Detailed lease for store space within a shopping center, with an option for rent as a percentage of gross sales.
Minnesota Shopping Center Lease Agreement - percentage rent option
State:
Multi-State
Control #:
US-808LT
Format:
Word;
Rich Text
Instant download
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How to fill out Shopping Center Lease Agreement - Percentage Rent Option?
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FAQ
Percentage leases can also benefit the property owner because they have the ability to choose the type of businesses and companies that are placed within the retail space. Accordingly, strategic leasing can attract more customers to the space, which gives the landlord the opportunity to negotiate a percentage of sales.
A common method for determining percentage rent is to use a natural breakpoint. A natural breakpoint is calculated by dividing the base rent by an agreed percentage. The percentage rent payable by a tenant will then be equal to this percentage multiplied by the amount by which gross sales exceeds the breakpoint.
A rent liability clause states that tenants are entirely responsible for paying full rent, even if one of the parties refuses to pay their share in a particular month. For example: If the tenant is going to live with roommates, it's important that you hold that specific tenant liable for rent and possible damages.
Commercial tenants should be able to spend 5% to 10% of their gross sales per foot on rent. Your gross sales divided by the location's square footage will give you sales per square foot. For example, you estimate your business will make $300,000 per year in total sales, and you are looking at a 1,500 square foot space.
A percentage lease is a type of lease where the tenant pays a base rent plus a percentage of any revenue earned while doing business on the rental premises. It is a term used in commercial real estate.
Here's how to calculate the leased percentage: current number of units occupied + (number of units with signed leases yet to move in) / total number of units 100%.
A percentage lease is a type of lease where the tenant pays a base rent plus a percentage of any revenue earned while doing business on the rental premises. It is a term used in commercial real estate.
A percentage rent provision provides that if the tenant achieves a certain amount of gross sales in a given year, they will pay a percentage of such gross sales to the landlord as additional rent.
Percentage of Sales Taken For example, a percentage lease might require a tenant to pay 7% of all sales that exceed more than $25,000 in sales in any given month. Seven percent is a common percentage lease figure, so if a landlord wants to charge you 10% or 12%, be leery.