“It does make sense from the landlord’s perspective … that they would want to keep the money coming in, until the new lease has been secured.”Īccording to City of Fresno databases, a conditional-use permit application was filed in August, followed by more plans in late February, to convert the existing quick-service restaurant to a Starbucks. “The landlord is in business to get as much rent as they can for the property,” Riso noted. If they can’t get the proper approvals, it allows the landlord to keep a paying tenant in the space and not end up with an empty building if something falls through. (Alternatively, companies also sometimes sign leases with language allowing them to back out of if they don’t get those approvals.) “It’s really more the norm.”īefore committing to a five- or 10-year lease, a company will want to see if it can get the approvals it needs to open, he said. Riso, a Los Angeles-based strategic real estate adviser with Real Estate Bees network. It’s not unusual for companies to seek permits while another renter is still occupying the spot, said Mike J. The landlord who owns the property declined to comment, saying he signed a confidentiality agreement and was prohibited from speaking on the subject. Starbucks did not respond to requests for comment from The Bee. “There’s not a lot of buildings with a drive-thru that would be suitable,” he said. Moving it to a new spot is unlikely to happen, he said.
“It’s not great numbers, (but) it’s been a good run, so I would like to see it continue.” “It’s been a consistently good or decent location for us,” he said.
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