All Forum Posts by: Otto W. Anderson

Thank you Tyler.  I appreciate the advice.  

I am currently planning on providing 90 days notice prior to their current lease expiration.

We have made some cosmetic improvements to the building since purchase in June.  Will seal coat and stripe the parking lot in September as well as some other landscaping improvements to help with curb appeal.  Hopefully they appreicate our efforts.

These guys know they are paying discounted rent and have been for many years.  They have to know at some point they would have to pay what is considered market rent.   These type of units have been leasing up in 30-60 days in our industrial park over the past 3 months @ 12 psf plus cam.  Hopefully the economy remains robust until a new lease is signed.

Good Day All!

Recently purchased an industrial Flex Office/Warehouse.  10,000 sqft  (5) 2,000 sqft tenants.

4 of the 5 tenants leases expire at the end of the year.  All tenants are paying $6 dollars a sqft full service.  Significantly under current market rates of $12 nnn.  

Submarket outside of Charlotte NC. Directly off RT 74 which is heavily traveled.

How would you proceed with notifying tenants of the rent increase?

90 Days, 60 Days, 30 Days Notice??   

2 of the 4 tenants have been there more than 5 years and are dug in tight with equipment and materials in their space.