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You may be negotiating a lease with a tenant that plans to operate a restaurant it considers “upscale.” And this tenant may demand that you give it an exclusive that restricts you from renting space in your center to any other “upscale” restaurant. But if you agree to bar this type of restaurant from your center, you may end up restricting the number of tenants you can rent to more than you anticipated. Plus, you may be setting the stage for a potential dispute with the “upscale” tenant, warns Chicago real estate attorney Carole L. Pechi.
