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Deal ApprovalTransmittal -Patrick Martin

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Deal ApprovalTransmittal -Patrick Martin Powered By Docstoc
					GC Properties, Inc.
TO:                  Maggie Georgilas

CC:

FROM:                Kirk Coult

DATE:                February 11, 2002

RE:                  Lake Arrowhead Village – Patrick Martin




Attached for your review and approval is the 1) NER-DAAG and 2) DDR Invoice for the above
referenced New Lease. Following is a synopsis of the deal:

         Item                           New Terms                  Budget
         Suite / Size                      140                       140
         Base Rent                        $2.00                     $1.95
         Rent Commencement                3-1-02
         Annual Rent Steps                 N/A
         Percentage Rent/Reports           N/A
         Sales
         Tenant Improvements                N/A
         Landlord Work                      N/A
         TOTAL (TI + LL Work)               N/A
         Term                              1 Year
         Options (Y/N)?                      N
         Option Terms (Number,              N/A
         length, economics)
         Relocation/Termination           No / No
         NNN?/Mgt Fee/ Admin               N/A
         Co-tenancy?                        No

Note: 2002 Budget reflects Carl Ehmann occupying Suite 3 at a rate of $1.95 per square foot per month.

The lease form is our standard form, and there are no material non-standard additions or revisions
to the contract.

Recommendation: Tenant’s credit is weak, however, he is paying first, last and security
deposit upfront on an interior executive suite where we have a high vacancy at this time.

Please let me know if you have any questions or require any additional information. If approved,
please process the Lease Agreement.
Memorandum to Maggie Georgilas
February 11, 2002
Re: Lake Arrowhead Village –Patrick Martin
Page 2

                       NET EFFECTIVE RENT SHEET
Prepared by: Kirk Coult/Laurie McDaniel
Asset: Lake Arrowhead Village
Tenant: Patrick Martin
Date: February 11, 2002
                                        2002 Budget                     Final
           PROPERTY                   Lake Arrowhead               Lake Arrowhead
         ADDRESS/SUITE                    F-240/3                     F-240/3

        SQUARE FOOTAGE                           140                          140
           TERM (YEARS)                                                        1.0
     RENT PER SF PER MONTH                      $1.95      23.40             $2.00      24.00
     # OF MONTHS FREE RENT                        0.0                          0.0
        LANDLORDS WORK                             $0      $0.00             $0.00      $0.00
      TENANT IMPROVEMENT                           $0      $0.00                $0      $0.00
           ALLOWANCE
          INTEREST RATE                       12.00%                       12.00%

                                                        PER S.F.                     PER S.F.

 AVERAGE MONTHLY CONTRACT                         $0       $0.00             $280       $2.00
           RENT

                LESS:
    (FREE RENT AMORTIZATION)                       0        0.00                 0        0.00
         (LEASE COMMISSION                         0        0.00              (22)      (0.16)
           AMORTIZATION)
  (T.I / LL WORK AMORTIZATION)                     0        0.00                0        0.00
       NET EFFECTIVE RENT                         $0       $0.00             $258       $1.84


                                                         Rent                         Rent
                                                        Growth                       Growth
    AVERAGE CONTRACT RENT                                  1.00                         1.00

             YEAR 1                             $273     $1.9500             $280     $2.0000
             YEAR 2                               $0     $0.0000               $0     $0.0000
             YEAR 3                               $0     $0.0000               $0     $0.0000
             YEAR 4                               $0     $0.0000               $0     $0.0000
             YEAR 5                               $0     $0.0000               $0     $0.0000
             YEAR 6                               $0     $0.0000               $0     $0.0000
             YEAR 7                               $0     $0.0000               $0     $0.0000
             YEAR 8                               $0     $0.0000               $0     $0.0000
             YEAR 9                               $0     $0.0000               $0     $0.0000
             YEAR 10                              $0     $0.0000               $0     $0.0000
          AVERAGE RENT                            $0     $0.0000             $280     $0.0000

