Eric Rapkin, chair of Akerman’s Real Estate Practice Group, spoke to Law360 about the factors that mall landlords should consider when attempting to repurpose or revitalize malls. Particularly, he elaborated on the restrictions that landlords may face when committing to a lease prohibiting them from repositioning other parts of the mall.
“Co-tenancy, exclusives and use restrictions can be major issues in repositioning existing shopping centers and big box stores. This often requires renegotiating terms that cover what tenants and/or uses can go into a shopping center,” Rapkin said.