Kiritsis & Associates

 

What may be the landlord benefits by entering into a triple net lease for New Jersey commercial storefront premises?

Jul 8, 2021

Kiritsis Law Offices. Phone: 212 922 0005

Written By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M

 

In a triple net commercial lease, the landlord benefits from asset protection, favorable tax treatment, and less management obligations. Real property does NOT include personal property. New Jersey real property law does NOT include personal property.

 

Due to constitutional and other concerns, courts will typically avoid construing a lease in a way that leads to civil forfeiture. All triple net leases are net leases, but not all net leases are triple net leases.

 

Besides legal regulations, there may be practical reasons, that would compel landlords and tenants alike, to have their lease agreement contractual documents, be recorded for public filing purposes. Those reasons can involve any one or more of a myriad of situations, such as: part of a broader loan/mortgage type of agreement (i.e. as it concerns to a lender's/underwriter's due diligence process, during a mortgage financing type of situations), tax substantiation reasons with regards of an ongoing and/or potentially prospecting upcoming tax audit, part of a wider range of zoning/variance controversy situation.

 

Many of the lease agreements (especially, many of the ones created through do-it-yourself autogenerating software or bare-bone store sold templates) did not account the catastrophic damages, that would inflict landlords and tenants after COVID-19.

 

To better assist in a quest of further analyzing this type of question(s) as revolving per this legal guide article, it may be useful to make additional inquiries, such as: Should any pertaining lease documents be filed as a public recordation?  Is it possible to make a county-specific public recordation of the pertaining lease documents? Is it permissible to have the lease be freely assignable?

 

Our firm can help you draft, review, negotiate, and execute any type of New Jersey real property lease agreement. We are open seven days a week from 8 a.m. to 8 p.m. We offer prospective clients both exhaustive and comprehensive leasing law practice services, including the following:
 

Residential lease contracts.

Non-rent regulated residential lease agreements.

Rent regulated residential lease contracts.

Rent regulated stabilized residential lease agreements.

Rent control regulated residential lease contracts.

Commercial lease agreements.

Office space lease contracts.

Industrial occupancy lease agreements.

Warehouse commercial use lease contracts.

Warehouse storage lease agreements. Call our law offices at (212)–922–0005

Office space use lease contracts. 

Medical space use lease agreements. 

Bank/financial institution use lease contracts. 

Spa and physical therapy related use lease agreements. 

Gym and other recreational related use lease contracts. 

Professional service lease agreements, including: Accounting, Insurance, Medicine, Law, Architecture, etc.

Jewelry and related use lease contracts. 

Safety deposit/vault use lease agreements. 

Chemical and pest control related use lease contracts. 

Cinema and theater productions related use lease agreements. Call our law offices at (212)–922–0005 

Roommate use lease contracts. 

Co-habitation lease agreements. 

Shared office space use lease contracts. 

Lease agreements modifications.

Existing lease assumption lease contracts. 

Cancellation of real property lease agreements. 

Cancellation of residential lease contracts. 

Cancellation of commercial lease agreements. 

Barbershop and beautician related lease contracts. 

Gas station and related use lease agreements. Call our law offices at (212)–922–0005 

Restaurant and related use lease contracts. 

Food establishment and related use lease agreements. 

Deli and bodega related use lease contracts. 

Liquor store and other related use lease agreements. 

Bar and tavern related use lease contracts. 

Parking space and garage related use lease agreements. 

Religious institution and related use lease contracts. 

Church and related use lease agreements. 

Morgue and related use lease contracts. 

Synagogue and related use lease agreements. Call our law offices at (212)–922–0005 

Buddhist temple and related use lease contracts. 

Hinduism temple and related use lease agreements. 

Non-profit and related use lease contracts. 

501 (c) 3 organization and related use lease agreements. 

Lease sales back terms lease contracts. 

Lease agreement contracts with option to purchase clause.

Development site lease contracts. 

Tax favored lease agreements. 

Farming related lease contracts. 

Agriculture and related use lease agreements. Call our law offices at (212)–922–0005 

Livestock related use lease contracts. 

Poultry related use lease agreements. 

Timber related use lease contracts. 

Mineral rights related use lease agreements. 

Laboratory and medical testing related use lease contracts. 

Riparian and water rights related use lease agreements. 

Buffet-style restaurant use lease contracts. 

Dining hall use lease agreements. 

Landlord-focused and customized lease contracts. 

Tenant-focused and customized lease agreements. Call our law offices at (212)–922–0005

Construction project centered lease contracts. 

