Gentle Monster North America – Lease Status

22 sites as of Sep 18, 2026. Source: _GM_Candidate_Lease_Comparison.xlsx

Open store 8

Stores trading today, on an executed lease.

Executed 6

Leases signed by both sides.

  • HAUS-LAWest Hollywood, CA · Sep 2025
    $210 /SF
  • San DiegoSan Diego, CA · Mar 2025
    $190 /SF
  • VancouverVancouver, BC · Nov 2025
    20% / 15% / 13%
  • DallasDallas, TX · Aug 31, 2026
    $257 /SF
  • BostonBoston, MA · Aug 28, 2026
    $366 /SF
  • LafayetteNew York, NY · Sep 11, 2026
    $168 /SF

Draft lease 3

Lease documents drafted but not signed. Figures may still change.

LOI stage 5

Letter of intent or earlier. No lease document yet.

  • MichiganChicago, IL · Blackline Aug 3, 2026
    $369 /SF
  • PhiladelphiaPhiladelphia, PA · Jul 21, 2026
    $178 /SF
  • TorranceTorrance, CA · Jul 21, 2026
    $163 /SF
  • San AntonioSan Antonio, TX · No LOI on file
    $225 /SF
  • SeattleBellevue, WA · No LOI on file
    $90 /SF

Expected delivery of each space

Delivery date from the lease or LOI (earliest date where a range is given). Figures per SF in the lists above are Year-1 fixed occupancy cost.

2026 2027 2028 Today HAUS-LA · Sep 2025 San Diego · Feb 2026 Century · Feb 2026 Vancouver · Jul 2026 Dallas · Sep 2026 Boston · Oct 2026 Americana · Nov 2026 Lafayette · Dec 2026 Philadelphia · Jan 2027 Michigan · Mar 2027 Oakbrook · Jun 2027 San Antonio · Apr 2028 Torrance · Jul 2028

Not on the timeline: Soho, Downtown LA, San Jose, Costa Mesa, Houston, Las Vegas, New Jersey, Toronto — already open and trading. Seattle — space is available now, no date set.

All sites side by side

Grouped by deal stage. Money figures are Lease Year 1 of each document. Vancouver (CAD) and New Jersey pay a percentage of sales instead of rent, so they carry no fixed cost. Toronto amounts are in CAD.

SiteCityStageSize (SF)TermStructureYear-1 base rentBase rent / SFFixed cost / SFFree rentTI allowanceDelivery
SohoNew York, NYOpen store4,11110 years + one 5-year optionModified gross$975,000$237$237151 days + $240,000 of credits$400,000 + $500,000 buy-outOpen
Downtown LALos Angeles, CAOpen store4,70010 yrs 4 mo + two 3-year optionsGross$169,200$36$564 months on each lease$5,000 (tenant must spend $250,000+)Open
San JoseSanta Clara, CAOpen store4,306To Dec 31, 2029 (first option exercised)NNN$434,906$101$170Work period free; year 1 at 13% of salesInitial term onlyOpen
Costa MesaCosta Mesa, CAOpen store4,548To Jan 31, 2029, no renewalGross to Jan 2023, then unclear$341,100$75$7512 monthsNoneOpen
HoustonHouston, TXOpen store4,84310 lease years, no renewalNNN$290,580$60$119None$250/SF cap ($1,210,750)Open
Las VegasLas Vegas, NVOpen store3,94010 lease years, no renewalNNN$591,000$150$229None$325/SF cap ($1,280,500)Open
New JerseyEast Rutherford, NJOpen store4,261To Jul 31, 2030 + one 4-year option16% of sales———None — no fixed rent at allLandlord built, capped $3.0M, repayableOpen
TorontoToronto, ON (CAD)Open store5,2357 years to Oct 31, 2032NNN (CAD)C$1,047,000C$200C$330Fixturing period onlyCAD $160/SF (CAD 837,600)Open
HAUS-LAWest Hollywood, CAExecuted10,95010 yrs 8 mo from Sep 15, 2025Gross$2,300,000$210$2108 monthsNoneDelivered Sep 15, 2025
San DiegoSan Diego, CAExecuted4,01510 years, to Jul 31, 2036NNN$481,800$120$190About 6 months fixturingNone (as is)Est. Feb 1, 2026
VancouverVancouver, BCExecuted1,0453 years from opening, then automatic 1-year extensionsLicense fee: 20% / 15% / 13% of net sales———n/aNone; GM pays full fit-outOpen by Oct 2026
DallasDallas, TXExecuted4,111About 7 years, to Jan 31, 2035NNN$678,315$165$257About 6 months fixturingNoneEarly Sep 2026
BostonBoston, MAExecuted3,77910 years + two 5-year optionsNNN$1,216,160$322$366Up to 7 monthsNoneOct 1, 2026
LafayetteNew York, NYExecuted28,49110 years from rent startModified gross$4,750,000$167$16812 months$3,500,000 (hard costs only)Dec 1, 2026 target; outside date Mar 1, 2027
AmericanaGlendale, CADraft lease3,9697 yearsNNN (fixed $180K cap)$460,000$116$162About 5 monthsNoneAbout Nov 1, 2026
OakbrookOak Brook, ILDraft lease1,500About 10 yrs 2 moNNN$469,936$313$353About 6 months fixturing$200,000About Jun 1, 2027
CenturyLos Angeles, CADraft lease3,80010 years, to Jul 31, 2036NNN$627,000$165$318About 6 months fixturingNone (as is)Est. Feb 1, 2026 (space still occupied)
MichiganChicago, ILLOI stage4,47210 yearsModified gross$1,650,000$369$3696 months from delivery$900,000 (hard costs only)Between Mar 1 and Jun 1, 2027
PhiladelphiaPhiladelphia, PALOI stage3,50510 years from rent startNNN$576,923$165$178Rent starts at opening or 150 days after delivery$200,000Between Jan 11 and Jun 1, 2027
TorranceTorrance, CALOI stage3,00010 yearsNNN$336,000$112$163About 6 months fixturing$450,000 (hard costs only)Est. Jul 1, 2028
San AntonioSan Antonio, TXLOI stage4,300Not providedAll-in quote, NNN included——$225Not providedNone quotedApr 1, 2028
SeattleBellevue, WALOI stage5,858Not providedNNN (about $15/SF, estimate)$380,770$65$90Not provided$585,800 ($100/SF, negotiable)Available now

Year-1 fixed cost per SF

Base rent plus CAM, taxes and marketing, divided by size.

Michigan Michigan: $369 $369* Boston Boston: $366 $366 Oakbrook Oakbrook: $353 $353 Toronto Toronto: C$330 C$330 Century Century: $318 $318 Dallas Dallas: $257 $257 Soho Soho: $237 $237* Las Vegas Las Vegas: $229 $229 San Antonio San Antonio: $225 $225 HAUS-LA HAUS-LA: $210 $210* San Diego San Diego: $190 $190 Philadelphia Philadelphia: $178 $178 San Jose San Jose: $170 $170 Lafayette Lafayette: $168 $168* Torrance Torrance: $163 $163 Americana Americana: $162 $162 Houston Houston: $119 $119 Seattle Seattle: $90 $90 Costa Mesa Costa Mesa: $75 $75* Downtown LA Downtown LA: $56 $56*

* Gross or modified gross: taxes and operating costs sit inside the rent, so these are not directly comparable to the NNN sites. Downtown LA also carries its mezzanine lease in the total while dividing by the store area alone — on the combined 11,110 SF its Year-1 figure is about $24/SF.

Year-1 fixed cost, total

Same figures before dividing by size.

Lafayette Lafayette: $4.79M $4.79M* HAUS-LA HAUS-LA: $2.30M $2.30M* Toronto Toronto: C$1.73M C$1.73M Michigan Michigan: $1.65M $1.65M* Boston Boston: $1.38M $1.38M Century Century: $1.21M $1.21M Dallas Dallas: $1.05M $1.05M Soho Soho: $975K $975K* San Antonio San Antonio: $968K $968K Las Vegas Las Vegas: $900K $900K San Diego San Diego: $765K $765K San Jose San Jose: $734K $734K Americana Americana: $644K $644K Philadelphia Philadelphia: $624K $624K Houston Houston: $575K $575K Oakbrook Oakbrook: $530K $530K Seattle Seattle: $527K $527K Torrance Torrance: $490K $490K Costa Mesa Costa Mesa: $341K $341K* Downtown LA Downtown LA: $265K $265K*

Soho

New York, NY · 70 Wooster Street · High street, SoHo · Wooster Realty LLC (Centaur Properties)

Open since Sep 2018
Size
4,111 SF
Term
10 years + one 5-year option
Renewal
One 5-year option (95% of FMV, floor)
Delivery
Open
Free rent
151 days + $240,000 of credits
Structure
Modified gross
Year-1 base rent
$975,000
Base rent / SF
$237
Year-1 fixed cost
$975,000
Fixed cost / SF
$237
Percentage rent
None
TI allowance
$400,000 + $500,000 buy-out
Deposit / guaranty
$2.0M, burning to $1.0M on request

Location

IntroductionGentle Monster's first US flagship, on Wooster Street between Grand and Spring in SoHo. A portion of the ground floor and cellar of 70 Wooster Street, a landmarked loft building. The store has been trading since September 2018.
PositioningThe lease itself gives no market commentary. Its only geographic statement is in the renewal-rent clause, which sets the comparable set as "comparable space in comparable buildings on Mercer, Greene and Wooster Streets between Grand and Houston Streets in SoHo, Manhattan".
Building constraintsLandmarked and inside a historic district: exterior work and permit-triggering interior work need Landmarks Preservation Commission approval. A Loft Board approval was also required for the fit-out.

Fixed occupancy cost by lease year

Annual figures. Years beyond the schedule stated in the document use the assumptions listed below the table.

Year 1 — base: $975,000 $975K Yr 1 Year 2 — base: $1,004,250 $1.00M Yr 2 Year 3 — base: $1,034,378 $1.03M Yr 3 Year 4 — base: $1,065,409 $1.07M Yr 4 Year 5 — base: $1,097,371 $1.10M Yr 5 Year 6 — base: $1,130,292 $1.13M Yr 6 Year 7 — base: $1,164,201 $1.16M Yr 7 Year 8 — base: $1,199,127 $1.20M Yr 8 Year 9 — base: $1,235,101 $1.24M Yr 9 Year 10 — base: $1,272,154 $1.27M Yr 10
Base rentCAM / operating costsReal estate taxesMarketing / condenser water / other
Lease YearBase RentBase Rent $/SFCAM / OpExRE TaxesMktg / OtherTotal FixedTotal $/SFBreakpoint
1$975,000$237.17—$0—$975,000$237.17n/a
2$1,004,250$244.28—85% over base year—$1,004,250$244.28n/a
3$1,034,378$251.61—85% over base year—$1,034,378$251.61n/a
4$1,065,409$259.16—85% over base year—$1,065,409$259.16n/a
5$1,097,371$266.94—85% over base year—$1,097,371$266.94n/a
6$1,130,292$274.94—85% over base year—$1,130,292$274.94n/a
7$1,164,201$283.19—85% over base year—$1,164,201$283.19n/a
8$1,199,127$291.69—85% over base year—$1,199,127$291.69n/a
9$1,235,101$300.44—85% over base year—$1,235,101$300.44n/a
10$1,272,154$309.45—85% over base year—$1,272,154$309.45n/a

Note: base rent is stated in the lease for all ten years and escalates at exactly 3.0%/yr. Lease Year 1 runs Mar 15, 2018 – Sep 30, 2019 and each year thereafter Oct 1 – Sep 30. There is no CAM. Real estate taxes are payable only as 85% of the increase over a base equal to the AVERAGE of the 2017/18 and 2018/19 tax years, so Year 1 carries no tax pass-through; later-year amounts depend on actual NYC assessments and are not in the lease. Total fixed therefore equals base rent. The $/SF columns divide by 4,111 SF taken from the company store roster — the lease states no area at all — so treat them as indicative rather than as a lease term.

Assumptions used in the schedule
Rentable SF — store roster figure, NOT a lease term (SF)4,111 SF
Year 1 base rent$975,000
Annual rent escalation (stated schedule)3%
CAM / operating costsNONE — no pass-through in this lease
RE taxes — tenant share of increases85%
Tax base yearAverage of tax years 2017/18 and 2018/19

Percentage rent / sales

Percentage rentNONE. The lease has no percentage rent clause at all.
Sales reportingNone. There is no gross-sales reporting, audit or records covenant, so the landlord receives no sales data from this store.

