Cauthen v. Weil

CourtDistrict Court, S.D. Ohio
DecidedAugust 22, 2023
Docket2:21-cv-03996
StatusUnknown

This text of Cauthen v. Weil (Cauthen v. Weil) is published on Counsel Stack Legal Research, covering District Court, S.D. Ohio primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Cauthen v. Weil, (S.D. Ohio 2023).

Opinion

IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF OHIO EASTERN DIVISION

GERALD CAUTHEN, et al., : : Plaintiffs, : Case No. 2:21-cv-03996 : v. : Chief Judge Algenon L. Marbley : LUIS WEIL, et al., : Magistrate Judge Chelsey M. Vascura : Defendants. : OPINION & ORDER I. INTRODUCTION In April 2020, The Gerald P. Cauthen 1995 Trust (“the Cauthen Trust”) purchased a commercial office complex (“the Property”) near Rickenbacker International Airport, a civil- military airport located approximately 10 miles south of downtown Columbus from The Offices of Rickenbacker, LLC (“Seller”). Leading up to the sale and during the diligence period, Luis Weil, the managing member of Seller, produced various documents about the financial status of the Property, including tax returns, income statements, leases, etc., to the Cauthen Trust, its trustee, Gerald Cauthen, and Cauthen’s broker, Ben Marcus. Cauthen and the Cauthen Trust now allege that Weil failed to produce all the documents required by the purchase agreement and also that some of the financial documents he did provide contained misleading information. As a consequence, they assert that they were induced to pay an inflated price for the Property. Now before this Court is Defendants’ Motion for Summary Judgment (ECF No. 48) on Plaintiffs’ five claims: breach of contract, breach of guaranty, fraudulent inducement, fraudulent and/or negligent misrepresentation, and unjust enrichment.1 At bottom, these claims present a

1 The motion does not address Defendants’ counterclaim. 1 classic case of buyer’s remorse. Cauthen himself acknowledges that the missing documents would not have affected his valuation of the Property; the allegedly misleading financial statement had confusing labels but did contain accurate information—which was corroborated by other documents Weil provided and was explained by Weil in an email a month prior to closing. Accordingly, the motion is GRANTED.

II. BACKGROUND A. Factual Background The Property consists of two, single-story office buildings, located at 6425 and 6431 Alum Creek Drive in southeast Columbus. Seller, which is majority-owned by Weil, purchased the land in 2000 and erected the two buildings over the following years. Six businesses lease space in the buildings. (Weil Aff. ¶ 3, ECF No. 48-1). In early 2020, Weil received a call from a real estate broker, Jay Zollars, inquiring about the availability of the Property on behalf of Cauthen. After Cauthen retired from a career as a transportation engineer, he turned his attention to real estate and acquired several properties,

including several residential properties and a mobile home park, for the trust he had established in 1995. (See Cauthen Dep. 11:2–8, 11:21–14:9, ECF No. 54-1). But, over time, he became dissatisfied with the mobile home park. Many of the lots had stayed vacant, and the park was just close enough that he was tempted to visit and check up on it frequently but too far for those visits to be convenient. (See id. 13:5–8, 15:7–15). So he decided to sell the mobile home park and purchase a new property for the Cauthen Trust through a real property exchange pursuant to 26 U.S.C. § 1031. (See id. 15:20–24). For the new property, he set his eyes on something in the Columbus area, based on advice from his broker, Marcus, and several of his son’s friends. (Id.