Condo lease agreements. 

Co-op lease contracts. 

Condo co-op lease agreements. 

Condo-type building premises lease contracts. 

Co-op-type building premises lease agreements. 

Condo co-op building premises lease contracts. 

Single family dwelling lease agreements. 

Two family dwelling lease contracts. 

Three family dwelling lease agreements. Call our law offices at (212)–922–0005 

4-plex property lease contracts. 

Multi-family property lease agreements. 

Mixed-use property lease contracts. 

Commercial use building premises lease agreements. 

Industrial use property lease contracts. 

Locker room/storage type lease agreements. 

Laundromat and other related use lease contracts. 

Carwash and other related use lease agreements. 

Florist, botanical, and horticulture use lease contracts. 

Hair saloon and related use lease agreements. Call our law offices at (212)–922–0005 

Municipal related use lease contracts. 

Governmental entity organization related use lease agreements. 

Hostel and other related use lease contracts. 

Adults-only recreational use lease agreements, including: Strip clubs, Marijuana dispensaries, etc.

Master lease contracts. 

Co-op propriety lease agreements. 

Hypothecating, equity-utilization, leveraging lease contracts. 

Drafting lease agreements.

Negotiating lease contracts.

Lease agreement and document review services. Call our law offices at (212)–922–0005

 

We offer prospective clients services throughout the state of New Jersey, including the following counties:

 

Atlantic

Bergen

Burlington

Camden

Cape May

Cumberland

Essex

Middlesex

Monmouth

Morris

Ocean

Passaic

Salem

Somerset

Sussex

Union

Warren

 

You can call use today for a FREE initial consultation with a licensed New Jersey real estate attorney at (212) – 922 – 0005.

 

We offer a number of fee payment options, including: Flat, Hourly rate, Mixed-type (various payment plans combined).

 

We accept all standard methods of payment, including: Cash, Personal check,Business check, Cashier check, Bank check, Money order, Debit card, Most credit cards.

 

We also sell template-type products, including legal guide pamphlet-style booklets.

For more information on any of the above services and products, or any type of legally related service product, contact us at any of our New York and New Jersey branch affiliates.

 

Potential relevant citations and informational references:

U.S. Constitution

New Jersey State Constitution

New Jersey Eviction Statutes Act

New Jersey Board of Bar Association 

American Bar Association 

Truth in Renting Act

New Jersey Revised Uniform Limited Liability Company Law

New Jersey Lawyer Magazine

New Jersey Department of the Treasury 

New Jersey Secretary of State

New Jersey Judiciary -- Superior Court

 

Great Atlantic & Pacific Tea Co., Inc. v. Checchio, 335 N.J. Super 495 (App. Div. 2000)

Schultz v. Kneidl, 56 N.J. Super 575 (L&W Div. 1959), Id. 59 N.J. Super 382 (App. Div. 1960)

Hoffman v. Seidman, 101 N.J.L. 106 (E. & A. 1925)

Sparks v. Lorentowicz, 105 N.J. Eq. 189 (E. & A. 1930)

Garden State Plaza Corporation v. S.S. Kresge Co., 78 N.J. Super. 485

N.J.S.A. 25: 1-12

Hous. Auth. & Urban Redevelopment Agency of City of Atl. City v. Taylor, 171 N.J. 580 (2002)

172 Van Duler Realty Corp. v. Globe Alumni Student Assistance Ass’n, Inc. 24 N.Y.3d 528 (N.Y. Ct. App. 2014)

Islip U-Slip, LLC v. Jack’s of Route 23, Inc., 166 N.J. Super 36 (App. Div. 1979)

Cox v. Simon, 278 N.J. Super 419 (App. Div. 1995)

Ringwood Assocs., Ltd v. Jack’s of Route 23, Inc., 166 N.J. Super 36 (App. Div. 1979)

Caris v. Way, 192 N.J. Super 536 (Law Div. 1983)

Ultimate Computer Services, Inc. c. Baltimore Realty Co., Inc., 183 N.J. Super 144 (App. Div. 1982)

J.H. v. R&M Tegliareni, 2018 WL 1526736 (App. Div., March 29, 2018).

Jimenez v. Powell, 2018 WL 944418 (App. Div. 2018)

 

Law Offices of Kiritsis & Associates
Phone # 212 922 0005

Manhattan Office (Main Office):
633 Third Avenue
New York, NY 10017
Suite 1306

Brooklyn Office (By Appointment Only):
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1st Floor

New Jersey Office:
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