Other key terms

TI allowance / landlord's work$400,000 construction allowance covering hard and soft costs, including custom fixtures shipped from Korea. Paid as a single draw on opening against lien waivers. Separately the landlord paid up to $500,000 toward buying out the old 79 Grand Street lease. Premises delivered essentially as-is.
Security deposit$2,000,000 at signing, held as cash or as a letter of credit from an Aa/AA-rated bank. Reduces to $1,500,000 after 12 months and $1,000,000 after 24 months from rent commencement — but only if the tenant asks. See open items.
Taxes85% of the increase over the base year, billed on the landlord's statement, which becomes final if not disputed within 120 days. Only the landlord may contest the assessment, but it must contest the valuation each year. The base year does NOT reset in the renewal term.
Co-tenancyNone
Kick-outNone for either party. Termination is limited to casualty (a repair taking over 15 months, or damage of 30%+ in the last two years) and condemnation.
Relocation rightNone over the premises. The landlord may substitute vault space, which is outside the premises, on 10 days' notice.
Radius restrictionNone. Gentle Monster is free to open other New York locations.
Assignment / change of controlConsent required, with 16 stated grounds for refusal. A transfer request is DEEMED AN OFFER the landlord may accept at any time afterwards, with no deadline and no right to withdraw — so asking to assign hands the landlord an open-ended right to end the lease. 50% of any transfer profit goes to the landlord. A change in control is a deemed assignment.
End-of-term restorationTenant must remove all "specialty alterations", expressly including internal staircases, slab penetrations and all voice and data wiring — which on a ground-floor-plus-cellar store will capture the connecting stair. Holdover runs at 150% then 200% of rent plus an indemnity.
Insurance (tenant)CGL $5M per occurrence, employer's liability $1M, auto $1M, boiler and machinery, plus business interruption covering rent.

Open items / follow — up

Source: Executed\New York\LEASE--1.PDF (Agreement of Lease, January 2018) and COMMEN_1.DOC (Commencement Date Agreement, May 2018). Store open and trading.

Downtown LA →

Downtown LA

Los Angeles, CA · 814-816 S. Broadway + 818 mezzanine · High street, DTLA · Anjac Fashion Buildings, LLC

Open since 2017
Size
4,700 SF
Term
10 yrs 4 mo + two 3-year options
Renewal
Two 3-year options at fixed rents
Delivery
Open
Free rent
4 months on each lease
Structure
Gross
Year-1 base rent
$169,200
Base rent / SF
$36
Year-1 fixed cost
$265,200
Fixed cost / SF
$56
Percentage rent
None
TI allowance
$5,000 (tenant must spend $250,000+)
Deposit / guaranty
$35,250 + $20,000

Location

IntroductionTwo separate but co-terminous leases in the same building: the ground-floor retail store at 814-816 S. Broadway (4,700 SF) and the whole mezzanine floor of 818 S. Broadway (6,410 SF) used as office, showroom and warehouse. Each lease requires the other, and both start and end on the same dates.
PositioningThe lease gives no market commentary. It does disclose, and make the tenant accept, that there is year-round film production adjacent to the building with street closures, noise and queues from events at the Orpheum Theatre, no guaranteed parking, and competing optical retailers already on Broadway.
Building constraintsAn historic structure that does NOT meet California and City of Los Angeles seismic ordinances. The landlord guarantees it will not start the retrofit during the initial term, but may force the store to vacate during any option period on 180 days' notice.

Fixed occupancy cost by lease year

Annual figures. Years beyond the schedule stated in the document use the assumptions listed below the table.

Year 1-6 (mo 1-64) — base: $169,200 Year 1-6 (mo 1-64) — other: $96,000 $265K Yr 1-6 Year 6 (mo 65-76) — base: $174,276 Year 6 (mo 65-76) — other: $98,880 $273K Yr 6 Year 7 (mo 77-88) — base: $179,508 Year 7 (mo 77-88) — other: $101,880 $281K Yr 7 Year 8 (mo 89-100) — base: $184,884 Year 8 (mo 89-100) — other: $104,880 $290K Yr 8 Year 9 (mo 101-112) — base: $190,440 Year 9 (mo 101-112) — other: $108,060 $298K Yr 9 Year 10 (mo 113-124) — base: $196,152 Year 10 (mo 113-124) — other: $111,300 $307K Yr 10 Year Opt 1 (125-136) — base: $202,032 Year Opt 1 (125-136) — other: $114,600 $317K Yr Opt 1 Year Opt 1 (137-148) — base: $208,092 Year Opt 1 (137-148) — other: $118,080 $326K Yr Opt 1 Year Opt 1 (149-160) — base: $214,344 Year Opt 1 (149-160) — other: $121,620 $336K Yr Opt 1 Year Opt 2 (161-172) — base: $220,764 Year Opt 2 (161-172) — other: $125,280 $346K Yr Opt 2 Year Opt 2 (173-184) — base: $227,388 Year Opt 2 (173-184) — other: $129,000 $356K Yr Opt 2 Year Opt 2 (185-196) — base: $234,216 Year Opt 2 (185-196) — other: $132,900 $367K Yr Opt 2
Base rentCAM / operating costsReal estate taxesMarketing / condenser water / other
Lease YearBase RentBase Rent $/SFCAM / OpExRE TaxesMezzanine rent (other)Total FixedTotal $/SFBreakpoint
1-6 (mo 1-64)$169,200$36.00——$96,000$265,200$56.43n/a
6 (mo 65-76)$174,276$37.08——$98,880$273,156$58.12n/a
7 (mo 77-88)$179,508$38.19——$101,880$281,388$59.87n/a
8 (mo 89-100)$184,884$39.34——$104,880$289,764$61.65n/a
9 (mo 101-112)$190,440$40.52——$108,060$298,500$63.51n/a
10 (mo 113-124)$196,152$41.73——$111,300$307,452$65.42n/a
Opt 1 (125-136)$202,032$42.99——$114,600$316,632$67.37n/a
Opt 1 (137-148)$208,092$44.27——$118,080$326,172$69.40n/a
Opt 1 (149-160)$214,344$45.61——$121,620$335,964$71.48n/a
Opt 2 (161-172)$220,764$46.97——$125,280$346,044$73.63n/a
Opt 2 (173-184)$227,388$48.38——$129,000$356,388$75.83n/a
Opt 2 (185-196)$234,216$49.83——$132,900$367,116$78.11n/a

Note: the "Mktg / Other" column here is the MEZZANINE lease (818 S. Broadway, 6,410 SF of office, showroom and warehouse), shown alongside the store because the two leases are co-terminous and each is conditional on the other. Base rent is the ground-floor store only, and the $/SF columns divide by the 4,700 SF store area, so Total $/SF is the combined cost carried per selling square foot and is NOT comparable to the mall deals. Rent is stated monthly in the leases; the annual figures are monthly x 12. The first band runs 64 months, then five 12-month steps of 3%. The four abated months are not deducted. Calendar dates cannot be shown because commencement was never fixed in writing.

Assumptions used in the schedule
Store floor area, ground floor 814-816 (SF)4,700 SF
Mezzanine floor area, 818 back of house (SF)6,410 SF
Store rent — months 1-64 ($36.00/SF)$169,200.00
Mezzanine rent — months 1-64$96,000
Rent escalation (stated schedule)3%
CAM / taxes / insuranceNONE — gross lease, all included in base rent

Percentage rent / sales

Percentage rentNONE. Expressly negated: "There shall be no 'Percentage Rent Clauses' applicable to this Lease."
Sales reportingNone. No gross-sales reporting and no audit right anywhere in either lease.

Other key terms

TI allowance / landlord's workA one-time $5,000 allowance for paint and lighting — the figure is OCR uncertain and should be checked on the paper copy. Against that, the tenant is REQUIRED to spend at least $250,000 improving the premises. The landlord did substantial base-building work at its own cost: removed the wall between 814 and 816, stripped the interior to bare concrete, and provided water, sewer and sprinkler.
Security deposit$35,250 on the store and $20,000 on the mezzanine — each exactly 2.5 months' rent, both confirmed again in Amendment #1. No burn-down.
Taxes / OpExNone payable by the tenant. Tax increases over the base year are the landlord's cost.
Co-tenancyNone, and no exclusive use. The lease has the tenant acknowledge competing optical retailers already on Broadway.
Kick-outNone on sales. Construction-phase termination rights (permits, delivery) have long since lapsed and terminated both leases together.
Seismic displacement (option periods only)IMPORTANT. If an option is exercised, the landlord may on 180 days' notice require the store to fully vacate for the seismic retrofit. The tenant may then terminate, or stay with rent fully abated for the whole displacement plus 60 days. Model this against any option decision.
Relocation rightNone
Radius restrictionNone, in either direction.
Assignment / change of controlConsent not to be unreasonably withheld, and notably NO consent is needed for a sale of substantially all the business, a share sale, merger or consolidation, or a transfer to an affiliate. Far more permissive than the mall leases. Note the mezzanine lease alone adds a 30% change-of-control trigger that the store lease does not have.
Insurance (tenant)CGL $1M per person / $2M aggregate, landlord as additional insured. The landlord's own building cover EXCLUDES earthquake, which is worth noting given the acknowledged seismic deficiency.
SurrenderThe landlord may require removal of all improvements, but the tenant can instead pay a one-time $5,000 fee and leave everything in place.

Open items / follow — up

Source: Executed\Los Angeles\Anjac Fashion Bldg Lease Agreement (LA Store).pdf and (LA 2nd).pdf (two cross-conditioned leases, both dated July 18, 2016) and ANJACF_3.PDF (Amendment #1, name change, Oct 1, 2018). Scanned documents read by OCR — see open items. Store open and trading.

← SohoSan Jose →

San Jose

Santa Clara, CA · Westfield Valley Fair, Store 1215 · Enclosed mall · VF MALL LLC (Westfield / URW)

Open since Dec 2020
Size
4,306 SF
Term
To Dec 31, 2029 (first option exercised)
Renewal
One 4-year option left (2030-33)
Delivery
Open
Free rent
Work period free; year 1 at 13% of sales
Structure
NNN
Year-1 base rent
$434,906
Base rent / SF
$101
Year-1 fixed cost
$733,656
Fixed cost / SF
$170
Percentage rent
13% over a gross rent breakpoint
TI allowance
Initial term only
Deposit / guaranty
None; parent guaranty

Location

IntroductionStore 1215 at Westfield Valley Fair, one of the highest-grossing centres in the United States. Trading since December 2020. The first renewal option has been exercised, taking the term to the end of 2029.
PositioningThe lease names only Bloomingdale's, and only inside the co-tenancy clause that Amendment No. 1 later deleted. No traffic or market data is stated in the lease.
Amendment No. 1 (Mar 2021)A COVID-era rent restructuring. It re-anchored every rent step to the calendar year, extended the initial term to Dec 31, 2025, made the whole first lease year a 13%-of-sales year with no fixed rent, and deleted the opening co-tenancy rent waiver. The original 2019 economics no longer apply.

Fixed occupancy cost by lease year

Annual figures. Years beyond the schedule stated in the document use the assumptions listed below the table.

