Summit Industrial Equipment, Inc. v. Koll/Wells Bay Area

Opinion

AGLIANO, P. J.

I

Summit Industrial Equipment, Inc. (Summit) pursues this appeal in order to reduce the purchase price a panel of arbitrators determined it must pay to acquire certain realty from Koll/Wells Bay Area (Koll), a California partnership. As the assignee of the tenant’s interest in an industrial lease, Summit holds an option to purchase improved realty located in Santa Clara County. A lease addendum provided the tenant with this option to purchase, and also provided that if the parties could not agree on the “fair market value of the Leased Premises,” the value would be…