Item Text

55. AMENDMENT TO LEASE L-7392 WITH SWRE DEAL V BUILDING, LLC Subject to the ownership of the 101 Business Center transferring from Carlson Real Estate Company, LLLP to SWRE DEAL V BUILDING, LLC; approve and authorize the Maricopa County Board of Supervisors Chairman to execute Amendment No. 2 to Lease No. L-7392 with SWRE DEAL V BUILDING, LLC, as proposed successor in interest to Carlson Real Estate Company, LLLP, (Landlord) for the West Valley One Stop Career Center facility at 1840 North 95th Avenue, Suite 160, Phoenix, Arizona; authorize an exception to County Policy A-1920 which limits real estate lease terms to 60 months; and authorize the rescinding of this agenda item should the pending sale of the 101 Business Center to SWRE DEAL V BUILDING, LLC not close. This agenda item is predicated upon the closing of a pending sale of the 101 Business Center from the current landlord (Carlson Real Estate Company, LLLP) to the prospective buyer and prospective new landlord (SWRE DEAL V BUILDING, LLC) on, or about, January 21, 2013. Should the subject pending sale of the 101 Business Center to SWRE DEAL V BUILDING, LLC not close, this agenda item is rescinded in its entirety. Lease Amendment No. 2 will extend the expiration of the lease term to June 30, 2019; modify the agreement beginning February 1, 2013, from a triple net lease to a modified full services lease; establish 2013 as a base year for calculating increases to operation and maintenance expenses;, and modify rental rates beginning February 1, 2013. The annual base rent beginning February 1, 2013, through June 30, 2019 will be: Lease Period Rate Monthly Rent Expense 02/01/13 – 06/30/13 $21.50/s.f. $58,605.42 plus rental tax 07/01/13 – 06/30/14 $21.50/s.f. $58,605.42 plus rental tax 07/01/14 – 06/30/15 $19.55/s.f. $53,290.04 plus rental tax 07/01/15 – 06/30/16 $20.05/s.f. $54,652.96 plus rental tax 07/01/16 – 06/30/17 $20.55/s.f. $56,015.88 plus rental tax 07/01/17 – 06/30/18 $21.05/s.f. $57,378.79 plus rental tax 07/01/18 – 06/30/19 $21.45/s.f. $58,469.13 plus rental tax Maricopa County will be responsible for monthly payment of increases in operating and maintenance expenses above the base year. (C-22-07-113-4-02)

Vote — approved

Gallardo PRESENTATION	yes
Steve Chucri	yes

49.ADMINISTRATIVE CHANGE TO RECOGNIZE NEW OWNER AND LESSOR UNDER LEASE L-7392Approve an administrative change to Lease Agreement No. L-7392 to recognize HF1-D Phoenix 1706, LLC as the new property owner and successor landlord with regards to the Human Services office space lease at 1840 North 95th Avenue, Suite 160, Phoenix, AZ 85037.Lease L-7392, was approved by the Board of Supervisors via C-22-07-113-4-00. The County received formal notice on June 28, 2017, that effective immediately, HF1-D P

Item Text

49. ADMINISTRATIVE CHANGE TO RECOGNIZE NEW OWNER AND LESSOR UNDER LEASE L-7392 Approve an administrative change to Lease Agreement No. L-7392 to recognize HF1-D Phoenix 1706, LLC as the new property owner and successor landlord with regards to the Human Services office space lease at 1840 North 95th Avenue, Suite 160, Phoenix, AZ 85037. Lease L-7392, was approved by the Board of Supervisors via C-22-07-113-4-00. The County received formal notice on June 28, 2017, that effective immediately, HF1-D Phoenix 1706, LLC, an Arizona foreign limited liability company, is the new property owner and successor Lessor of the lease agreement via Special Warranty Deed as recorded with the County Recorder on June 29, 2017, instrument number 2017-0477768. All rent payments and Notices under the Agreement shall be sent to HF1-D Phoenix 1706, LLC, c/o The Humphreys Fund, 223 S. Walker Avenue, Oklahoma City, OK 73101, with a copy sent to the property manager at HF1-D Phoenix 1706, LLC, c/o VWP Realty, LLC, 2390 E. Camelback Road, Suite 305, Phoenix, AZ 85016. Supervisor District: All (C-22-07-113-4-04)

Attachments (3)