$0K Yr 1 Year 2 (2022) — base: $434,906 Year 2 (2022) — opex: $195,449 Year 2 (2022) — tax: $83,450 Year 2 (2022) — other: $19,851 $734K Yr 2 Year 3 (2023) — base: $447,953 Year 3 (2023) — opex: $203,267 Year 3 (2023) — other: $20,645 $672K Yr 3 Year 4 (2024) — base: $461,392 Year 4 (2024) — opex: $211,398 Year 4 (2024) — other: $21,470 $694K Yr 4 Year 5 (2025) — base: $475,234 Year 5 (2025) — opex: $219,854 Year 5 (2025) — other: $22,329 $717K Yr 5 Year 6 (2026, opt 1) — base: $489,491 Year 6 (2026, opt 1) — opex: $228,648 Year 6 (2026, opt 1) — other: $23,222 $741K Yr 6 Year 7 (2027, opt 1) — base: $504,175 Year 7 (2027, opt 1) — opex: $237,794 Year 7 (2027, opt 1) — other: $24,151 $766K Yr 7 Year 8 (2028, opt 1) — base: $519,301 Year 8 (2028, opt 1) — opex: $247,306 Year 8 (2028, opt 1) — other: $25,117 $792K Yr 8 Year 9 (2029, opt 1) — base: $534,880 Year 9 (2029, opt 1) — opex: $257,198 Year 9 (2029, opt 1) — other: $26,122 $818K Yr 9
Base rentCAM / operating costsReal estate taxesMarketing / condenser water / other
Lease YearBase RentBase Rent $/SFCAM / OpExRE TaxesPromotional (other)Total FixedTotal $/SFBreakpoint
1 (2021)$0$0.00$0$0$0$0$0.00$0
2 (2022)$434,906$101.00$195,449$83,450$19,851$733,656$170.38n/a
3 (2023)$447,953$104.03$203,267pro-rata TBD$20,645$671,865$156.03n/a
4 (2024)$461,392$107.15$211,398pro-rata TBD$21,470$694,260$161.23n/a
5 (2025)$475,234$110.37$219,854pro-rata TBD$22,329$717,417$166.61n/a
6 (2026, opt 1)$489,491$113.68$228,648pro-rata TBD$23,222$741,361$172.17n/a
7 (2027, opt 1)$504,175$117.09$237,794pro-rata TBD$24,151$766,121$177.92n/a
8 (2028, opt 1)$519,301$120.60$247,306pro-rata TBD$25,117$791,724$183.87n/a
9 (2029, opt 1)$534,880$124.22$257,198pro-rata TBD$26,122$818,200$190.01n/a

Note: lease year 1 (Dec 24, 2020 – Dec 31, 2021) carried NO fixed rent — the tenant paid 13% of gross sales instead, covering base rent, taxes, CAM and promotional together. The Summary tab therefore shows lease year 2 (2022) as this store's Year-1 comparison figures, because year 1 has no fixed cost to compare. REAL ESTATE TAXES: the amendment fixes them at $19.00/SF, stepping to $19.76/SF on the 25th full calendar month after the July 1, 2020 rent commencement (about July 2022) and reverting to the ACTUAL reconciled tenant's share on the 37th month (about July 2023). 2022 is therefore shown as a blend of the two rates ($19.38/SF); 2023 onward is part fixed and part actual, so it is marked TBD and excluded from Total Fixed. About $42,500 of the 2023 tax IS contractually fixed, so the apparent fall in Total Fixed from 2022 to 2023 is an artefact of the missing tax line, not a real decrease. The condenser water plant charge (about $20,000/yr, CPI-linked) is also excluded. Every base rent figure is a FLOOR, not a ceiling.

Assumptions used in the schedule
Floor Area (SF)4,306 SF
Base rent, first fixed year 2022 ($101.00/SF)$434,906.00
Rent escalation (stated schedule)3%
CAM Y1 ($45.39/SF)$195,449.34
CAM / promotional escalation (from Jan 1, 2023)4%
RE taxes 2022 blend ($19.00/SF to Jun, $19.76/SF from Jul)$83,450.28
Promotional charge ($4.61/SF)$19,850.66
Percentage rent rate13%
Condenser water plant charge ($4.65/SF, +CPI)$20,022.90

Percentage rent / sales

Percentage rent13% of gross sales.
BreakpointNatural, but struck against GROSS rent, not base rent. Percentage rent is payable only once 13% of sales exceeds the SUM of base rent, taxes, CAM and promotional for that year. For 2022 that implies roughly $5.63M–$5.66M of sales; later years cannot be calculated because the tax component is not in the lease.
The ratchetFor every rent year, base rent is the greater of the stated figure or that figure plus the amount by which 13% of the PRIOR year's sales exceeded the prior year's total fixed cost. Prior-year percentage rent is permanently rolled into the following year's base.
Gross salesIncludes all e-commerce, telephone and catalogue orders that either originate or are accepted at the store, or are fulfilled from store inventory. Bad debts and credit card fees are each deductible up to 2% of sales.
Reporting / auditMonthly within 10 days; annual within 30 days to sales_valleyfair@urw.com. $100 per statement per day for late filing. Two consecutive misses trigger an audit at the tenant's cost.

Other key terms

TI allowance / landlord's workA tenant allowance was granted for the initial term only; Amendment No. 1 revised its conditions. No allowance is payable for the option periods.
Security depositNone stated in the amended data sheet. Credit support is the parent guaranty.
TaxesFixed at $19.00/SF for 2021 and $19.76/SF from the 25th month after rent commencement, then the actual reconciled tenant's share from the 37th month. Tax administration fee 0%.
Other recurring chargesCondenser water plant $4.65/SF/yr escalating with CPI and never decreasing; water and sewer $1,045/yr; fire detection $600/yr; employee parking $75 per employee per month rising 5%/yr; electricity and trash paid direct.
Co-tenancyDELETED by Amendment No. 1. The opening co-tenancy rent waiver of up to 6 months was removed in full.
Kick-outNone for the tenant.
Relocation rightLimited — the landlord could relocate the premises within 40 feet before final plans, with rent adjusted proportionally.
Radius restriction20 miles. Sales of any competing store inside the radius are ADDED to this store's gross sales for percentage rent. Stores already open at signing are exempt.
Assignment / change of controlConsent required. The renewal option is personal to the tenant and dies automatically on any assignment or on a sublease of half the premises.
Second optionJan 1, 2030 – Dec 31, 2033. First-year rent is the greater of $550,925.92, 103% of the prior year, or 95% of the per-SF rent the landlord is then getting from comparable in-line tenants in the defined market review zone — an effective market reset.

Open items / follow — up

Source: Executed\San Jose\URWVLF_1.PDF (Lease dated Nov 12, 2019), GENTLE-1.PDF (Lease Amendment No. 1, Mar 2, 2021 — controls all economics) and the option exercise of Sep 30, 2024. Store open and trading.

← Downtown LACosta Mesa →

Costa Mesa

Costa Mesa, CA · South Coast Plaza · Enclosed mall · South Coast Plaza (C.J. Segerstrom & Sons)

Open since 2022
Size
4,548 SF
Term
To Jan 31, 2029, no renewal
Renewal
None
Delivery
Open
Free rent
12 months
Structure
Gross to Jan 2023, then unclear
Year-1 base rent
$341,100
Base rent / SF
$75
Year-1 fixed cost
$341,100
Fixed cost / SF
$75
Percentage rent
14% of monthly sales, greater-of
TI allowance
None
Deposit / guaranty
Steps to $150k then $100k

Location

IntroductionSouth Coast Plaza, the highest-grossing shopping centre in the United States. The lease covers the eastern portion of the centre only. The store has been trading since 2022.
PositioningThe lease gives no positioning. Department stores appear only incidentally in the asbestos disclosure, which names Bloomingdale's, Macy's, Macy's Men's Store and the former Sears. The lease expressly disclaims any warranty as to pedestrian traffic, occupancy level or tenant mix.
Store standardThe tenant is required to build and keep a flagship-quality store using its most current prototype design for its highest-quality stores, and to trade at full price — no outlet, no showroom-only operation.

Fixed occupancy cost by lease year

Annual figures. Years beyond the schedule stated in the document use the assumptions listed below the table.

Year 1 (2/22-1/23) — base: $341,100 $341K Yr 1 Year 2 (2/23-1/24) — base: $363,840 $364K Yr 2 Year 3 (2/24-1/25) — base: $363,840 $364K Yr 3 Year 4 (2/25-1/26) — base: $386,580 $387K Yr 4 Year 5 (2/26-1/27) — base: $409,320 $409K Yr 5 Year 6 (2/27-1/28) — base: $432,060 $432K Yr 6 Year 7 (2/28-1/29) — base: $454,800 $455K Yr 7
Base rentCAM / operating costsReal estate taxesMarketing / condenser water / other
Lease YearBase RentBase Rent $/SFCAM / OpExRE TaxesPromo / VAC (other)Total FixedTotal $/SFBreakpoint
1 (2/22-1/23)$341,100$75.00included in gross rentincluded in CAMincluded in gross rent$341,100$75.00$2,436,429
2 (2/23-1/24)$363,840$80.00pro-rata TBDincluded in CAMpro-rata TBD$363,840$80.00$2,598,857
3 (2/24-1/25)$363,840$80.00pro-rata TBDincluded in CAMpro-rata TBD$363,840$80.00$2,598,857
4 (2/25-1/26)$386,580$85.00pro-rata TBDincluded in CAMpro-rata TBD$386,580$85.00$2,761,286
5 (2/26-1/27)$409,320$90.00pro-rata TBDincluded in CAMpro-rata TBD$409,320$90.00$2,923,714
6 (2/27-1/28)$432,060$95.00pro-rata TBDincluded in CAMpro-rata TBD$432,060$95.00$3,086,143
7 (2/28-1/29)$454,800$100.00pro-rata TBDincluded in CAMpro-rata TBD$454,800$100.00$3,248,571

Note: every base rent figure is stated in the addendum as both a monthly amount and a per-SF rate ($75 / $80 / $80 / $85 / $90 / $95 / $100), and the two tie exactly at 4,548 SF. Year 1 rent is shown at its contract amount even though all twelve months were abated, so that it is comparable with the other sites. In year 1 CAM, air-conditioning and promotional are included in the gross rent. From Feb 2023 the addendum drops the "in lieu of additional rent" wording and leaves the pass-through clauses in force, so those amounts are shown as TBD and excluded from Total Fixed — the facing page carrying the rates is missing from the file. Real property taxes sit inside common area costs, so there is no separate tax line. The breakpoint column is the sales level at which 14% of sales overtakes base rent, tested MONTHLY, annualised here for comparison. The twelve abated months run from the first FULL calendar month after rent commencement, so on a Feb 15, 2022 start they ran Mar 2022 to Feb 2023 and spill one month into lease year 2.

Assumptions used in the schedule
Floor Area (SF)4,548 SF
Year 1 gross rent ($75.00/SF)$341,100.00
Free rent12 full calendar months from rent commencement
CAM / OpEx rateNOT IN THE DOCUMENT — the facing page is missing
RE taxesIncluded inside common area costs — no separate tax line
Overage rate (greater of base or % of monthly sales)14%

Percentage rent / sales

Percentage rentFormally NONE — the addendum deletes the percentage rent clause entirely.
But: a 14% overageRent is the greater of the stated base rent or 14% of that CALENDAR MONTH's gross sales. It is tested monthly with no annual true-up, so a strong December alone can trigger a payment even if the full year never reaches the annual breakpoint. This is harsher than a normal annual percentage rent.
Gross salesBroad — includes internet, mail, telephone and facsimile orders received, placed or filled at the premises. No deduction for uncollectible accounts. If a tax return shows higher sales, the higher figure is used.
Reporting / auditMonthly by the 10th; annual statement certified by the CFO. The landlord's audit right survives the end of the lease and a CPA's determination is binding. The tenant pays the audit cost on a 2% deficiency.

Other key terms

TI allowance / landlord's workZERO. "There shall be no allowance or abatement of any kind by Landlord". The tenant builds the whole store, pays a barricade charge of $100 per lineal foot of storefront, an $8,000 clean-up deposit, plan review fees on every future remodel, and must post full payment and performance bonds unless it uses a contractor from the landlord's approved list.
Security depositThe initial amount is on the missing facing page. The addendum reduces it to $150,000 after the second full lease year and $100,000 after the third, each by credit against rent and each conditional on no default.
CAMUncapped and unusually inclusive: real property taxes sit inside it, a 15% administrative surcharge is added on top of all other costs, ALL capital expenditure is included without amortisation, and so is interest on money the landlord borrows to fund it. The tenant has NO audit right and the landlord's annual statement is conclusive.
Specialty retailer conditionIn place of co-tenancy. Satisfied once the landlord has signed leases with any two of 25 named retailers. If not, after an 18-month grace period the rent becomes the greater of $100/SF or 10% of sales — which in the $80/SF years could COST MORE than the contract rent. The test is leases signed, not stores open, and there is no long-stop date and no termination right.
Kick-outNone. The only tenant termination right was a pre-opening one that expired in 2021.
Relocation rightYes, and broad — at any time during the term on 90 days' notice, to comparable space. The tenant may instead terminate within 20 days. No rent abatement and no compensation for business loss, and replaced trade fixtures become the landlord's property.
Radius restrictionThe centre and ALL of Orange County. It binds parents, subsidiaries and affiliates, and catches corporate sales, shop-in-shops, outlets and trunk shows. Annual written certification of compliance is required on request.
Assignment / change of controlConsent may be withheld "in its sole and absolute discretion for any reason deemed sufficient by Landlord and without reference to any standard of reasonableness". A transfer of more than 25% of the ownership of the tenant OR ITS PARENT is a deemed assignment.
Other obligationsTwo paid advertisements per lease year in the landlord's digital programme, at the landlord's price. Holdover at the greater of 300% of rent or market. The landlord's liability is capped at $5 million. Continuous operation including Sundays.

Open items / follow — up

Source: Executed\Costa Mesa\lease Gentle Monster_v3 executed.pdf and the Addendum to Lease, both dated June 18, 2021 (tenant signed June 29, 2021). Store open and trading.

