To: MAYOR AND CITY COUNCIL
From: STEPHEN PROUD, WATERFRONT & ECONOMIC DEVELOPMENT DIRECTOR
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ADOPT BY TITLE ONLY RESOLUTION NO. CC-2102-016, A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDONDO BEACH, CALIFORNIA, LEASING CERTAIN PROPERTY TO HOLIDAY CARPET AND FLOOR COVERING, INC., A CALIFORNIA CORPORATION
APPROVE A LEASE WITH HOLIDAY CARPET AND FLOOR COVERING, INC. FOR THE PREMISES AT 115 W. TORRANCE BLVD. FOR A MONTHLY AMOUNT OF $1,775.25 FOR THE TERM FEBRUARY 16,2021 - FEBRUARY 16, 2022
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EXECUTIVE SUMMARY
In March 2012, the City purchased the Pier Plaza leasehold and began the process of direct leasing to various tenants. Pier Plaza is comprised of several buildings totaling approximately 75,000 square feet of office and retail uses. The proposed lease with Holiday Carpet and Floor Covering is for the space at 115 W. Torrance Boulevard, Suite 200 ("Premises") which is approximately 789 square feet.
The proposed lease is for a two-year term with the City retaining the option to terminate the lease with a twelve (12) month prior written notice. Rental revenue to the City's Harbor Uplands Fund will be $1,775.25. or approximately $2.25 per square foot with a 3% annual increase each year of the lease.
BACKGROUND
In March 2012, the City purchased the Pier Plaza leasehold and began the process of entering into direct leases with various tenants. The Pier Plaza leasehold is comprised of buildings 103 to 131 West Torrance Boulevard (on the top level of the Pier Parking Structure) and totals approximately 75,000 square feet of space. The property is prepared almost entirely for office uses; with the lone exception being a restaurant use of less than 4,000 square feet. The proposed lease with Holiday Carpet and Floor Covering is for the space at 115 W. Torrance Boulevard, Suite 200 which is approximately 789 square feet. The last tenant to occupy the space was Simmons Media Group, LLC - who vacated the space on April 30, 2017. It has ...
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