TO: Chair and Members of the Board
FROM: Jeffrey Oris, Executive Director
DATE: March 11, 2020
Title
CONSIDERATION OF LEASE AMENDMENTS AND A NEW LEASE FOR MARGATE BLVD HARDWARE, INC. FOR THE PROPERTY LOCATED AT 5823, 5833B, 5841, 5861, AND 5865 MARGATE BOULEVARD
Body
BACKGROUND: The owner of Margate Blvd. Hardware, Inc. (Ace Hardware) approached the CRA about consolidating the space he occupies in the Ace Hardware Shopping Plaza. The request would have the hardware store vacate the space they currently occupy at 5823 Margate Blvd. and relocate their merchandise and operations from this space to 5865 and 5861 Margate Blvd. directly adjacent to their current store at 5841 Margate Blvd. They will continue to occupy the 500 square foot space at 5833B Margate Blvd. (A map of the plaza showing bays is included in the back up material to this item). The space they would vacate is 3200 square feet and the 2 new spaces they would occupy total 3200 square feet, therefore, there is no net increase in space they will be leasing.
Specifically, the Tenant requested amendments to the Lease include:
* Leasing two adjoining bays 3,200 square feet in total, 5861 and 5865 Margate Boulevard (1,600 square feet each), beginning April 1, 2020.
* Tenant will open the interior wall between main store at 5841 and 5861 to relocate the Benjamin Moore retail paint section of the store.
* Tenant will move its shipping department and some inventory to 5865.
* Tenant is responsible for all build out.
* All other standard lease terms to remain, including the tenant to, maintain, repair or replace HVAC systems.
* Lease rates remain the same as current rates.
* Tenant intends to have all build out completed and to vacate 5823 Margate Boulevard, (3,200 square feet) within 90 days. The 90 days while performing build out and occupying both spaces will be without charge).
* Additionally, as it relates to 5841 Margate Boulevard, the main retail location, the tenant wishes to amend t...
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