← San JoseHouston →

Houston

Houston, TX · The Galleria, Room B2883 · Enclosed mall · HG GALLERIA, LLC (Simon)

Open since 2022
Size
4,843 SF
Term
10 lease years, no renewal
Renewal
None
Delivery
Open
Free rent
None
Structure
NNN
Year-1 base rent
$290,580
Base rent / SF
$60
Year-1 fixed cost
$575,058
Fixed cost / SF
$119
Percentage rent
5% over fixed breakpoints
TI allowance
$250/SF cap ($1,210,750)
Deposit / guaranty
$100,000; parent guaranty

Location

IntroductionRoom B2883 at the Houston Galleria — the original 4,000 SF store plus an 843 SF expansion, restated into a single new lease in June 2022. Simon-owned.
PositioningThe lease names no anchors and gives no traffic data. A "major tenant" is defined generically as any single tenant of 25,000 SF or more. The tenant must run a first-class, high-quality, fashionable store — not a general, promotional or self-service one.
The centre definition"Centre" today means one of the five Galleria buildings, but the landlord may at any time add any or all of the others into the definition — which changes the denominator for the tenant's share of taxes.

Fixed occupancy cost by lease year

Annual figures. Years beyond the schedule stated in the document use the assumptions listed below the table.

Year 1 — base: $290,580 Year 1 — opex: $260,263 Year 1 — other: $24,215 $575K Yr 1 Year 2 — base: $299,297 Year 2 — opex: $271,741 Year 2 — other: $25,426 $596K Yr 2 Year 3 — base: $308,257 Year 3 — opex: $283,793 Year 3 — other: $26,697 $619K Yr 3 Year 4 — base: $317,507 Year 4 — opex: $296,447 Year 4 — other: $28,032 $642K Yr 4 Year 5 — base: $327,048 Year 5 — opex: $309,734 Year 5 — other: $29,433 $666K Yr 5 Year 6 — base: $336,879 Year 6 — opex: $323,686 Year 6 — other: $30,905 $691K Yr 6 Year 7 — base: $347,001 Year 7 — opex: $338,335 Year 7 — other: $32,450 $718K Yr 7 Year 8 — base: $357,413 Year 8 — opex: $353,716 Year 8 — other: $34,073 $745K Yr 8 Year 9 — base: $368,116 Year 9 — opex: $369,867 Year 9 — other: $35,777 $774K Yr 9 Year 10 — base: $379,158 Year 10 — opex: $386,825 Year 10 — other: $37,565 $804K Yr 10
Base rentCAM / operating costsReal estate taxesMarketing / condenser water / other
Lease YearBase RentBase Rent $/SFCAM / OpExRE TaxesPromo fund (other)Total FixedTotal $/SFBreakpoint
1$290,580$60.00$260,263pro-rata TBD$24,215$575,058$118.74$5,000,000
2$299,297$61.80$271,741pro-rata TBD$25,426$596,464$123.16$5,415,000
3$308,257$63.65$283,793pro-rata TBD$26,697$618,747$127.76$5,831,153
4$317,507$65.56$296,447pro-rata TBD$28,032$641,986$132.56$6,006,100
5$327,048$67.53$309,734pro-rata TBD$29,433$666,215$137.56$6,186,283
6$336,879$69.56$323,686pro-rata TBD$30,905$691,470$142.78$6,371,871
7$347,001$71.65$338,335pro-rata TBD$32,450$717,786$148.21$6,563,027
8$357,413$73.80$353,716pro-rata TBD$34,073$745,202$153.87$6,759,918
9$368,116$76.01$369,867pro-rata TBD$35,777$773,760$159.77$6,962,716
10$379,158$78.29$386,825pro-rata TBD$37,565$803,549$165.92$7,171,597

Note: base rent is stated in the lease for all ten years as both a per-SF rate and an annual amount, and every one ties exactly to 4,843 SF. The operating cost charge, central plant charge and promotional fund are stated only as per-SF rates ($47.40, $6.34 and $5.00); the annual amounts here are those rates times 4,843 SF. The CAM / OpEx column is the operating cost charge PLUS the central plant charge ($30,705 in year 1); the promotional fund is shown on its own in the next column. REAL ESTATE TAXES ARE NOT QUANTIFIED ANYWHERE IN THE LEASE — it is a pro-rata share with no base, no estimate and an express disclaimer, so taxes are shown as TBD and are EXCLUDED from Total Fixed. This site's total is therefore understated against the sites whose taxes are known. Operating costs and the promotional fund escalate 5% per CALENDAR year while base rent steps per LEASE year, so the timing may be out by up to one step. The central plant charge is held flat but recalculates upward annually by formula.

Assumptions used in the schedule
Store Floor Area (SF)4,843 SF
Year 1 base rent ($60.00/SF)$290,580.00
Rent escalation (stated schedule)3%
OC charge Y1 ($47.40/SF, 2022 base year)$229,558.20
OC / promotional escalation (each calendar year)5%
Central plant charge ($6.34/SF)$30,704.62
Promotional fund Y1 ($5.00/SF)$24,215.00
Percentage rent rate5%

Percentage rent / sales

Percentage rent5% of adjusted gross sales above the breakpoint.
BreakpointFIXED dollar amounts, not natural — $5,000,000 in year 1 rising to $7,171,597 in year 10. The natural breakpoint in year 1 would be $5,811,600, so percentage rent bites EARLIER than a natural breakpoint would, and the gap widens over the term.
Not re-cut for the expansionThe breakpoints are identical to those in the 2021 lease even though the store grew about 21% and base rent rose from $240,000 to $290,580.
Gross salesIncludes internet, electronic, video and computer orders originating in, at or from the premises, regardless of where they are filled. No deduction for uncollected amounts.
Reporting / auditMonthly within 5 days, certified under oath; annual within 30 days. $250 per missed statement. The tenant pays the audit cost on a 3% understatement.

Other key terms

TI allowance / landlord's workThe lesser of $250/SF ($1,210,750) or the actual net cost of the work, paid half on 50% completion and half after opening. The tenant had to spend at least $1,000,000 on permanent improvements and prove it.
Security deposit$100,000, carried over from the previous lease — no new cash was required.
TaxesPro-rata share with NO stated base, estimate or cap, and an express disclaimer that the landlord makes no representation as to the amount. The denominator excludes major tenants, free-standing premises, theatres, restaurants, kiosks and storage, so the share is struck against a much smaller base than total centre area.
Automatic rent increasesTWO, both outside the rent schedule. Base rent increases 10% automatically whenever an additional major tenant opens or an existing one is replaced by a higher-quality one, and a further 10% if the landlord completes a renovation or expansion costing over $10,000,000. Neither is capped.
Co-tenancyNone.
Kick-outA year-5 sales test — if year-5 sales are under $2,750,000 the tenant may terminate, but must pay the unamortised $1,210,750 allowance with the notice. AND the right dies permanently if sales exceed $2,750,000 in ANY rolling 12-month period at any time. Treat it as illusory.
Relocation rightNone — expressly deleted.
Radius restriction25 miles. On a breach the landlord may either add 50% to the rent or fold 100% of the other store's sales into gross sales. Stores existing at June 2, 2022 are grandfathered.
Assignment / change of controlConsent required with no reasonableness standard. On any transfer the landlord takes the GREATEST of the rent uplift, the highest percentage rent of the prior three years, or the CPI increase — so a payment can fall due even with no rental profit. A change of voting control of the tenant OR THE GUARANTOR is a deemed assignment.
Other chargesDeck parking: if the landlord builds structured parking, the tenant pays a share of the capital cost amortised over at least 15 years plus 9% interest — uncapped. The tenant has NO right to audit the operating cost charge.

Open items / follow — up

Source: Executed\Houston\GENTLE MONSTER 5-31-22_revised_final.pdf (restated lease dated June 2, 2022, which replaced the Sep 9, 2021 lease and added the 843 SF expansion). Store open and trading.

← Costa MesaLas Vegas →

Las Vegas

Las Vegas, NV · The Forum Shops at Caesars, Room S31A · Enclosed mall · FORUM SHOPS, LLC (Simon)

Open since 2023
Size
3,940 SF
Term
10 lease years, no renewal
Renewal
None
Delivery
Open
Free rent
None
Structure
NNN
Year-1 base rent
$591,000
Base rent / SF
$150
Year-1 fixed cost
$900,408
Fixed cost / SF
$229
Percentage rent
5% over fixed breakpoints
TI allowance
$325/SF cap ($1,280,500)
Deposit / guaranty
None; parent guaranty

Location

IntroductionRoom S31A at The Forum Shops at Caesars. The lease is structured as a SUBLEASE — the landlord holds under a 1990 ground lease from Caesars Palace Realty Corp.
PositioningNo anchors named and no traffic data in the lease. The tenant must operate a first-class, high-quality, fashionable store.
Trading hoursSet by the lease: 10am to 11pm Sunday to Thursday and 10am to midnight Friday and Saturday, plus any other hours the landlord sets. Failing to trade adds 25% to that day's rent as liquidated damages.

Fixed occupancy cost by lease year

Annual figures. Years beyond the schedule stated in the document use the assumptions listed below the table.

Year 1 — base: $591,000 Year 1 — opex: $289,708 Year 1 — other: $19,700 $900K Yr 1 Year 2 — base: $608,730 Year 2 — opex: $300,901 Year 2 — other: $20,488 $930K Yr 2 Year 3 — base: $627,012 Year 3 — opex: $312,541 Year 3 — other: $21,308 $961K Yr 3 Year 4 — base: $645,805 Year 4 — opex: $324,647 Year 4 — other: $22,160 $993K Yr 4 Year 5 — base: $665,190 Year 5 — opex: $337,238 Year 5 — other: $23,046 $1.03M Yr 5 Year 6 — base: $685,127 Year 6 — opex: $350,332 Year 6 — other: $23,968 $1.06M Yr 6 Year 7 — base: $705,693 Year 7 — opex: $363,949 Year 7 — other: $24,927 $1.09M Yr 7 Year 8 — base: $726,851 Year 8 — opex: $378,112 Year 8 — other: $25,924 $1.13M Yr 8 Year 9 — base: $748,639 Year 9 — opex: $392,841 Year 9 — other: $26,961 $1.17M Yr 9 Year 10 — base: $771,097 Year 10 — opex: $408,159 Year 10 — other: $28,039 $1.21M Yr 10
Base rentCAM / operating costsReal estate taxesMarketing / condenser water / other
Lease YearBase RentBase Rent $/SFCAM / OpExRE TaxesMktg + media (other)Total FixedTotal $/SFBreakpoint
1$591,000$150.00$289,708pro-rata TBD$19,700$900,408$228.53$5,000,000
2$608,730$154.50$300,901pro-rata TBD$20,488$930,119$236.07$5,415,000
3$627,012$159.14$312,541pro-rata TBD$21,308$960,861$243.87$5,831,153
4$645,805$163.91$324,647pro-rata TBD$22,160$992,613$251.93$6,006,100
5$665,190$168.83$337,238pro-rata TBD$23,046$1,025,474$260.27$6,186,283
6$685,127$173.89$350,332pro-rata TBD$23,968$1,059,426$268.89$6,371,871
7$705,693$179.11$363,949pro-rata TBD$24,927$1,094,570$277.81$6,563,027
8$726,851$184.48$378,112pro-rata TBD$25,924$1,130,887$287.03$6,759,918
9$748,639$190.01$392,841pro-rata TBD$26,961$1,168,441$296.56$6,962,716
10$771,097$195.71$408,159pro-rata TBD$28,039$1,207,295$306.42$7,171,597

Note: base rent is stated in the lease for all ten years as both a per-SF rate and an annual amount, and every one ties exactly to 3,940 SF. The operating cost, central plant, marketing and media rates are stated only per SF ($71.02, $2.51, $2.50 and $2.50); the annual amounts are those rates times 3,940 SF. The "Mktg / Other" column is the marketing fund plus the media fund; the central plant charge is inside the CAM column. REAL ESTATE TAXES ARE NOT QUANTIFIED ANYWHERE IN THE LEASE, so they are shown as TBD and EXCLUDED from Total Fixed — this site's total is understated accordingly. The $71.02/SF operating cost base is conditional on the store having commenced before Dec 31, 2023; a 2024 start lifts the whole stack by at least one 4% step. The 4% operating cost escalator compounds the OC charge from $71.02 to about $101 per SF over ten years — a bigger dollar mover than the base rent escalator.

