A large, high-traffic tenant - typically a national chain or department store - that draws customers to a shopping center or commercial property. Anchor tenants often negotiate favorable lease terms, including exclusions from certain CAM charges.
Anchor tenants typically negotiate anchor exclusions that remove their space from the CAM denominator, increasing the pro-rata share burden on smaller tenants. The presence of anchor exclusions can effectively triple smaller tenants' CAM exposure in large centers.
A shopping center had three anchor tenants comprising 60% of GLA, all with anchor exclusions. The remaining small shop tenants shared 100% of CAM for the entire 200,000 SF property despite occupying only 80,000 SF - more than tripling their effective pro-rata share.
Before signing, ask specifically whether any anchor tenants are excluded from the CAM pool. If so, negotiate either a cap on your effective pro-rata share or a gross-up provision that normalizes the denominator.
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Start Free AuditThis page provides general educational information. It is not legal advice and may not reflect the most current law in your state. Consult a licensed attorney for advice specific to your situation.