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MTA retail lease approved for Aliso/Park garage with projected $2 million revenue
Summary
The subcommittee authorized a 10-year retail lease with two five-year options at 133 O'Farrell Street (Aliso/Ofarrell Garage) to Sega Food Group Inc. and Ramin Bahabi; MTA staff said the lease will generate about $2 million over the first decade and tenants will fund improvements.
The Budget and Finance Subcommittee on May 22 authorized the Municipal Transportation Agency to execute a retail lease agreement with Sega Food Group Inc. and Ramin Bahabi for approximately 1,127 square feet at 133 O—Farrell Street for a 10-year term plus two 5-year extension options.
Amit Kothari of the MTA said the tenant will pay initial base rent of $15,000 per month (about $160 per sq ft per year) and will cover tenant improvements and broker commissions. He said the MTA board approved the lease on May 7, 2013 and that the lease is expected to generate approximately $2,000,000 in additional revenues for the MTA over the first 10 years.
The budget analyst noted the proposed rent per square foot exceeds rents for comparable retail spaces in the garage but recommended approval. There was no public comment and the committee approved the lease without objection.
