Tomato Thyme is a popular restaurant in my district that operates out of a typical suburban shopping center—with parking in the front and the buildings in the back. Tenants in this shopping center include Safeway, Rite Aid, Bally’s Fitness, Bank, Dry Cleaner and even a Moose Lodge.
Consumers patronize shopping centers like this, but may never ponder who actually owns the land. In some cases the land is owned by one person, and in other cases there are many owners. In this shopping center, there are six different property owners. They each own their specific building and specific parking spaces. The six owners have had a shared parking agreement in place for years that has allowed customers to park wherever they wanted and visit whichever store they choose without being towed. This parking agreement is expiring in a few months, and renewing it is up to the private property owners.
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