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Excel Inc. (d/b/a DHL Supply Chain (USA)), a transportation/logistics company, leases 197,250 square feet, or approximately 52% of the building’s rentable area, under a lease that expires in September 2023 with no options to extend. The annual base rent under the lease is currently $1,065,000 and is subject to annual rent escalations of approximately 4% beginning April 2019.
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•
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Pactra USA, Inc., a transportation/logistics company, leases 184,350 square feet, or approximately 48% of the building’s rentable area, under a lease that expires in December 2023 with one option to extend the term of the lease for five years. The annual base rent under the lease is currently $1,073,000 and is subject to annual rent escalations of approximately 3% beginning in January 2019.
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|
|
Number of
Leases
|
|
Gross Leasable Area
|
|
Annualized Base
Rental Income
of Expiring
Leases (1)
|
|
Percent of
Total Annualized
Base Rental
Income
|
||||||||
Year
|
|
|
Approximate
Square Feet
|
|
Percent of Total
Leasable Area
|
|
||||||||||
2018
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2019
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2020
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2021
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2022
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2023
|
|
2
|
|
|
381,600
|
|
|
100
|
%
|
|
$
|
2,138,000
|
|
|
100
|
%
|
2024
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2025
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2026
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2027
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
(1)
|
Annualized base rent is calculated as monthly base rent (cash basis) per the terms of the lease, as of the acquisition date, multiplied by 12. If free rent is granted, then the first month with a positive rent value is used.
|