2 15:10–18). Marcus, in turn, reached out to a partner of his in the Columbus area. (Id. 24:24–25:1). That partner was Zollars. Although the Property was not officially for sale, Weil was open to Cauthen’s advances, and sent him a series of documents through Zollars on February 4, 2020, including: the January 2020 Rent Roll; statements showing revenue and expenses for 2018 and 2019; cash flow for 2019;

and profits and losses and the budget for 2019. (Defs.’ Ex. 4, ECF No. 48-1 at 27–33). A key point of contention is whether these documents accurately reflected the rent that Seller was receiving from the Property—and, specifically, the rent that Seller was receiving from US Customs, a major tenant at the complex. In 2017, US Customs expressed a desire to remodel the premises that it leased. While a tenant would typically pay office improvement costs out of its own pocket, Seller and US Customs instead agreed that Seller would pay the contractors directly for remodeling the space, and then recoup the costs from US Customs by temporarily charging higher rent. (See Weil Aff. ¶ 20, ECF No. 48-1). After Seller had been reimbursed fully for the construction costs, US Customs’ rent would return to its prior, lower level. US Customs and Seller

signed a new lease reflecting these terms on September 8, 2017. The 2019 Statement of Revenues and Expenses includes a section titled “Ordinary Income/Expense,” which listed just one category of income: “Rental Income” (i.e., Category 5000). For the year 2019, the Property generated a total of $661,637 of income. Of that total, Seller received $463,221 in “Collected Rent” (i.e., Category 5005), and a further $37,962 in “Tenant Improv Recovery” (i.e., Category 5038). This was shown on the document as follows:

3 Jan - Dec 19 Ordinary income/Expense income 5000 - RENTAL INCOME 6005 - COLLECTED RENT 463,221 5026 - COMMON AREA MAINTENANCE 142,219 6038 - TENANT IMPROV RECOVERY 37,962 6030 - MISCELLANEOUS INCOME 153 5031 - JANITORIAL INCOME 9.413 6032 - ELECTRIC INCOME 7.183 5033 - GAS INCOME 1,487 Total 6000 - RENTAL INCOME 661,637 Total Income 661,637 (Defs.’ Ex. 4, ECF No. 48-1 at 29). “Collected Rent” reflected the total amount Seller had received from its tenants in standard rent, 7.e., annually recurring rent. “Tenant Improv Recovery” reflected the temporary increase in rent that Seller was charging US Customs (and Forward Air, with whom Seller had the same arrangement) as reimbursement for the remodeling costs. (See id.). Although this temporary increase was effectively repayment for costs Seller had already incurred, Seller listed it under the “Rental Income” heading. Separately, the rental income for the Property was also included in the January 2020 Rent Roll, another document that Weil had sent to Cauthen via Zollars in February 2020. This document reported the monthly rent payments that Seller had received for that month from each tenant. (/d., ECF No. 48-1 at 28). In total, the Property had generated $38,893 in January 2020, corresponding to full year rental income of $466,716, a slight increase over the $463,221 in “Collected Rent” for 2019—which does not include the $37,962 that Seller had collected for “Tenant Improv Recovery.” The precise income figure is important because it is the basis for determining the operating income (“NOT”) for commercial real estate. In turn, Cauthen and Marcus used the Property’s NOI to calculate an appropriate purchase price. (See Cauthen Dep. 33:13-21, 125:3-14, ECF No. 54- 1). Marcus suggested that Cauthen offer $4.4 million, a bit below Weil’s asking price of $4.8

million. (See Defs.’ Ex. 6, ECF No. 48-1; Cauthen Dep. 37:11–19, ECF No. 54-1). Weil accepted the offer, and the parties signed a Real Estate Purchase Agreement (“the Purchase Contract”) in early April 2020. (Defs.’ Ex. 1, ECF No. 48-1). The final purchase price was later reduced by $56,000 to account for repairs to the roof and HVAC system. (Defs.’ Ex. 2, ECF No. 48-1). Once the parties had agreed to the purchase price, Weil began sending additional

documents to Marcus and Cauthen; as gathering all the documents took more time than expected for Weil, the parties agreed to several extensions to the deadlines that had initially been set in the Purchase Contract. On April 17, 2020, he sent via email: (1) a copy of the 2018 and 2019 tax returns for Seller; (2) copies of the service contracts for the Property; and (3) copies of tenant leases.

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Cauthen v. Weil, Counsel Stack Legal Research, https://law.counselstack.com/opinion/cauthen-v-weil-ohsd-2023.