Case Study: Wolfex
Lease Termination & New Lease ExecutionThe CHALLENGE
The tenant that was occupying the space wanted to exit the Permian Basin and find a termination solution to their lease. NRG’s Broker had a potential tenant, Wolfex, for this property that needed to be in a space by 1/15/2022. The owner would not do a new, direct deal.
The Solution
NRG was able to secure a sublease listing agreement with the owner in mid-December 2021. They negotiated with the owner and 2 weeks later, they agreed on a 6% commission for a new potential tenant. 2 days later, they worked with Wolfex to submit a new direct, deal with the goal of occupying the subject property by 1/15/2022.
The Transaction
NRG assisted the existing tenant in executing a termination agreement and submitting a termination fee. Simultaneously, they helped Wolfex negotiate a new direct lease, submit payment and provide required documentation. The deal was executed on 1/14/2022, one day prior to the new tenant’s requirement.
The Property
The subject property includes a 6,250 SF industrial office/warehouse on 3.33 Acres. The building has (3) drive-in bays, 1,250 SF of office space, and mezzanine storage above office. Located in the NE quadrant of Midland, near Elkins Rd & Loop 250.
