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Jennifer J. Understahl
Jennifer helps clients close sophisticated commercial real estate transactions across the United States and internationally.
Jennifer Understahl guides large corporations in managing their owned and leased real estate portfolios. She negotiates commercial leases for both landlords and tenants; strategizes on real estate financing, including new loans and workouts of existing loans; oversees acquisition and due diligence teams; and advises on cutting-edge issues and uses, including electric vehicle charging. Jennifer also develops strategies to improve forms and team efficiencies, balancing each client's business objectives with legal risks.
Jennifer is experienced in a wide range of asset types, including industrial buildings, retail developments, senior housing facilities, offices, research and testing facilities, vacant land, and mixed-use projects. She works with both emerging companies and established corporations to strategize on sophisticated deals and assist with day-to-day real estate and leasing issues. As the lead outside real estate counsel for several tech clients, she assists with expanding office, headquarters, retail, electric vehicle charging stations, and research and development footprints both domestically and internationally. In addition, Jennifer counsels online retailers on their changing real estate needs as they move from e-commerce to brick-and-mortar sales. She also has extensive experience in commercial real estate loan workouts and represents some of the country's largest commercial mortgage-backed securities special servicers.
A leader in the firm, Jennifer is a member of the firm's Partner Compensation Committee and the firm's Strategic Diversity Committee. Additionally, she belongs to multiple national and local industry groups, including the Urban Land Institute and International Council of Shopping Centers, and serves on the Trends Day board of the Urban Land Institute Arizona.
Areas of focus
Industries
Services
Education & Credentials
Education
- Vanderbilt University Law School, J.D., Order of the Coif, Articles Editor, Vanderbilt Law Review, 2005
- Arizona State University, M.F.A., Poetry, 2000
- University of Evansville, B.F.A., English, cum laude, 1995
Bar and Court Admissions
-
Arizona
Related Employment
- Perkins Coie Brown & Bain P.A., Phoenix, AZ, Summer Associate, 2004
Professional Recognition
Listed in Chambers USA as "America's Leading Lawyer" for Real Estate and Real Estate: Finance, 2023-2024
Listed in The Best Lawyers in America: Real Estate Law, 2023-2024
Recognized by Arizona Super Lawyers as a "Rising Star," 2014, 2015
Recognized by Arizona Super Lawyers as a "Southwest Super Lawyer," 2016
Impact
Community Involvement
- Urban Land Institute (full member):
Trends Day Committee (AZ District Council), Member (invitation only)
Urban Plan Outreach Program (AZ District Council), Volunteer
Women’s Leadership Initiative (AZ District Council), Member and Mentor (invitation only)
Responsible Property Investment Council (ULI national) (invitation only)
- United States Tennis Association, Central Arizona USTA League Grievance Committee, Member
- Arizona Women Lawyers Association
- Georgetown University Law Center’s Advanced Commercial Leasing Institute, Invitee, 2017-2021
Insights
News
Professional Experience
Experience
Wind-Turbine Manufacturer Site Sale and Acquisitions
Lead outside real estate counsel for large wind turbine manufacturer for various real estate matters across the U.S., including a sale and leaseback of industrial property including rail access issues in Colorado, and a transaction involving an option to purchase a large manufacturing and storage site joined by leased real property giving transportation access, providing strategic advise as to structure of transaction, negotiation of documents, oversight of associate team, and coordination on environmental remediation issues.
Multi-State Self-Storage Portfolio Sale
Lead outside real estate counsel for the sale of a portfolio of 16 self-storage properties located in various jurisdictions for a sale price of $150, 000,000. Led negotiation of purchase agreement and related transaction documents, advised as to joint venture issues, negotiation loan modification and releases, oversaw team of associates on all due diligence and closing matters.
Representation of a Large Automotive Company in Transactions for Several Sites Nationally
Outside counsel for large automotive company with respect to real estate matters for several sites nationally, including the negotiation of a purchase and sale agreement for an industrial building, research and development and office space leases, and ongoing matters for a testing facility.
Representation of Large Tech Company in its Office and Headquarter Leasing in the US and Internationally
Lead outside real estate counsel for large technology client which is rapidly expanding its leasing and all other real estate needs for both its U.S. and European headquarters properties, several large campus locations (including the acquisition an development of a new headquarters campus internationally), and many domestic and international office locations (more than 50 locations).
Distribution Facility Lease Negotiation in Pennsylvania
Represented Starbucks Corporation in its lease of a 1,000,000 square foot distribution facility on 99 acres. The representation included negotiating the lease, strategizing with the client regarding potential risks and liabilities, due diligence review, and the negotiation of exit strategies.
Office and Research Development Facility Lease in California
Represented a national technology company for the lease of an approximately 62,000 square foot facility for use as its prime research facility on the West Coast. The negotiations included a multimillion-dollar letter of credit and specialized confidentiality agreements.
Outside Counsel to National Lender
Outside counsel to improved commercial property lender for various loan originations in Arizona, Florida, North Carolina, California, and Nevada.
Represented Borrower in Refinancing of Large Office Complex in Evanston, Illinois
Represented private equity company in its refinancing of a large office complex in Evanston, Illinois (over $28 million). Previously represented the same company for the acquisition and sale of a related development parcel.
Representation of Retailer in Leases Nationally
Represent Outdoor Voices in the negotiation of its retail leases in shopping malls, stand-alone buildings in art districts, downtown areas, and other high-end shopping venues across the country, including in Florida, North Carolina, Minnesota, Texas, Washington D.C., Illinois, California, Georgia, and Colorado.
