acquire the building at his price is satisfied -- first.  (This particular tenant draws the most clients to the property.  If he goes, my friendly attorney is following suit.)

So, how about them Las Vegas tenants that you thought were just going to buckle under and accept -- at face value -- your miserable proposition.  Looks as if having lowered their rents by about twice what was "market at the time" is coming back to bite you in the derriere.

This leaves this particular property's sale -- listed at twice the current value -- up in the air.

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