Any commercial landlords or brokers who’ve leased to Ross here?
Recently received an LOI from them for one of our shopping centers . Our property manager who’s worked with them for other properties/landlords says that they’re really difficult to work with, and we will be tied up in a lawsuit almost immediately. Trying to get some different perspectives here to confirm or contradict that POV. For context, we aren’t a large player, just own a couple neighborhood shopping centers.
[{"id": "fkhljb3", "text": "Well I know Chandler and Joey kicked him out because he was pretty difficult. So I\u2019d say that\u2019s a pretty bad sign. He was very demanding.", "replies": [{"id": "fkip0nw", "text": "Could you just... https://tenor.com/view/silent-silence-shh-quiet-voice-gif-5018548", "replies": [], "depth": 2}], "depth": 1}, {"id": "fkhm89p", "text": "Get your real estate attorney involved with the lease negotiations then.", "replies": [], "depth": 1}, {"id": "fki3a4w", "text": "Ross is very difficult to deal with. Unreasonable positions on contract terms. Your lenders will not get SNDA\u2019s from them and estoppels will also be garbage. I\u2019ve dealt with them as both an asset manager and a lender- terrible. They are among the worst. Things like this are what make lenders avoid retail unless the pricing/leverage is attractive so as a landlord, if you need financing, it will effect your options for loans. I\u2019ve quoted a few retail deals lately where I was the only bidder that wasn\u2019t CMBS, so I could essentially name my price.", "replies": [], "depth": 1}, {"id": "fki3zvj", "text": "Have them in 2 centers as a smallish LL as well... tough, very letter-of-the law. They will utilize their leverage as a strong tenant so if you are going to get any concessions get them now as any tenant friendly item in the lease will be strictly enforced in the future.", "replies": [{"id": "fki8ovh", "text": "Do you regret leasing to them? Trying to decide if it\u2019s worth it, and the overwhelming negative feedback is making me lean towards no...", "replies": [{"id": "fki9qho", "text": "Probably is unless you have a TJX or Burlington competing for the space. They are a strong anchor in this retail environment and they know it, therefore they feel they can be tough.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fki9tc2", "text": "Ross is a pain in this ass. You won\u2019t be in a lawsuit day 1, but they\u2019re still a pain...CAM rec period is always annoying", "replies": [{"id": "fki9unc", "text": "Also, got anything you want to sell? We can pay cash!", "replies": [], "depth": 2}], "depth": 1}, {"id": "fkifjpj", "text": "Exhaust all other available deals, Ross is awful to work with and should be viewed as a tenant of last resort if you need to save the property from a tough cash flow situation.\n\nTJX brands are much better alternatives if they would like to be in the same space.", "replies": [{"id": "fkig5pl", "text": "We definitely aren\u2019t desperate to lease the space. The space they want is actually currently occupied by a national drug store looking to downsize. But they\u2019re still paying rent on the square footage they want to give back to us. The rest of the shopping center is fully leased.\n\nWill look into TJX although I think they chose a different center nearby recently.", "replies": [], "depth": 2}], "depth": 1}, {"id": "fkig72m", "text": "I've never done anything with them but I do have a client who won't lease to them and won't buy anything that has them. He'd rather no have the income than deal with them.", "replies": [{"id": "fkigf9k", "text": "Wow that\u2019s super helpful to know. Thank you.", "replies": [], "depth": 2}], "depth": 1}, {"id": "fklya9j", "text": "Have worked 2 Ross deals in the past, extremely difficult to work with. They will negotiate things that are seemingly unnecessary just for the sake of 'winning'.", "replies": [], "depth": 1}, {"id": "fkmt9ks", "text": "Ross is the worst to deal with. We are currently trying do a deal with a QSR and they have a restriction on food users. Their demands to give us the waiver we need are RIDICULOUS.", "replies": [], "depth": 1}]