Upgrading and modernizing common areas in a building such as lobbies, bathrooms, parking areas, etc. The tenant remains in the building, and the building use and square footage do not change. Renovation is often done together with a retrofit. Learn more at https://www.naiop.org

The right of a tenant to extend the lease term for a specified period of time at a predefined rental rate. In many instances, the rate is defined as a percentage of market rent, and in other instances, the rate is a specified dollar amount. An auto-renewal option is a type of renewal option whereby … Read more

Sometimes called “second-generation space,” it refers to existing space that was previously occupied by a tenant. Learn more at https://www.naiop.org

Among the largest types of retail properties, the center typically features large anchor tenants that sell general merchandise and fashion. Regional shopping centers were historically configured like traditional suburban malls, but many have evolved to Town Center or Main Street retail formats. Parking is accommodated via surface or structure spaces or both. (See Retail Building … Read more

A building or site that involves teardown and rebuilding of most—if not all— structures on that site. This change typically occurs in sought-after areas that are usually well located, where buildings have become unattractive or obsolete or where there is a demand for different uses. Learn more at https://www.naiop.org

A term used when owners liquidate some or most of their ownership position in an asset by selling some or most of their equity position. Learn more at https://www.naiop.org

A sale in which a lender, either institutional or private, sells a property that the lender has taken back through foreclosure. Learn more at https://www.naiop.org

A REIT is a company that owns or finances income-producing assets, such as apartments, shopping centers, offices and warehouses. It may also invest in air or water rights, unharvested crops, permanent structures and structural components that are part of a structure but don’t themselves produce income. Shares of REITs can be traded like stocks and … Read more

A dock-high door that has been converted to a drive-in door by creating a ramp from ground level to dock level. Learn more at https://www.naiop.org

A railroad spur adjacent to a building structure that allows the building to be served by rail operations. Learn more at https://www.naiop.org