Assumptions used in the schedule
Store Floor Area (SF)3,940 SF
Year 1 base rent ($150.00/SF)$591,000.00
Rent escalation (stated schedule)3%
OC charge Y1 ($71.02/SF, 2023 base year)$279,818.80
OC / marketing / media escalation (each calendar year)4%
Central plant charge ($2.51/SF)$9,889.40
Marketing fund $2.50/SF + media fund $2.50/SF$19,700.00
Percentage rent rate5%

Percentage rent / sales

Percentage rent5% of adjusted gross sales above the breakpoint.
BreakpointFIXED dollar amounts — $5,000,000 in year 1 rising to $7,171,597. The natural breakpoint in year 1 would be $11,820,000, so percentage rent bites at roughly 42% of the sales level a natural breakpoint would require. Treat it as a near-certain cost, not a contingency.
Gross salesIncludes internet, electronic, video and computer orders and "orders by means of other technology-based systems whether now existing or hereafter developed". No deduction for uncollected amounts.
Reporting / auditMonthly within 5 days, certified under oath; annual within 30 days. $250 per missed statement. The tenant pays the audit cost on a 3% understatement. The ground lessor has its own independent audit right.

Other key terms

TI allowance / landlord's workThe lesser of $325/SF ($1,280,500) or the actual net cost — the most generous allowance in the portfolio. But it is paid within 60 days AFTER completion and opening, against eight separate deliverables, so it funds nothing during construction.
Security depositNONE — expressly deleted. The parent guaranty is the only credit support.
TaxesPro-rata share with NO stated base, estimate or cap, and an express disclaimer. The denominator excludes major tenants, free-standing premises, theatres, restaurants, kiosks and storage — which at Forum Shops removes a great deal of the centre and concentrates the burden on in-line tenants.
Automatic rent increasesTWO, both outside the rent schedule, same as Houston: 10% when a major tenant is added or upgraded, and a further 10% on a renovation or expansion costing over $10,000,000. Neither is capped.
Co-tenancyNone.
Kick-outNone for the tenant.
Relocation rightNone — expressly deleted. But the landlord reserves the right to build mezzanines over the premises.
Radius restriction5 miles — the tightest of the open stores. On a breach the clause applies BOTH remedies: 50% added to the rent AND 100% of the other store's sales folded into gross sales.
Assignment / change of controlConsent required. The landlord takes the greatest of the rent uplift, the highest percentage rent of the prior three years, or the CPI increase. A change of voting control of the tenant OR THE GUARANTOR is a deemed assignment.
Gaming authoritiesNevada-specific: a "denial" by the gaming authorities affecting the tenant gives the landlord or the ground lessor a termination right.
Continuous operationFailing to trade in 100% of the premises during required hours adds 25% to that day's rent as liquidated damages, without notice or demand.

Open items / follow — up

Source: Executed\Las Vegas\Gentle Monster @ The Forum Shops III 9-13-22 (1).pdf. Store open and trading.

← HoustonNew Jersey →

New Jersey

East Rutherford, NJ · American Dream, Space E237 · Enclosed mall · AMEREAM LLC

Open since Jul 2024
Size
4,261 SF
Term
To Jul 31, 2030 + one 4-year option
Renewal
One 4-year option (no rent basis stated)
Delivery
Open
Free rent
None — no fixed rent at all
Structure
16% of sales
Year-1 base rent
None — 16% of adjusted gross sales from the first dollar
Base rent / SF
—
Year-1 fixed cost
n/a — 16% of adjusted gross sales
Fixed cost / SF
—
Percentage rent
16% of sales from the first dollar
TI allowance
Landlord built, capped $3.0M, repayable
Deposit / guaranty
$100,000

Location

IntroductionSpace E237 in "The Collections" at American Dream, East Rutherford. Open since July 2024. A September 2025 amendment extended the term to 2030 and changed the deal materially.
PositioningThe lease named Alexander Wang, Balenciaga, Bottega Veneta, Dolce & Gabbana, Gucci, Hermes, Moncler, Saint Laurent, Saks Fifth Avenue and Tiffany as the relevant co-tenants — but only inside the co-tenancy clause that the amendment has since deleted.
What the 2025 amendment didFixed the commencement date at July 18, 2024; extended the term from four to six lease years, to July 31, 2030; DELETED the co-tenancy clause entirely and retroactively; gave a one-off rent credit of $133,747.34; required Sunday opening except on NFL game Sundays; added a flood-zone notice and waiver; and took an irrevocable release of all termination rights.

Fixed occupancy cost schedule (annual)

There is no fixed occupancy cost schedule for this site, and that is the correct answer rather than a gap. Every fixed component — minimum annual rent, real estate taxes, the fixed rate charge, the marketing fund and the grand opening fee — is expressly stated as "None" in the lease, and common area costs are funded by the landlord out of the rent it receives. The tenant pays 16% of adjusted gross sales from the first dollar, with no breakpoint, plus utilities, trash and water and sewer, each grossed up by a 15% landlord administration fee, plus IT services. The one material hidden cost is the $3,000,000 landlord's work cost, which converts into a monthly amortising charge for the rest of the term once trailing twelve-month sales first reach $10,000,000.

Store Floor Area (SF)4,261 SF
Minimum annual rentNONE — stated as "None" in the lease
Real estate taxesNONE — the tenant does not contribute to centre taxes
CAM / fixed rate chargeNONE — funded out of rent by the landlord
Marketing fund / grand opening feeNONE
Percentage rent rate (from the first dollar)16%
Landlord's work cost, repayable on a sales trigger$3,000,000
Gross sales threshold that starts the repayment$10,000,000

Percentage rent / sales

Percentage rent16% of adjusted gross sales, payable from the FIRST DOLLAR.
BreakpointNone — there is no breakpoint, natural or fixed.
Gross salesBroad: includes internet, electronic, wireless, video and computer orders, orders originating at the premises regardless of where filled, unrefunded deposits, gift cards, and sales by any sublessee or concessionaire. No deduction for uncollected amounts.
If the store closesSales are IMPUTED at the greater of $13,700 a day or the same day last year plus 5%, and failing to operate adds a further 25% as liquidated damages. Opening late or closing early is a default plus $200 an hour.
Reporting / auditMonthly by the 5th with a DAILY breakdown, certified under oath; annual within 30 days with the sales tax records. $250 per day for a late statement. The tenant pays the audit cost on a 3% understatement.

Other key terms

TI allowance / landlord's workNo cash allowance. The landlord built the store at its own cost, capped at $3,000,000 including the tenant's plan costs. BUT once trailing twelve-month adjusted gross sales first reach $10,000,000, the tenant must repay that cost, amortised monthly over the rest of the term.
Security deposit$100,000. The landlord may unilaterally require it to be replaced by an evergreen standby letter of credit running to 120 days past expiry.
Utilities and servicesUtilities, trash removal and water and sewer are all charged with a 15% landlord administration fee on top. The tenant must also contract with the landlord's IT service provider.
Co-tenancyDELETED IN ITS ENTIRETY AND RETROACTIVELY by the 2025 amendment. The anchor and occupancy protections are now treated as never having existed.
Kick-outNONE. The 2025 amendment took an irrevocable release of all termination rights not set out in the amendment, and the amendment grants none.
Relocation rightYes, for ANY reason, on 90 days' notice, to space within 10% of the current size. The landlord rebuilds at its cost and pays the moving costs.
Radius restriction20 miles — but with a carve-out for Manhattan and Brooklyn, and for stores already open at the effective date. On a breach the remedies are cumulative: 50% added to the effective rent, 100% of the other store's sales folded in, AND the $3,000,000 landlord's work cost repayable in cash within 30 days.
Assignment / change of controlConsent in the landlord's SOLE DISCRETION, and the landlord may recapture and terminate instead of consenting. A change of voting control is itself a transfer. Intra-group transfers are permitted on notice, but both entities stay primarily liable. The tenant may not transfer to, or sell products branded by, Gucci, Louis Vuitton, Prada, Dior, Fendi or Chanel.
Sunday tradingBergen County's Sunday sales law prohibits Sunday sale of clothing and apparel. The amendment requires the store to open on Sundays anyway, except for prohibited sales on NFL game Sundays at MetLife Stadium, with a landlord indemnity for fines.
Flood zoneThe premises sits in a FEMA Special Flood Hazard Area, Zone AE. The tenant waived its rights under the New Jersey flood disclosure statute and released the landlord from flood claims.

Open items / follow — up

Source: Executed\New Jersey\Gentle Monster AD Lease (6 27 21).pdf and the First Amendment of Lease dated September 2025 (filed in the New York folder but it amends THIS lease — same landlord, tenant and space). Store open and trading.

← Las VegasToronto →

Toronto

Toronto, ON (CAD) · Yorkdale Shopping Centre, Unit 228 · Enclosed mall (CAD) · Yorkdale Shopping Centre Holdings Inc. (Oxford)

Open since late 2025
Size
5,235 SF
Term
7 years to Oct 31, 2032
Renewal
None
Delivery
Open
Free rent
Fixturing period only
Structure
NNN (CAD)
Year-1 base rent
C$1,047,000
Base rent / SF
C$200
Year-1 fixed cost
C$1,729,790
Fixed cost / SF
C$330
Percentage rent
6% over a fixed CAD 6,000,000 breakpoint
TI allowance
CAD $160/SF (CAD 837,600)
Deposit / guaranty
None; indemnity from IICOMBINED U.S.A.

Location

IntroductionUnit 228 at Yorkdale Shopping Centre, Canada's highest-grossing mall, managed by Oxford Properties. The lease was signed in September 2024 and assigned to a new Canadian company in June 2025. All amounts in this tab are Canadian dollars.
PositioningNot stated in the lease. The only qualitative standard is the landlord's repeated reference to a "first-class shopping centre".
Unique storefront covenantThe lease requires this to be a one-of-a-kind flagship storefront, not substantially the same as any other Gentle Monster store in a Greater Toronto Area mall — and gives the landlord an immediate termination right if it ever stops being unique. See open items.

Fixed occupancy cost by lease year

Annual figures. Years beyond the schedule stated in the document use the assumptions listed below the table.

Year 1 (2025-26) — base: C$1,047,000 Year 1 (2025-26) — opex: C$239,240 Year 1 (2025-26) — tax: C$411,105 Year 1 (2025-26) — other: C$32,446 C$1.73M Yr 1 Year 2 (2026-27) — base: C$1,078,410 Year 2 (2026-27) — opex: C$239,240 Year 2 (2026-27) — tax: C$411,105 Year 2 (2026-27) — other: C$34,068 C$1.76M Yr 2 Year 3 (2027-28) — base: C$1,110,762 Year 3 (2027-28) — opex: C$239,240 Year 3 (2027-28) — tax: C$411,105 Year 3 (2027-28) — other: C$35,772 C$1.80M Yr 3 Year 4 (2028-29) — base: C$1,144,109 Year 4 (2028-29) — opex: C$239,240 Year 4 (2028-29) — tax: C$411,105 Year 4 (2028-29) — other: C$37,560 C$1.83M Yr 4 Year 5 (2029-30) — base: C$1,178,398 Year 5 (2029-30) — opex: C$239,240 Year 5 (2029-30) — tax: C$411,105 Year 5 (2029-30) — other: C$39,438 C$1.87M Yr 5 Year 6 (2030-31) — base: C$1,213,735 Year 6 (2030-31) — opex: C$239,240 Year 6 (2030-31) — tax: C$411,105 Year 6 (2030-31) — other: C$41,410 C$1.91M Yr 6 Year 7 (2031-32) — base: C$1,250,170 Year 7 (2031-32) — opex: C$239,240 Year 7 (2031-32) — tax: C$411,105 Year 7 (2031-32) — other: C$43,481 C$1.94M Yr 7
Base rentCAM / operating costsReal estate taxesMarketing / condenser water / other
Lease YearBase RentBase Rent $/SFCAM / OpExRE TaxesPromotion fund (other)Total FixedTotal $/SFBreakpoint
1 (2025-26)C$1,047,000C$200.00C$239,240C$411,105C$32,446C$1,729,790C$330.43C$6,000,000
2 (2026-27)C$1,078,410C$206.00C$239,240C$411,105C$34,068C$1,762,822C$336.74C$6,000,000
3 (2027-28)C$1,110,762C$212.18C$239,240C$411,105C$35,772C$1,796,878C$343.24C$6,000,000
4 (2028-29)C$1,144,109C$218.55C$239,240C$411,105C$37,560C$1,832,014C$349.95C$6,000,000
5 (2029-30)C$1,178,398C$225.10C$239,240C$411,105C$39,438C$1,868,181C$356.86C$6,000,000
6 (2030-31)C$1,213,735C$231.85C$239,240C$411,105C$41,410C$1,905,489C$363.99C$6,000,000
7 (2031-32)C$1,250,170C$238.81C$239,240C$411,105C$43,481C$1,943,995C$371.35C$6,000,000

Note: ALL AMOUNTS ARE CANADIAN DOLLARS, and HST is charged on top of every figure. Minimum rent is stated in the lease only as a per-SF rate by month band ($200.00 rising 3%/yr to $238.81); the annual amounts are those rates times 5,235 SF. OPERATING COSTS AND REALTY TAXES ARE A FISCAL 2023 ESTIMATE quoted in a lease signed in September 2024 for a store opening in late 2025 — the lease gives no escalator and no other data point, so they are carried flat here. They are genuinely stale and uncapped, and together they are about CAD 124/SF, or 62% on top of minimum rent. Replace them with the landlord's current statement as soon as it is available. The promotion fund escalates 5% each FISCAL year rather than each lease year, so each lease year is a blend of two rates. The condenser and operating HVAC charges are extra and are not quantified in the lease.

