Coordination in Action – PLG Attorney Guides Two Restaurant Real Estate Transactions to Successful Same-Day Closings

We are pleased to announce the successful closing of two restaurant business transactions handled by Senior Attorney Sonia Mann, with both transactions closing on the same day.

Sonia represented the Sellers in the sale of two established restaurant businesses located in the Chicago suburbs: Hell’s BBQ and Charley’s Cheesesteak and Wings. From the initial stages of each transaction through closing, the matters involved numerous legal, real estate, operational, and franchisor-related considerations, requiring coordination among the Sellers, Buyers, attorneys, realtors, landlords, property managers, franchisors, and other professionals.

Sonia assisted with the transactions from the negotiation of the initial letters of intent (LOIs) through closing, including drafting and negotiating the purchase and sale agreements, coordinating comprehensive due diligence, managing property and equipment inspections, conducting UCC lien searches, overseeing escrow, and obtaining the necessary franchisor approvals.

The commercial leases associated with each business also played an important role in the transactions. Sonia worked with the respective landlords and property management companies to review and negotiate lease terms and address outstanding issues including assignment terms and personal guaranty provisions. The transactions further required coordination of survey verifications, tenant improvement costs, and other real estate and closing-related matters.

As is often the case with transactions of this scope, both deals presented unexpected surprises and issues along the way. Addressing those issues required ongoing communication, negotiations, and coordination among the parties and their respective legal and real estate teams. Keeping each transaction moving forward also required careful attention to the timing and completion of numerous deliverables – including documents, approvals, financial obligations, lease requirements, and other closing conditions.

The successful completion of both transactions on the same day was a notable achievement. Each deal involved its own set of moving parts and multiple teams of professionals, yet all the critical details ultimately same together with seamlessness.

The simultaneous closings reflect the significant coordination and attention to detail required to bring complex commercial transactions across the finish line. They also represent PLG’s commitment to achieving successful outcomes for its business Sellers and Buyers.

Congratulations to all parties involved on the successful completion of these transactions.