     TOTAL CONSIDERATION                          $0                        $3,360
Deal At-A-Glance
Center Name:        Lake Arrowhead Village                                                               Date:     2-11-02
Address of Premises:       28200 Highway 189                                           Bldg:          F          Space:    240/3
Tenant Name:        Patrick Martin
Trade Name:       Patrick Martin                                                                   Store Size:                  140 SF
Address of Tenant:        P.O. Box 50 Box #220
City:    Lake Arrowhead                            State:      CA        Zip:       92352            Phone:        (909) 336-7676
Contact Name:        Patrick Martin                                                                   Phone:        (909) 336-7676
Use Clause:      Office Use
Any exclusives/restrictions?           No
Term of Lease:      1         Yrs.      0        Mos.        # of Options: 0                Length of Options:            N/A
Lease Commencement Date:                3-1-02                          Rent Commencement Date:                   3-1-02
Amount of Free Rent:          0                Mos.      CAM, Taxes, Ins. Included?               Yes:     N/A            No:
Security Deposit:       $280.00         Prepaid Rent/Exp:              Yes:     X       No:                 Amount:          $560.00
Min. Monthly Rent:         $280.00             Adjustments:            Scheduled:      N/A CPI:                      Max/Min:
Minimum          Mos: 1-xx           $/mo                $/yr.
Rent             1-12                $280.00             $3,360.00
Adjustments:     N/A
Percent Rent:       N/A           Artificial Breakpoint:           N/A                         Reporting Freq.:           N/A
CAM, Taxes, Ins.: Standard: Yes:                 N/A        No:                 If “No,” explain:         N/A
Administrative Fee:        N/A            Exclusions:
Management Fee:            N/A
Occupancy Date:         3-1-02                                 Construction Period:             N/A
Landlord’s Work: “AS IS”              X        Vanilla Shell                  Other              Amount:
Tenant Allowance:
Tenant Termination Right?              No             If “Yes,” explain:
Co-tenancy?      No         If “Yes,” explain:
Non-standard lease provisions (signage, relocation, CAPS, etc.?)                       None
Conflicts with existing exclusives? If yes, explain.              No
Financials (type and dates):       N/A
Comments/Nature of                 N/A
financial review:
DEVELOPERS DIVERSIFIED CORPORATION
BURNHAM PACIFIC
COMMISSION APPROVAL

DATE:                                                2/11/02
PROPERTY:                                   Lake Arrowhead Village
NAME OF TENANT:                             Patrick Martin
TYPE OF LEASE:                                       X               New
SQUARE FOOTAGE LEASED:                                    140
LEASE TERM:                                                 1        yr.
COMMENCEMENT DATE EXPECTED:                           3/1/02


RENT PER SQUARE FOOT:                           Annual                         Annual             Annual                 Annual
                                                Rent/SF                        Rent              Rent/SF                     Rent
              Year One                          $        24.00             $     3,360.00
              Year Two                           $           -             $             -
              Year Three                         $           -             $             -
              Year Four                          $           -             $             -
              Year Five                          $           -             $             -
              Year Six                           $           -             $             -         $        -            $             -
              Year Seven                         $           -             $             -         $        -            $             -
              Year Eight                         $           -             $             -         $        -            $             -
              Year Nine                          $           -             $             -         $        -            $             -
              Year Ten                           $           -             $             -         $        -            $             -
TOTAL RENTS:                                                               $     3,360.00                                $             -
COMMISSION PERCENTAGE:                                           A                      6%                      B                   1.5%
                                                                           $      201.60                                 $             -


TOTAL COMMISSION (A+B)                                                     $      201.60


WAS AN OUTSIDE BROKER USED?                 X                        Yes                                            No
NAME OF BROKER:                             GC Properties
OUTSIDE COMMISSION AMOUNT:                           $168.00
COMMISSION DUE DDR                              $        33.60
LEASING MANAGER (Print Name & Sign):                                 Margaret Georgilas


APPROVED BY (Print Name & Sign):                                     Margaret Georgilas


Commission Structure:
New Leases with a cooperating Broker                                                         New Leases without a cooperating Broker
 6.0% of the base rent for years 1 - 5                                                         5.0% of the base rent for years 1 - 5
 3.0% of the base rent for years 6 - 10                                                        2.5% of the base rent for years 6 - 10
Ground Leases:
  3.0% of the base rent for years 1 - 5 ;       1.5% of the base rent for years 6 - 10
Renewals:
  50% of the commission that would be paid for a new lease
  The parties acknowledge that a "renewal" is an execution of a new lease with a tenant
  for a space previously occupied by such tenant for the term exceeding the last date
  of any extension option set forth in the existing lease with such tenant.
Timing:
  50% payment on complete execution of unconditional lease - remainder paid upon commencement

				
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