Awarded to:Lessor: MCP Uptown Owner LLC, Normal, IL
Address of Leased Space: 100 S Fell Ave, Normal, Illinois
Size of Leased Space: 31,327 SF (plus 4,172 SF option at renewal)
Amount: An estimated $2,156,628
Terms: Multi-year transaction
Lease Begin Date: 6/1/2020
Lease End Date: 9/30/2022
Duration: 28 months
Renewals:
1 five-year, then 1 two-year
Potential Future Renewals:
$11,082,966
0
Comments:
Award. The posted award amount includes base rent ($1,403,617) combined with estimated operational expenses ($753,011) the University will be responsible for as part of a triple net lease arrangement. These expenses include common area maintenance, property tax, utilities, and janitorial & maintenance.
Renewal Options. The RFI submittal includes an option after the initial term for a separate and additional 4,172 SF lease estimated at $596,921 over a five-year term. This estimated cost includes base rent ($377,111) combined with estimated operational expenses ($219,810) the University would be responsible for as part of a triple net lease arrangement. The 2nd renewal option is for 32 months (2 years, 8 months).
The buyer for this procurement is now Nick Mullins, (309) 438-1946.
The University award process may be delayed up to thirty days as this award goes through a state approval process.
