What findings did CAMAudit surface in the Walgreen Co. case?

CAMAudit flagged 2 findings with an apparent overcharge of $18,746. Each finding cites the specific detection rule, dollar amount, and the lease provision that grounds the dispute.

Can my firm reproduce these findings on a live client engagement?

Yes. CAMAudit applies the same CAM forensic detection rules to any lease and reconciliation your firm uploads. Partner firms receive findings in under 15 minutes and white-label branded report delivery for each completed audit.

Is Retail a common property type for CAM audit engagements?

CAMAudit handles all commercial property types: retail, office, industrial, mixed-use, and specialty. The detection rules apply wherever a tenant pays CAM or operating expenses under a lease with specific definitions, caps, or exclusion lists.

What is a correction package and does CAMAudit generate one?

A correction draft is a factual starting point that specifies each overcharge by rule, dollar amount, and lease provision. CAMAudit generates a draft grounded in the specific audit findings for advisor and counsel review.

Public-record case study

Walgreens Thatcher Woods: parking lot capex pass-through case study

Name: Walgreens Thatcher Woods: parking lot capex pass-through case study structured case-study facts
Creator: CAMAudit
Published: 2026-03-13

A public-record retail lease case study showing ~$18,746 in apparent overcharges from parking lot resurfacing and curb replacement billed through CAM.

Walgreen Co.2021 statementNNN leaseRetail

Parking Lot Full Resurfacing was billed at $185,000 building-wide.

Concrete Curb & Gutter Replacement added $42,875 building-wide.

Both line items were labeled as CapEx in the reconciliation.

The pipeline flagged approximately $18,746 in apparent overcharges across 2 findings.

What happened

Walgreens leased 15,503 square feet at Thatcher Woods Center (188,213 SF GLA) under a lease that excludes capital expenditures and puts parking lot maintenance on the landlord. The 2021 CAM statement still passed through a full parking lot resurfacing project and concrete curb replacement as if they were ordinary operating costs. At the corrected 8.24% pro-rata share (15,503 SF / 188,213 SF), the total apparent overcharge is approximately $18,746.

Findings from the pipeline

Rule 2: Excluded Service Charges

high confidence

$15,244

'Parking Lot Full Resurfacing (CapEx)' is classified as capex and falls within the capital expense pool excluded by the lease. [scaled to tenant share: 8.2400%]

Lease evidence

Operating Expenses shall exclude the following cost pools: capital. This includes but is not limited to the items described in the lease.

EXCLUSIONS FROM OPERATING EXPENSES

Statement references

Parking Lot Full Resurfacing (CapEx)

Rule 2: Excluded Service Charges

high confidence

$3,502

'Concrete Curb & Gutter Replacement (CapEx)' is classified as capex and falls within the capital expense pool excluded by the lease. [scaled to tenant share: 8.2400%]

Lease evidence

Operating Expenses shall exclude the following cost pools: capital. This includes but is not limited to the items described in the lease.

EXCLUSIONS FROM OPERATING EXPENSES

Statement references

Concrete Curb & Gutter Replacement (CapEx)

Lease evidence

Lease excludes capital expenditures from CAM.
Parking lot resurfacing is called out explicitly as an excluded capital item.
The lease assigns parking lot maintenance to the landlord.
Corrected tenant share: 8.24% (15,503 SF / 188,213 SF Thatcher Woods Center GLA).

Why this matters for your firm

Parking lot work is one of the most common places landlords blur the line between maintenance and capital replacement. A sealcoat or patch job may belong in CAM. A full resurfacing project usually does not. When the lease also assigns parking lot responsibility to the landlord, the overcharge argument gets even stronger.

Correction package excerpt

CAM Reconciliation Statement Review - Thatcher Woods Center | Lease Year 2021. The review flagged approximately $18,746 in parking lot resurfacing and curb replacement charges billed through CAM.

Lease language

Capital expenditures in CAM charges

Industry guide

Retail CAM overcharges guide

Detection guide

Excluded service charge guide

Frequently Asked Questions

Run these same detection rules on your client engagements

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Public-record note

This page summarizes public-record documents and CAMAudit output for educational and marketing purposes. It does not imply endorsement by Walgreen Co. or any third party. Readers should review the underlying lease, statement, and dispute timeline for their own facts.