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Middletown Plaza Shopping Center, Middletown, Rhode Island

Retail, Real Estate

Hinckley Allen has represented this developer client in connection with the redevelopment of a large shopping center on Aquidneck Island. In order to enable the client to separately finance each of the big box/credit tenant leases, and in order to avoid the necessity of creating a condominium regime, the firm utilized numerous ground leases of portions of the Center between the developer and affiliated entities. This required coordination with the local taxing officials to achieve separate tax assessments for each of the ground leased parcels. The project also involved complicated cross-easement documentation. Utilizing this ground lease structure, the client consummated lease and permanent leasehold financing transactions with Staples, Home Depot and Best Buy.