Assumptions used in the schedule
Gross leasable area (SF)5,235 SF
Year 1 minimum rent (CAD $200.00/SF)$1,047,000.00
Rent escalation (stated schedule)3%
Operating costs (CAD $45.70/SF — FY2023 ESTIMATE)$239,239.50
Realty taxes (CAD $78.53/SF — FY2023 ESTIMATE)$411,104.55
Promotion fund (CAD $5.95/SF for FY2025)$31,148.25
Promotion fund escalation (each fiscal year)5%
Percentage rent rate6%
FIXED annual breakpoint (never escalates)$6,000,000

Percentage rent / sales

Percentage rent6% of gross revenue above the breakpoint, in addition to minimum rent — not offset against it.
BreakpointFIXED at CAD 6,000,000 per lease year, and it NEVER escalates while minimum rent rises 3% a year. The natural breakpoint implied by year-1 minimum rent would be CAD 17,450,000, so percentage rent starts at roughly a third of the natural level.
Gross revenueIncludes all e-commerce sales completed by delivery at or from the premises or ordered on a device in the premises. Employee discounts are deductible only up to 2% of gross revenue.
Reporting / auditMonthly by the 5th; annual within 60 days certified by a CFO holding a recognised accounting designation. The tenant pays the audit cost on a 3% understatement, and the landlord's estimate becomes uncontestable after 6 months.

Other key terms

Tenant allowance / landlord's workCAD $160.00/SF = CAD 837,600, plus sales taxes, payable no earlier than 60 days after commencement against statutory declarations, lien clearance and receipted invoices. Landlord's work is effectively nil — the premises were taken as-is. On default the unamortised allowance is repayable with 10% interest compounded annually.
Security depositNONE. The only deposit is a CAD 15,000 construction deposit from the general contractor.
Operating costsInclude a 15% management fee, depreciation of capital items with interest at prime plus 2%, capital tax, and insurance deductibles. A 15% administration fee also applies to utilities, HVAC costs and landlord-performed work. The window to dispute a statement is 6 months, after which the claim is waived.
Co-tenancyNone.
Kick-outNone for the tenant. The LANDLORD has several: after the fifth lease year it may terminate on 6 months' notice for remerchandising (offering relocated premises), or on 12 months' notice for demolition or substantial renovation WITH NO COMPENSATION AT ALL.
Relocation rightYes, after the fifth lease year, on 6 months' notice, to comparable space at the same rent per SF with the landlord building it out and paying the moving costs. The tenant has only 15 days to accept; if it refuses it receives the depreciated value of its improvements NET of the tenant allowance, over a maximum 5-year life — which could be close to nil.
Radius restrictionNot a distance radius. A named-centre restriction covering the project itself and CF Fairview Mall, CF Markville Mall and CF Sherway Gardens. Future deals inside the Oxford portfolio are carved out.
Assignment / change of controlConsent required, not to be unreasonably withheld unless the landlord elects to recapture instead. A change of effective control of the tenant OR ANY AFFILIATE is a transfer. On a transfer the landlord takes ALL consideration received, not just rent uplift. Public-exchange share trading is carved out.
Unique storefrontThe landlord may terminate the lease EFFECTIVE IMMEDIATELY on written notice if the storefront design was not approved, was not built as approved, or at any time during the term "ceases to retain its unique character" among our other GTA stores. A subjective and uncapped right that runs the whole term.
Art piecesThe right to display art pieces, statues and robots is drafted to last only "so long as Tenant is IICOMBINED U.S.A. INC." — which, after the June 2025 assignment to the Canadian company, reads as having lapsed. See open items.

Open items / follow — up

Source: Executed\Toronto\GentleMonster.Yorkdale.Lease.rd_km.pdf (Shopping Centre Lease dated Sep 6, 2024) and the Acknowledgement of Assignment dated Jun 12, 2025. ALL AMOUNTS ARE CANADIAN DOLLARS.

← New JerseyHAUS-LA →

HAUS-LA

West Hollywood, CA · 8670 Melrose Ave (HAUS LA) · High street, two buildings · 1830 La Cienega LLC (Soleimani)

Signed Sep 2025
Size
10,950 SF
Term
10 yrs 8 mo from Sep 15, 2025
Renewal
None
Delivery
Delivered Sep 15, 2025
Free rent
8 months
Structure
Gross
Year-1 base rent
$2,300,000
Base rent / SF
$210
Year-1 fixed cost
$2,300,000
Fixed cost / SF
$210
Percentage rent
None
TI allowance
None
Deposit / guaranty
$1,150,000 deposit; no guaranty

Location

IntroductionStandalone two-building high-street site at Melrose Ave & Norwich Dr, directly opposite the Pacific Design Center in West Hollywood’s design/luxury corridor. Whole-property lease (land + two buildings + parking) — NOT a shopping-center lease: gross rent, no CAM, no % rent, no co-tenancy. 8670 Melrose formerly housed Balenciaga.
Estimated annual trafficNo published visitor count — high-street corridor near Melrose Place; heavy vehicle traffic on Melrose (broker material); Walk Score 80
Major luxury brandsThe Row, Chloé, Vince, A.P.C., rag & bone along Melrose / Melrose Place; Pacific Design Center anchor across the street

Fixed occupancy cost by lease year

Annual figures. Years beyond the schedule stated in the document use the assumptions listed below the table.

Year 1 — base: $2,300,000 $2.30M Yr 1 Year 2 — base: $2,386,250 $2.39M Yr 2 Year 3 — base: $2,475,734 $2.48M Yr 3 Year 4 — base: $2,568,574 $2.57M Yr 4 Year 5 — base: $2,664,896 $2.66M Yr 5 Year 6 — base: $2,931,386 $2.93M Yr 6 Year 7 — base: $3,041,313 $3.04M Yr 7 Year 8 — base: $3,155,362 $3.16M Yr 8 Year 9 — base: $3,273,688 $3.27M Yr 9 Year 10 — base: $3,396,451 $3.40M Yr 10
Base rentCAM / operating costsReal estate taxesMarketing / condenser water / other
Lease YearBase RentBase Rent $/SFCAM / OpExRE TaxesMktg / OtherTotal FixedTotal $/SFBreakpoint
1$2,300,000$210.05in rentin rent—$2,300,000$210.05n/a
2$2,386,250$217.92in rentin rent—$2,386,250$217.92n/a
3$2,475,734$226.09in rentin rent—$2,475,734$226.09n/a
4$2,568,574$234.57in rentin rent—$2,568,574$234.57n/a
5$2,664,896$243.37in rentin rent—$2,664,896$243.37n/a
6$2,931,386$267.71in rentin rent—$2,931,386$267.71n/a
7$3,041,313$277.75in rentin rent—$3,041,313$277.75n/a
8$3,155,362$288.16in rentin rent—$3,155,362$288.16n/a
9$3,273,688$298.97in rentin rent—$3,273,688$298.97n/a
10$3,396,451$310.18in rentin rent—$3,396,451$310.18n/a

Note: TRUE GROSS lease — landlord pays RE taxes, landlord’s insurance and structural repairs; the $500K "NNN Charges" line is an internal allocation inside Base Rent with no tenant reconciliation. Rent years run May 15–May 14 (Lease Year 1 = 18 months incl. 8 abated). Excludes utilities (tenant-paid direct) and tenant’s roof-membrane/repair duties.

Assumptions used in the schedule
Floor Area (SF)10,950 SF
Year 1 Base Rent (gross)$2,300,000
Annual escalation3.75%
Year 6 bump (in lieu of 3.75%)10%
Memo: fixed "NNN" component inside gross rent (landlord allocation only)$500,000

Percentage rent / sales

Percentage rentNONE — no percentage rent, no breakpoint, no sales reporting to landlord anywhere in the lease
Sales reportingOnly obligation: report sales to tax authorities as made in City of West Hollywood (§31.2)

Other key terms

TI allowance / Landlord’s workNONE — as-is delivery; landlord delivers HVAC/electrical in good working order + as-builts. REVERSE of a TI deal: tenant must BUILD A NEW BUILDING in part of the parking area (start ≤2 months after opening; anticipated completion ≤2 yrs from LCD), spending ≥$1,533,333 or repaying the shortfall (§10.1)
Security deposit / prepaid$1,150,000 deposit (6 months rent, no burn-down) + 1st month’s rent $191,667 prepaid — $1,341,667 total at execution; returned ≤10 business days after expiry
CAM / Taxes / InsuranceGROSS — no CAM, no tax pass-through, no reconciliation; tenant pays only personal-property taxes; landlord property insurance @90% replacement cost inside rent
Utilities / HVAC / repairsTenant pays all utilities direct (no landlord markup). Landlord: structural, foundation, roof structure, parking, sidewalks. Tenant: all non-structural INCLUDING ROOF MEMBRANES of both buildings + full structural of the new tenant-built building; tenant emergency self-help with rent offset (§9.1)
Insurance (tenant)CGL $1M/$2M (landlord additional insured); workers’ comp + EL $1M; all-risk on FF&E; carriers A.M. Best A- VII+; mutual subrogation waiver
Co-tenancy / kick-outNONE — no co-tenancy, no sales kick-out either direction; only delivery-failure and casualty/condemnation terminations
RelocationNone
Radius restrictionNone on tenant
AssignmentConsent required, not unreasonably withheld; DEEMED consent if no response in 30 days; broad carve-outs (affiliates, franchisees, merger, asset sale, public co.); tenant released on assignment to assignee with ≥$50M net worth; $500 fee, $2,500 expense cap; landlord waives landlord’s lien
Default / lateLate charge 3% after 10-day notice (max 2 notices/yr); interest 10%; monetary cure 5 business days after notice; holdover 125%

Watch — outs (executed lease)

Source: _HAUS-LA.pdf | FULLY EXECUTED lease (DocuSign, Sep 3, 2025) — 1830 La Cienega LLC / IICOMBINED USA Inc.

← TorontoSan Diego →

San Diego

San Diego, CA · Westfield UTC, Store C23 · Open-air mall · Unibail-Rodamco-Westfield

Signed Mar 2025
Size
4,015 SF
Term
10 years, to Jul 31, 2036
Renewal
None
Delivery
Est. Feb 1, 2026
Free rent
About 6 months fixturing
Structure
NNN
Year-1 base rent
$481,800
Base rent / SF
$120
Year-1 fixed cost
$764,617
Fixed cost / SF
$190
Percentage rent
12.5% over $4.34M fixed breakpoint
TI allowance
None (as is)
Deposit / guaranty
$191,144 deposit; no guaranty

Location

IntroductionOpen-air super-regional center (~1.2M SF) in University City / La Jolla trade area, San Diego — $600M redevelopment (2017) added a luxury wing; adjacent to UC San Diego and the Golden Triangle office market.
Estimated annual traffic~10M+ visits/yr (est.; university-adjacent trade area)
Major luxury brandsHermès, Louis Vuitton, Gucci, Saint Laurent, Tom Ford, Zegna; Nordstrom anchor

Fixed occupancy cost by lease year

Annual figures. Years beyond the schedule stated in the document use the assumptions listed below the table.