Representation of Office Landlord in New Development in Downtown Nashville, TN
Represent developer/owner of a large office and mixed-use project in Nashville in all leasing activities for the new project.
Representation of Medical Imaging Company in Leases Nationally
Represent Radnet, Inc. in the negotiation and day-to-day needs for its leases nationally (has over 350 locations), including in California, Arizona, Washington, New York, New Jersey, Florida, Massachusetts, and Illinois.
Sale of Commercial Properties in Indiana and Texas to a Single Buyer
Represented a boutique real estate investment and development company in the sale of two office buildings, one in Indiana and one in Texas, for $24 million dollars. Jennifer handled all aspects of the negotiation of the purchase documents, coordination of closing and the documentation of all other aspects of the sale. The matter also involved due diligence issues for various jurisdictions, joint venture and partnership issues, and advice with respect to organizational consents; review of issues with respect to government-leased property (Texas site); and the coordination of property management information for the properties.
Acquisition and Financing of an Office Complex in Maryland
Represented a national real estate investment company as the purchaser of a fully leased 133,900 square foot professional office complex located in Baltimore County, MD., comprising four major buildings leased by major tenants, including university and biotech tenants. Jennifer led the purchase and sale negotiation and documentation, financing negotiations, due diligence review (including covenants, conditions, and restrictions (CC&R) review and negotiations and survey review), organizational and investment structuring, and review of transition and closing issues.
Loan Acquisition, Financing, and Foreclosure of a Nonperforming Loan for Office Building in California
Represented a joint venture in its acquisition of a nonperforming loan secured by an approximately 62,000 square foot financial center in California. Advised on loan purchase issues, negotiated loan documents, and assisted in the foreclosure of the property for the client.
Office Leases for Client Operations in California, Florida, Texas, and Other Locations
Represented a technology client in lease negotiations and related documents and amendments for its offices in (1) Texas, which space consists of approximately 13,000 square feet, plus rights to lease additional space; (2) Southern California, which space consists of approximately 27,000 of square feet of general office and production use; (3) Florida, which space consists of approximately 260,000 square feet of general office, research, manufacturing, lab, and other uses; and (4) other locations across the country and internationally.
Lease of a Refrigerated Distribution Facility in Maryland
Represented a large corporate client in lease negotiations and due diligence review for its lease of an approximately 129,000 square foot distribution facility in Maryland. Jennifer’s work included coordinating with the contractors with respect to design-build issues in the lease as well as coordinating with the client’s internal property and risk management team.
Acquisition of an Office/Hotel Complex With Joint Venture Partner
Represented a private equity company in its negotiation of a purchase and sale agreement, due diligence, and title review for an under-construction office and hotel complex in Richmond, VA (approx. $64,000,000). Also worked on joint venture issues between the client and its joint venture partner in association with the acquisition, including negotiating asset management agreement. Negotiated with current and future tenants on leasing and tenant improvement issues for same, and worked with the title company and seller regarding indemnification issues for mechanic’s liens and other ongoing construction-related issues.
Representation of International Condo Developer With Respect to Financing, Development, and Sale of a Condominium Building in Arizona
Represented Chilean developer in its acquisition of raw land, development, construction financing, and permanent financing for a condominium building and related development in Phoenix, AZ.
Representation of Private Equity Investor/Developer for Office and Joint Venture Development in Illinois
Represented private equity group in its acquisition of an office complex in Evanston, Illinois together with a later joint development project of neighboring raw land which is planned for a senior living facility. Worked on due diligence issues, parking garage licenses, joint venture negotiations and new easements and CC&Rs between the two properties.
Foreclosure of and Real Estate Owned (REO) Representation for a Shopping Center in Nevada
Represented the foreclosing noteholder in the acquisition of a shopping center in Las Vegas, NV and then the continued REO matters with respect to various tenant leases and brokerage and management agreements for the center, including fast food stand-alones, national chain restaurants and other retail leases and amendments.
Sample CMBS Workout Experience
- Represented CMBS noteholder, by and through special servicer, in the payoff of an approximately $15 million dollar A/B loan in Merced, CA.
- Represented CMBS noteholders, by and through special servicers, in lease negotiations for REO owned malls in New York, New Jersey, and California.
- Represented CMBS noteholder, by and through special servicer, in modification of a $40 million loan secured by an office complex in Emeryville, CA.
- Represented CMBS noteholder, by and through special servicer, in modification of a $20 million loan secured by a shopping center in Salinas, CA.
- Represented CMBS noteholder, by and through special servicer, in modification of a $132.5 million loan secured by a shopping destination in Belmar, CO.
- Represented CMBS noteholder, by and through special servicer, in discounted payoff of a $55 million loan secured by a town center in Santa Ana, CA.
- Represented CMBS noteholder, by and through special servicer, in modification of a $12.1 million loan secured by a corporate center in Phoenix, AZ.
- Represented CMBS noteholder, by and through special servicer, in an A/B note split of a $22 million loan secured by a shopping center in Merced, CA.
- Represented CMBS noteholder, by and through special servicer, in modification/extension of a$20 million loan secured by a shopping center in Las Vegas, NV.
- Represented CMBS noteholder, by and through special servicer, in the modification and extension of a $24 million loan secured by a shopping center in Wappinger Falls, NY.