Screen multisite CAM files faster
Do not audit every location at once.
Use four stages before full CAM review. Start with the location list.
Then test file readiness and deal need. Only ready sites reach specialist review.
Arx says multisite deals can be harder. It also says they may take more time.
A staged queue keeps that work visible. It also keeps weak files out of review.
Build the location census
Stage one names every target location. Do not start with a loose document folder.
Use one row for each leased site.
| Field | Why it matters |
|---|---|
| Location name | Stops site mixups |
| Tenant entity | Ties the lease to the target |
| Lease status | Shows owned and leased sites |
| Statement years | Sets the possible review set |
| Seller owner | Names the file source |
| Buyer question | Shows the deal need |
Mark owned sites as excluded.
They do not belong in tenant CAM review.
Mark unclear sites as listed.
Do not guess whether they fit.
This census is useful on its own. It gives the broker a clean request map.
Check file readiness
Stage two tests each leased site.
A ready file set starts with two records. It needs a signed lease and CAM statement.
Lease changes may also control the charge. Ask for every signed change.
Use these readiness checks:
- Tenant name matches the lease
- Property matches the statement
- Statement year is clear
- Lease version is known
- Signed changes are present
- Seller marked the cost support
- Open disputes are named
- File owner is named
Deloitte groups source records by asset and period. That artifact is for owner side property deals.
Borrow its filing rule for the broker queue. Do not borrow its owner recovery view.
Move weak files to files requested.
Name the exact missing record.
Test deal need
Stage three asks why the site matters.
Do not claim a charge changes value. Ask which deal question needs an answer.
Useful questions include:
- Is the buyer asking about lease costs?
- Is a CAM dispute already open?
- Is a response date stated in the lease?
- Is the seller missing cost support?
- Does the QoE team need source proof?
- Does counsel need a clause and bill match?
Counsel decides the legal deadline. The deal lead decides deal importance.
Baker Tilly lists one-time costs as an earnings issue. The review also covers adjusted EBITDA.
Source proof is a queue gate. The QoE owner still decides the book view.
Move a ready site to screen ready.
Keep its deal question beside it.
Select full reviews
Stage four selects sites for specialist review.
Use all three tests:
- The target is the tenant.
- Core source files are present.
- A clear deal question exists.
If one test fails, stop. Do not force the site into review.
Move selected sites to specialist review.
Name the CAM reviewer and handoff owner.
The CAM reviewer checks source files. The reviewer does not value the company.
Use five queue states
Keep the status list small. Each state should trigger one action.
| State | Meaning | Next action |
|---|---|---|
listed |
Site facts are not checked | Confirm tenant and lease status |
files requested |
Core proof is missing | Request the named file |
screen ready |
Fit and files are clear | Set review priority |
specialist review |
Full CAM review is approved | Send matched files |
excluded |
Site does not fit | Record the reason |
Do not use done for missing proof.
Do not use clear for an open issue.
The state should describe known facts. It should not predict the deal result.
Name each stop rule
Stop rules protect scarce review time.
Use these rules across the queue:
- No tenant lease means no CAM review
- No CAM statement means no charge test
- No signed lease means no clause test
- Unclear legal meaning goes to counsel
- Unknown accounting treatment goes to QoE
- Missing seller proof stays open
- No deal question means no full review yet
A stop is not a failure. It tells the broker what must happen next.
Walk one multisite screen
This site screen is fictional. Lake Road and every site fact are made up.
Lake Road Foods lists six locations. The seller owns one location.
That site moves to excluded.
Five locations use commercial leases.
Two sites lack CAM statements.
They move to files requested.
Two sites have matched core files. The buyer asked about lease costs.
Those sites move to screen ready.
The broker approves specialist review.
The final site has an unclear lease change. Counsel must confirm the controlling version.
That site stays out of CAM review. Its legal question remains visible.
The broker did not audit six sites. The broker selected two ready sites.
The queue predicts no outcome. It only controls review work.
Copy the queue
Use one row per location and year.
| Field | Entry |
|---|---|
| Location | |
| Tenant entity | |
| Lease status | |
| Statement year | |
| Core files | |
| Open dispute | |
| Buyer question | |
| Current state | |
| Next owner | |
| Stop reason |
Alehar's July 2026 seller update tracks gaps. It also puts an owner on each open item.
Review this queue before each deal meeting. Change a state only when proof changes.
The location queue is your working record. Its current state points to the next owner.
Send file gaps to the data room list. Price ready sites with the scope guide.
Route a CAM flag with the QoE ladder.
Find sale guides in the transaction advisor hub.
Frame your offer on the deal advisor page. Compare firm paths in Practice Growth.
Where CAMAudit fits
Deal advisors can add this step to the multisite screen.
The broker sends matched files from specialist review.
CAMAudit reads that lease and CAM packet.
It does not fill gaps or value the target. Its fixed checks may flag billed items.
Each flagged item can cite its source lines. CAMAudit can build a branded CAM audit from that result.
The broker reviews and signs the audit. The queue names who receives it next.
A reviewed flag may need a dispute letter draft. CAMAudit may prepare that draft for your firm.
It is not legal advice. Have counsel review before sending.
Build the sale add-on with the service line guide.
Ready to add this work to your firm? Get started.
Sources
- Arx business sale diligence guide
- Deloitte real estate diligence artifact
- Baker Tilly guide, 2023-07-18, updated 2025-03-12
- Alehar seller diligence checklist