Three years remain on Primary Lease
with a five year option to renew.
The property is fully leased to Walgreens and will have 20 years of primary lease
term remaining upon commencement.
The primary lease
term would be 15 years, with five additional renewal options, each for an additional five-year term.
TriNet's current portfolio consists of 71 properties in 19 states, all of which are 100% leased, and have a weighted average remaining primary lease
term of more than 12 years.
The trust estate pledged to bondholders encompasses the primary lease
between the authority and TUFF Archives LLC, including all rental revenues derived from the facility, as well as the loan obligation of TUFF Archives LLC to the authority.
Time remains on primary lease
with option to renew.
Due to the construction component, financing was secured for a 26-year term, to mirror the approximate ten-month construction period and the 25-year primary lease
between ownership and tenant.
TriNet's current portfolio consists of 70 properties in 19 states, all of which are 100% leased and have a weighted average remaining primary lease
term of approximately 13 years.
Wilson, President of Imperial said, "We have been seeking a development partner for the PRVB leases in an effort to secure additional capital prior to the expiration of the primary lease
terms beginning early next year.
Almost 4-years remain on primary lease
with five year option to renew.
With the help of its tenant rep, the New York office of The Staubach Company, Novell, whose 10-year primary lease
for the 35th floor ended in January, searched all along the Sixth Avenue corridor for a new home.
Mesa will continue to make the primary lease
payment on the Shorts 360s as its contribution.