LEASE ABSTRACT
DATE PREPARED: 04/18/2023
PREPARED FOR: City of Fullerton, CA (Landlord)
LEASE #: 5771-1-000056
PREMISES:
VERIZON PIONER WATER TANK
VERIZON PIONER WATER TANK
2470 W PIONEER AVE
FULLERTON,
CA
92833
UNITED STATES
TENANT:
LOS ANGELES SMSA LIMITED
PARTNERSHIP DBA VERIZON
WIRELESS 4
N/A
180 WASHINGTON VLY RD
BEDMINSTER,
NJ
79210
UNITED STATES VIRGIN ISLANDS
GENERAL
LEASE TYPE
OPERATING
CLASSIFICATION
LAND
ASSET NUMBER
C0012604
LEASE TERM
239 FULL CALENDAR MONTHS
EXECUTION DATE
11/23/2020
COMMENCEMENT DATE
06/01/2021
POSSESSION DATE
06/01/2021
LEASE END DATE
05/01/2041
STATUS
ACTIVE, ORIGINAL
AREA
484 SQUARE FEET
COST/SQ FT
81.72 AVG BR COST/SQ FT
81.72 AVG BR & TIA COST/SQ FT
81.72 AVG TOT COST/SQ FT
81.72 TITLE TRANSFER?
NO
SHORT-TERM LEASE?
NO
FINANCIAL
Payment Currency:
Base Rent:
DATES
RATE
FREQUENCY
ESCALATION
6/1/2021 - 5/1/2041
3,200
Monthly
3%
ADDITIONAL OPTIONS
RENEWAL OPTION:
RENEW FOR HOW LONG: 60 Months
RENEWAL DATE: 05/02/2026 - 05/01/2031
RENEWAL COMMENT:
Automatical Renewal - Based on the history of this lease and the reliance by the community, the City is likely to allow the auto renewal of this lease to occur.
REASONABLY CERTAIN TO RENEW? :Yes
RENEWAL BASE RENT (MONTHLY):3,709.68
RENEWAL ESCALATION:3 %
RENEW FOR HOW LONG: 60 Months
RENEWAL DATE: 05/02/2031 - 05/01/2036
RENEWAL COMMENT:
Automatic Renewals - Based on the history of this lease and the reliance by the community, the City is likely to allow the auto renewal of this lease to occur.
REASONABLY CERTAIN TO RENEW? :Yes
RENEWAL BASE RENT (MONTHLY):4,300.53
RENEWAL ESCALATION:3 %
RENEW FOR HOW LONG: 60 Months
RENEWAL DATE: 05/02/2036 - 05/01/2041
RENEWAL COMMENT:
Automatic Renewals - Based on the history of this lease and the reliance by the community, the City is likely to allow the auto renewal of this lease to occur.
REASONABLY CERTAIN TO RENEW? :Yes
RENEWAL BASE RENT (MONTHLY):4,985.50
RENEWAL ESCALATION:3 %
RENEW FOR HOW LONG: 60 Months
RENEWAL DATE: 05/02/2041 - 05/01/2046
RENEWAL COMMENT:
While the renewals are automatic, it is uncertain at this time whether or not this lease will be renewed for all extention periods
REASONABLY CERTAIN TO RENEW? :No
RENEWAL BASE RENT (MONTHLY):5,779.56
RENEWAL ESCALATION:3 %
PURCHASE OPTION:
No option.
TERMINATION OPTION:
No option.
OTHER CONTACTS