Sacks & Imir LLP represents commercial real estate owners, operators, developers and investors in the structuring and negotiating of limited liability company operating agreements and other joint venture agreements.

In representing owners/operators, we endeavor to ensure that our clients are appropriately rewarded for their efforts in finding, purchasing and repositioning assets through market rate promotes and fair acquisition, management, leasing and other fees (we often negotiate the asset and/or property management and leasing agreements as incident to the joint venture agreement). Particularly when negotiating with preferred equity and other strong capital partners, we seek to preserve for our clients necessary flexibility in operation by limiting “Major Decisions” to matters truly impacting the future direction of the asset/investment.   In representing the principal capital partner and other individual investors, we attempt to properly protect their investments by limiting fees to those which are market for the type of project and through approvals over annual budgets and other matters which could result in additional capital calls or a reduction in the expected return.

We recently represented operators in negotiating three different shopping center acquisitions with, as capital partners, Prudential Real Estate, a foreign private equity fund and a well-known preferred equity fund, respectively.   Representing the principal capital partner, we closed a joint venture for a 300,000 SF multi-family residential and mixed use project in Washington, D.C. with a well-known local developer as the operator.  Representing a NYSE REIT, we negotiated joint venture agreements for multiple properties with Kimco Realty.