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1 RiversideCA.gov
1 RiversideCA.gov
LEASE AGREEMENT - HALO CONNECT, LLC
MISSION SQUARE BUILDING, SUITE 110
City Council
October 18, 2022
Public Utilities Department
RiversideCA.gov
2 1. Mike Kim, Laura Kim and Paramount
Cellular LLC occupied the space from
June 14, 2017, to June 22, 2022.
2. Mike Kim, Laura Kim and Paramount
Cellular LLC sold the franchise to Halo
Connect, LLC, necessitating a new lease
with Halo Connect, LLC.
BACKGROUND
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3 1. Term: June 12, 2022 through June 30, 2027
2. Premises: Approximately 1,185 rentable square feet of space located at 3750 University Avenue, Suite 110
3. Base Rent Schedule (Triple-Net Lease):
PROPOSED 5-YEAR LEASE TERMS
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4 4. Options to Renew: Tenant will have one option to extend the lease for an additional five-years each at the prevailing market rent at the time of exercising the options to extend.
5. Broker: Pursuant to the existing Exclusive Authorization to Lease Agreement with NKF, City to pay NKF a leasing
commission equal to 5% of lease consideration in the amount of $10,497.35.
6. Parking: Tenant will have five (5) unreserved parking spaces at current prevailing garage rates, currently unreserved rates are $70.00 per stall.
PROPOSED 5-YEAR LEASE TERMS CONT.
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5 Strategic Priority 3 – Economic Opportunity
Goal 3.3 – Cultivate a business climate that welcomes innovation, entrepreneurship, and investment.
Cross-Cutting Threads
STRATEGIC PLAN ALIGNMENT
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6 That the City Council:
1. Approve a Lease Agreement with Halo Connect, LLC
for a five-year term from June 12, 2022, through June
30, 2027, with one optional five-year extension; and
2. Authorize the City Manager, or designee, to execute
the Lease Agreement, including making minor, non-
substantive changes, and to sign all documents and
instruments necessary to complete the transaction.
RECOMMENDATIONS
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