Year 1 — base: $481,800 Year 1 — opex: $172,364 Year 1 — tax: $85,158 Year 1 — other: $25,294 $765K Yr 1 Year 2 — base: $496,254 Year 2 — opex: $180,982 Year 2 — tax: $87,713 Year 2 — other: $26,559 $792K Yr 2 Year 3 — base: $511,142 Year 3 — opex: $190,031 Year 3 — tax: $90,344 Year 3 — other: $27,887 $819K Yr 3 Year 4 — base: $526,476 Year 4 — opex: $199,533 Year 4 — tax: $93,055 Year 4 — other: $29,282 $848K Yr 4 Year 5 — base: $542,270 Year 5 — opex: $209,509 Year 5 — tax: $95,846 Year 5 — other: $30,746 $878K Yr 5 Year 6 — base: $558,538 Year 6 — opex: $219,985 Year 6 — tax: $98,722 Year 6 — other: $32,283 $910K Yr 6 Year 7 — base: $575,294 Year 7 — opex: $230,984 Year 7 — tax: $101,683 Year 7 — other: $33,897 $942K Yr 7 Year 8 — base: $592,553 Year 8 — opex: $242,533 Year 8 — tax: $104,734 Year 8 — other: $35,592 $975K Yr 8 Year 9 — base: $610,330 Year 9 — opex: $254,660 Year 9 — tax: $107,876 Year 9 — other: $37,371 $1.01M Yr 9 Year 10 — base: $628,640 Year 10 — opex: $267,393 Year 10 — tax: $111,112 Year 10 — other: $39,240 $1.05M Yr 10
Base rentCAM / operating costsReal estate taxesMarketing / condenser water / other
Lease YearBase RentBase Rent $/SFCAM / OpExRE TaxesMktg / OtherTotal FixedTotal $/SFBreakpoint (FIXED)
1$481,800$120.00$172,364$85,158$25,294$764,617$190.44$4,336,200
2$496,254$123.60$180,982$87,713$26,559$791,508$197.14$4,336,200
3$511,142$127.31$190,031$90,344$27,887$819,404$204.09$4,336,200
4$526,476$131.13$199,533$93,055$29,282$848,345$211.29$4,336,200
5$542,270$135.06$209,509$95,846$30,746$878,371$218.77$4,336,200
6$558,538$139.11$219,985$98,722$32,283$909,528$226.53$4,336,200
7$575,294$143.29$230,984$101,683$33,897$941,859$234.59$4,336,200
8$592,553$147.58$242,533$104,734$35,592$975,412$242.94$4,336,200
9$610,330$152.01$254,660$107,876$37,371$1,010,237$251.62$4,336,200
10$628,640$156.57$267,393$111,112$39,240$1,046,385$260.62$4,336,200

Note: CAM and Promo compound 5% each calendar Jan 1 after RCD (schedule approximates by lease year). Taxes est. $21.21/SF, pro-rata reconciled (denominator excludes Majors/theaters/restaurants). Excludes: electric (direct), water/sewer $0.33/SF, fire detection $625/yr, HVAC (tenant maintains own unit).

Assumptions used in the schedule
Floor Area (SF)4,015 SF
Year 1 Minimum Rent ($120.00/SF)$481,800.00
Rent escalation (stated schedule)3%
Fixed CAM Y1 ($/SF)$42.93
CAM/promo escalation (compounded each Jan 1)5%
RE taxes est. Y1 ($/SF, pro-rata, reconciled)$21.21
Tax growth assumption (not in lease)3%
Promotional Charge Y1 ($/SF)$6.30
Percentage rent rate12.5%
FIXED annual breakpoint (flat all 10 yrs)$4,336,200

Percentage rent / sales

Percentage rent12.5% of Adjusted Gross Sales over FIXED breakpoint $4,336,200/yr ($1,080/SF), flat all 10 years — ABOVE Y1 natural ($3.85M): tenant-favorable early, never escalates
Gross sales definitionBroad — includes internet/app orders originating/accepted at Premises and BOPIS pickups; exclusions: sales tax, returns, transfers, bad debts ≤3%, card fees ≤3%, fixture sales
Reporting / auditMonthly in 10 days; certified annual in 45 days; $50/statement/day late LD; audit w/ cost-shift if understated >3%; records 3 yrs

Other key terms

TI allowance / Landlord’s workNONE — AS IS / WHERE IS; all work tenant’s cost. Chargebacks: temp power $400/day, trash $6,500, mall tile $20/SF, sprinkler drain $400; construction deposit $5,000 (50% refundable)
Security deposit$191,144 due at execution (no possession until received); credited against rent after 114th month if no default; no LC, no guaranty
Co-tenancyNone
Kick-out / early terminationNo tenant sales kick-out. LANDLORD REDEVELOPMENT TERMINATION: after Lease Year 4, 240 days’ notice, pays only unamortized tenant-funded improvements (§6.04(b))
RelocationNone (redevelopment termination is a walk-away, not relocation-with-replacement)
Radius restriction15 miles — sales of radius-violating store fold into % rent; stores open at commencement excluded
AssignmentConsent (not unreasonably withheld); 60-day notice + financials; no tenant release; 100% of excess sublease rent to landlord; IPO carve-out
Utilities / HVACElectric direct; water/sewer $0.33/SF; fire detection $625/yr; tenant operates & maintains own HVAC unit
Default / late / operationLate 3% + 10% interest; monetary cure 10 days; continuous operation covenant (failure = default); CROSS-DEFAULT with other URW-affiliate leases; holdover 150%; rent via landlord portal, ACH can be compelled
Insurance (tenant)CGL $3M; auto/broad-form $1M; workers’ comp $2M; product liability $3M; URW additional insureds

Watch — outs (executed lease)

Source: _UTC SD.pdf | FULLY EXECUTED (DocuSign, Mar 31, 2025) — UTC Venture LLC (URW) / IICOMBINED U.S.A. INC.

← HAUS-LAVancouver →

Vancouver

Vancouver, BC · Holt Renfrew Pacific Centre · Concession inside Holt Renfrew (CAD) · Holt, Renfrew & Co., Limited

Signed Nov 2025
Size
1,045 SF
Term
3 years from opening, then automatic 1-year extensions
Renewal
Automatic 1-year extensions
Delivery
Open by Oct 2026
Free rent
n/a
Structure
License fee: 20% / 15% / 13% of net sales
Year-1 base rent
None — license fee 20%/15%/13% of net sales
Base rent / SF
—
Year-1 fixed cost
n/a — fully variable
Fixed cost / SF
—
Percentage rent
Fee replaces rent
TI allowance
None; GM pays full fit-out
Deposit / guaranty
None

Location

IntroductionShop-in-shop boutique inside Holt Renfrew’s Vancouver store at CF Pacific Centre, downtown Vancouver — Holt Renfrew’s top-producing location and the only Holt Renfrew in the Vancouver trade area. NOT a lease: a license/concession — sales run through Holt Renfrew’s POS and HR settles net of fees monthly.
Estimated annual trafficCF Pacific Centre: 22M+ centre visits/yr (Cadillac Fairview) — Canada’s 7th-busiest mall
Major luxury brandsHolt Renfrew multi-brand luxury (Canada’s leading luxury retailer); CF Pacific Centre hosts Harry Rosen, Canada Goose flagships

Concession economics — illustrative (CAD)

What Holt Renfrew keeps at different sales levels (Vancouver). Amounts in CAD; sales levels are illustrative.

Assumed Net Sales (CAD)Fee rateLicense feeOperating 2%Processing 2%Total HR chargesEffective takeNet remitted to GM
C$2,000,00020%C$400,000C$40,000C$40,000C$480,00024%C$1,520,000
C$3,000,00020%C$600,000C$60,000C$60,000C$720,00024%C$2,280,000
C$4,000,00020%C$800,000C$80,000C$80,000C$960,00024%C$3,040,000
C$5,000,00015%C$750,000C$100,000C$100,000C$950,00019%C$4,050,000
C$6,000,00015%C$900,000C$120,000C$120,000C$1,140,00019%C$4,860,000
C$8,000,00013%C$1,040,000C$160,000C$160,000C$1,360,00017%C$6,640,000

Note: Agreement is silent on marginal vs. cliff tier mechanics (“tiered based on Annual Net Sales across all Boutiques”) — cliff basis applied above; CONFIRM WITH HR. Fees computed monthly on HR’s fiscal calendar; §2.04 computes per-Boutique while Part A tiers on aggregate across all Boutiques (ambiguity). Effective all-in take: 24% / 19% / 17% by tier (+5% on personal-shopper sales). No minimum fee, no base rent, no escalations. All figures CAD.

Fee rates
License fee — tier 1 (Net Sales ≤ $4.0M)20%
License fee — tier 2 ($4.01M–$7.0M)15%
License fee — tier 3 (> $7.0M)13%
Operating charge (% of Net Sales)2%
Payment processing (% of Net Sales; rises if HR’s cost rises)2%
Personal shopper commission (on assisted sales — excluded below)5%

Settlement & cash flow

SettlementHR retains all sales proceeds; monthly settlement net of license fee, operating charge, processing fee and commissions, remitted by EFT within 15 working days after each monthly accounting period (normally the 3rd Monday) (§4.06)
Sales taxCollected via HR POS, remitted back to GM in settlement; GM files/remits GST/PST to authorities (§6.11)
Working capitalGM funds inventory + full build-out up front and is paid ~6+ weeks in arrears — float is the real exposure; no security deposit either direction
AuditHR audit right within 1 yr of period; GM pays audit cost + deficiency if Net Sales understated >3%; 7-yr record retention

Other key terms

Build-outGM’s sole cost, space as-is, zero HR contribution; HR Design Guidelines compliance; details in separate Letter of Agreement. If HR relocates the boutique and GM elects to exit within first 3 yrs, HR reimburses unamortized build-out (straight-line 36 mo) CAPPED AT C$750/SF (≈C$780K implied build-out on 1,045 SF)
Security deposit / prepaidNone
MarketingMarketing Commitment intentionally deleted — none; GM pays phone/internet (HR’s providers), extra security, asset-protection equipment, freight both ways, HR delivery charge-backs
RelocationHR may relocate/resize the boutique (see build-out reimbursement); HR may also close/shrink/relocate AT GM’S COST if GM violates the radius restriction
Radius restriction (§2.03)Runs AGAINST GM: any GM store, concession or wholesale supply within 7.5 km of the store lets HR close/shrink/relocate the boutique with ALL costs on GM (existing retailers at opening grandfathered). No reciprocal exclusivity — HR may host competing eyewear brands
Assignment / change of controlHR consent in its “entire and absolute discretion”; change of control of IICOMBINED CANADA = deemed assignment (§9.03)
Default / remediesOn payment default HR has a LIEN over GM’s inventory & FF&E and may sell them (§8.05); broad set-off right; on exit GM ships FF&E out at own cost or assigns to HR for C$1.00
Insurance (GM)All-risk property ≥C$5M (goods, fixtures, equipment); business interruption to HR’s satisfaction; CGL ≥C$5M; HR additional insured, subrogation waiver
Force majeureFees continue during force majeure; abate proportionally only if boutique inoperable >15 consecutive days (§9.11)

Watch — outs (executed agreement)

Source: _HR Vancouver.pdf | FULLY EXECUTED License Partner Agreement (DocuSign, Nov 27–28, 2025) — Holt, Renfrew & Co., Limited / IICOMBINED CANADA INC.

← San DiegoDallas →

Dallas

Dallas, TX · NorthPark Center, Space 1424 · Enclosed mall · NorthPark Partners, LP (Nasher)

Executed Aug 31, 2026
Size
4,111 SF
Term
About 7 years, to Jan 31, 2035
Renewal
None
Delivery
Early Sep 2026
Free rent
About 6 months fixturing
Structure
NNN
Year-1 base rent
$678,315
Base rent / SF
$165
Year-1 fixed cost
$1,054,579
Fixed cost / SF
$257
Percentage rent
7% over natural breakpoint
TI allowance
None
Deposit / guaranty
None; no guaranty

Location

IntroductionOpened 1965 by Raymond Nasher; still privately owned/managed by the Nasher family (Nancy Nasher & David Haemisegger). ~2.1M SF after 2006 expansion; consistently a top-five US mall by sales (~$1.4B/yr; non-anchor sales ~$1,500+/SF) and famous for its museum-quality art collection (Warhol, di Suvero, Borofsky).
Estimated annual traffic~26–27M visitors/yr (mall cites 27M+; CoStar ~26M with $1.4B 2024 sales)
Major luxury brandsChanel, Louis Vuitton, Gucci, Prada, Bottega Veneta, Saint Laurent, Valentino, Versace, Burberry, Ferragamo, Tiffany & Co., IWC, Hublot; anchors Neiman Marcus, Nordstrom, Dillard's, Macy's — many only-in-Texas locations

Fixed occupancy cost by lease year

Annual figures. Years beyond the schedule stated in the document use the assumptions listed below the table.

