Title:
Retail Tenant Lease - Government District Parking Deck
Summary
ACTION:
Adopt a resolution titled “Mecklenburg County Board of Commissioners Resolution Declaring Intent to Lease Property to John and Hresanthe Georgopoulos, Owners of Little Village Grill”
Staff Contact: Jennifer Morell, Asset & Facility Management
Presentation: No
BACKGROUND/JUSTIFICATION:
The County has secured a prospective tenant for one of the retail suites attached to the Government District Parking Deck at Fourth & McDowell Streets. John and Hresanthe Georgopoulos, owners of Little Village Grill, have submitted a proposal to lease Suite A. The County’s Asset and Facility Management Department, as well as Colliers International LLC, the real estate firm secured by the County to obtain tenants for the parking deck, are in agreement with the proposed terms.
The County Manager will negotiate a lease consistent with the following business terms:
Little Village Grill
Location - 901 E. 4th Street, Suite A
Total Square Footage - 1,457 SF
Lease Term - Five (5) years & Six (6) Months
Option to Renew - One extension option: Four (4) years and one hundred and seventy-nine (179) days
Base Lease Rate - $20.00 per sq. ft. (29,140/yr.)
Annual Increases - Years 2 - 5.5: 3% annually; Option Years: 3% annually
Revenue (Years 1-5) -
Year 1 (Months 1-6) $0.00
Year 1 (Months 7-12) $20.00/SF $2,428/month
Year 2 (Months 13-24) $20.60/SF
Year 3 (Months 25-36) $21.22/SF
Year 4 (Months 37-48) $21.85/SF
Year 5 (Months 49-60) $22.51/SF
Year 6 (Months 61-66) $23.19/SF
Insurance - Tenant is required to maintain required insurance including liability, property, Worker’s Compensation and Professional Errors & Omissions insurance.
Maintenance & Janitorial- Tenant is responsible for all maintenance and janitorial services required within the Premises. Tenant shall be responsible for building systems within the Premises including, but not limited to, fire alarm, ele...
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