Year 1 — base: $678,315 Year 1 — opex: $219,651 Year 1 — tax: $135,499 Year 1 — other: $21,114 $1.05M Yr 1 Year 2 — base: $698,664 Year 2 — opex: $228,437 Year 2 — tax: $140,919 Year 2 — other: $21,703 $1.09M Yr 2 Year 3 — base: $719,631 Year 3 — opex: $237,574 Year 3 — tax: $146,555 Year 3 — other: $22,315 $1.13M Yr 3 Year 4 — base: $741,213 Year 4 — opex: $247,077 Year 4 — tax: $152,417 Year 4 — other: $22,952 $1.16M Yr 4 Year 5 — base: $763,454 Year 5 — opex: $256,960 Year 5 — tax: $158,514 Year 5 — other: $23,614 $1.20M Yr 5 Year 6 — base: $786,352 Year 6 — opex: $267,239 Year 6 — tax: $164,855 Year 6 — other: $24,303 $1.24M Yr 6 Year 7 (–exp.) — base: $809,949 Year 7 (–exp.) — opex: $277,928 Year 7 (–exp.) — tax: $171,449 Year 7 (–exp.) — other: $25,019 $1.28M Yr 7
Base rentCAM / operating costsReal estate taxesMarketing / condenser water / other
Lease YearMGR $/SFBase RentCAMRE Taxes (est.)HVAC+Water+MerchTotal FixedTotal $/SFNatural Breakpoint
Year 1$165.00$678,315$219,651$135,499$21,114$1,054,579$256.53$9,690,214
Year 2$169.95$698,664$228,437$140,919$21,703$1,089,723$265.07$9,980,921
Year 3$175.05$719,631$237,574$146,555$22,315$1,126,075$273.92$10,280,436
Year 4$180.30$741,213$247,077$152,417$22,952$1,163,660$283.06$10,588,761
Year 5$185.71$763,454$256,960$158,514$23,614$1,202,542$292.52$10,906,483
Year 6$191.28$786,352$267,239$164,855$24,303$1,242,748$302.30$11,233,601
Year 7 (–exp.)$197.02$809,949$277,928$171,449$25,019$1,284,346$312.42$11,570,703

Note: MGR $/SF is the schedule stated in the executed lease (~3%/yr). CAM ($53.43), enclosed-mall HVAC ($3.31) and water/compactor ($0.27) are FIXED 2026 $/SF rates that escalate 4%/yr cumulatively — not pro-rata shares. RE taxes ARE pro-rata with no occupancy floor; $32.96/SF is the Landlord 2026 estimate and is held at +4%/yr here as a placeholder. Merchants Association CPI-adjusted every 5 yrs (held flat). If the Rental Commencement Date falls in 2027, Year-1 CAM/HVAC/water sit one escalation higher (~+4%). Excludes utilities and % rent.

Assumptions used in the schedule
Floor Area (SF) — subject to remeasurement4,111 SF
CAM $/SF (2026)$53.43
RE Taxes $/SF (2026 Landlord estimate)$32.96
HVAC energy $/SF (2026)$3.31
Water/compactor $/SF (2026)$0.27
Merchants Assoc. ($1,221.17 + $1.23/SF + $120)$6,397.00
Charge escalation (CAM/HVAC/water: +4%/yr cumulative)4%
Percentage rent rate7%

Percentage rent / sales

Percentage rent7% of Gross Sales over natural breakpoint (MGR paid ÷ 7%); monthly once exceeded, annual true-up
Gross sales definitionAll sales/services at/in/from premises (incl. radius-store sales); exclusions: sales tax, transfers, returns, employee sales (cap 2%), bad debts (cap 4%), gift cards until redeemed, internet/mail orders not placed or filled at premises, Eyecare Professional fees
Reporting / auditMonthly + certified annual statements; understatement >5% → tenant pays audit cost up to $5,000

Other key terms

TI allowance / Landlord's workNONE — Exhibit C: 'Landlord shall not reimburse Tenant for any of the costs of Tenant's Work.' Landlord Pre-Delivery Work: utility stubs, hazmat, demising walls; barricade by Landlord, reimbursed by tenant at cost +5%
Security deposit / guaranty / LCNone — no security deposit (§1.1(p)), no prepaid rent (§1.1(o)) and no guarantor (§1.1(g)).
MarketingMandatory Merchants Association: $1,221.17/yr + $1.23/SF/yr + $120/yr (2026); items CPI-adjusted every 5 yrs from Jan 2031
Utilities / HVACAll utilities tenant cost (water submetered); enclosed-mall HVAC energy $3.31/SF +4%/yr; domestic water & compactor $0.27/SF +4%/yr; tenant installs new/refurbished split-system HVAC
Insurance (tenant)CGL $3M/$3M per-location; WC statutory; EL $500K; auto $1M; carrier A+/XII
Co-tenancy / kick-out / relocationNONE — no co-tenancy, no sales kick-out (either party), no relocation clause. Only casualty/condemnation terminations apply.
Radius restriction8-mile radius (Dallas County portion), full Term; carve-outs: wholesale, shop-in-shops; violation = default, radius-store sales included in Gross Sales, Landlord may terminate on 30 days' notice
RE taxes — basis of sharePro-rata with NO occupancy floor: Tenant SF ÷ occupied Gross Leasable Retail Area, EXCLUDING anchors over 20,000 SF, outlying buildings, office and hotel space. Share therefore rises if occupancy falls. Texas Margin Tax is included in Tax Costs. Billed monthly on estimate, reconciled within 120 days of year end. Landlord controls all tax appeals.
ConfidentialityMutual — neither party may disclose the lease terms or negotiations, except to lenders, partners, accountants, attorneys and advisers who agree to keep them confidential.
Brokerage (Exhibit J)Exhibit J is now attached: a Consulting Agreement between the Landlord and Global Retail Advisors Inc. d/b/a Maddox Retail (GM’s adviser). The $65,000 consulting fee is payable by the LANDLORD in two installments — no cost to Gentle Monster, and GM is not a party to that agreement.
AssignmentConsent required; change of control = assignment; Landlord takes 50% of excess rent; Permitted Transferees (affiliates, mergers) without consent subject to conditions
Default / lateMonetary 10-day cure after notice; interest at Citibank prime +2% after 5-day grace; Landlord's lien on tenant property; holdover 125%
UseGentle Monster-label eyewear only; storefront: no illuminated/backlit signage, 4-inch setback; continuous operation required

Open items / post — execution follow — up

Source: Executed\_Dallas_Northpark_Gentle Monster Lease 8-31-2026.pdf | FULLY EXECUTED — lease dated August 31, 2026; signed by David J. Haemisegger, President, for NorthPark Partners, LP and by Rachel Muscat, President, for IICombined, U.S.A., Inc. Scanned copy (no text layer) — figures below read from the document. Charges are the stated 2026 rates.

← VancouverBoston →

Boston

Boston, MA · 120 Newbury Street · High street, Back Bay · UMNV 126 Newbury, LLC (UrbanMeritage)

Executed Aug 28, 2026
Size
3,779 SF
Term
10 years + two 5-year options
Renewal
Two 5-year options
Delivery
Oct 1, 2026
Free rent
Up to 7 months
Structure
NNN
Year-1 base rent
$1,216,160
Base rent / SF
$322
Year-1 fixed cost
$1,384,681
Fixed cost / SF
$366
Percentage rent
6% over natural breakpoint
TI allowance
None
Deposit / guaranty
No deposit; parent guaranty or $2.5M letter of credit

Location

IntroductionNewbury Street is Boston's premier high-street retail corridor — eight blocks of converted 19th-century brownstones in the Back Bay running from the Public Garden to Mass Ave, mixing luxury flagships, contemporary labels, boutiques and cafés. The premises sit in the 100-block (Clarendon–Dartmouth), heart of the contemporary/premium stretch, one block from the luxury-flagship blocks and the Copley/Prudential retail node.
Estimated annual traffic~20,000–25,000 pedestrians/typical day (~7–9M/yr implied; City of Boston counts via MIT ESI); ~50,000 on car-free 'Open Newbury' Sundays
Major luxury brandsChanel, Cartier, Gucci, Loro Piana, Akris (0–100 blocks); AllSaints at 122 Newbury (same building), Anthropologie, Aritzia, Rag & Bone, Suitsupply, Zadig & Voltaire nearby

Fixed occupancy cost by lease year

Annual figures. Years beyond the schedule stated in the document use the assumptions listed below the table.

Year 1 — base: $1,216,160 Year 1 — opex: $50,305 Year 1 — tax: $118,216 $1.38M Yr 1 Year 2 — base: $1,258,726 Year 2 — opex: $51,814 Year 2 — tax: $121,763 $1.43M Yr 2 Year 3 — base: $1,302,781 Year 3 — opex: $53,368 Year 3 — tax: $125,416 $1.48M Yr 3 Year 4 — base: $1,348,378 Year 4 — opex: $54,969 Year 4 — tax: $129,178 $1.53M Yr 4 Year 5 — base: $1,395,572 Year 5 — opex: $56,619 Year 5 — tax: $133,054 $1.59M Yr 5 Year 6 — base: $1,444,417 Year 6 — opex: $58,317 Year 6 — tax: $137,045 $1.64M Yr 6 Year 7 — base: $1,494,971 Year 7 — opex: $60,067 Year 7 — tax: $141,156 $1.70M Yr 7 Year 8 — base: $1,547,295 Year 8 — opex: $61,869 Year 8 — tax: $145,391 $1.75M Yr 8 Year 9 — base: $1,601,450 Year 9 — opex: $63,725 Year 9 — tax: $149,753 $1.81M Yr 9 Year 10 — base: $1,657,501 Year 10 — opex: $65,636 Year 10 — tax: $154,245 $1.88M Yr 10
Base rentCAM / operating costsReal estate taxesMarketing / condenser water / other
Lease YearBase RentBase $/SF (blended)OpEx (est.)RE Taxes (est.)Base $/SF (GF only)Total FixedTotal $/SFNatural Breakpoint
1$1,216,160$321.82$50,305$118,216$440.00$1,384,681$366.41$20,269,333
2$1,258,726$333.08$51,814$121,763$455.40$1,432,302$379.02$20,978,760
3$1,302,781$344.74$53,368$125,416$471.34$1,481,565$392.05$21,713,017
4$1,348,378$356.81$54,969$129,178$487.84$1,532,526$405.54$22,472,972
5$1,395,572$369.30$56,619$133,054$504.91$1,585,244$419.49$23,259,526
6$1,444,417$382.22$58,317$137,045$522.58$1,639,779$433.92$24,073,610
7$1,494,971$395.60$60,067$141,156$540.87$1,696,194$448.85$24,916,186
8$1,547,295$409.45$61,869$145,391$559.80$1,754,555$464.29$25,788,252
9$1,601,450$423.78$63,725$149,753$579.40$1,814,928$480.27$26,690,841
10$1,657,501$438.61$65,636$154,245$599.67$1,877,383$496.79$27,625,021

Note: Rent formula (3.5%/yr) ties exactly to the schedule in the executed lease (Y1 $1,216,160 -> Y10 $1,657,501). Taxes are 17.6% of Commercial Taxes, initially estimated at $9,851.36/month; Operating Costs are 6.4%, initially estimated at $4,192.07/month. Both are fully net pass-throughs on estimate with true-up and no base year; the 3% growth used here is a model placeholder. Excludes utilities, HVAC and % rent.

Assumptions used in the schedule
Rentable SF (GF 2,764 + LL 1,015)3,779 SF
Ground floor SF2,764 SF
Year 1 Fixed Minimum Rent$1,216,160
Annual rent escalation3.5%
Taxes — tenant share 17.6% (initial est./yr)$118,216
Operating Costs — tenant share 6.4% (initial est./yr)$50,305
Est. Taxes/OpEx growth (model assumption — actuals are net pass-through)3%
Percentage rent rate6%

Percentage rent / sales

Percentage rent6% of Gross Sales over the natural breakpoint (Fixed Minimum Rent for the year divided by 6%; Yr 1 = $20.27M) — high breakpoint, unlikely to trigger.
Gross sales definitionIncludes subtenant/concessionaire sales; excludes returns, transfers, sales taxes
Reporting / auditMonthly by 15th; CFO-certified annual within 45 days; Landlord audit right; tenant financials up to 2x/yr on request

Other key terms

TI allowance / Landlord's workNO TI allowance. Exhibit G (Landlord's Work) is now filled in and reads NONE. All of Tenant's Work at tenant sole cost, but no back-charges and no barricade, freight elevator, dumpster or other construction fees; fire alarm / sprinkler shutdowns at cost with no Landlord mark-up. Tenant's plans due within 150 days after execution (approx. Jan 25, 2027); Landlord has 10 business days to approve or comment.
Security depositNONE — the executed lease sets the Security Deposit at "None" (see Guarantor row for the guaranty / $2.5M letter of credit requirement).
Taxes / OpExFully net: 17.6% of Commercial Taxes (~$9,851/mo est.) + 6.4% of Operating Costs (~$4,192/mo est.), monthly on estimates, no base year; tenant audit right (1x/yr, non-contingency CPA)
MarketingNone
Utilities / HVACTenant contracts electricity/gas directly; water/sewer in OpEx unless submetered; tenant provides own HVAC with Landlord-approved quarterly service contract
Insurance (tenant)CGL $5M/$5M (incl. liquor liability for events); property full replacement; BI; WC/EL $1M; deductibles max $5,000; carrier A:XII
Co-tenancyNone
Kick-out (mutual, Year 5)If Yr 5 Gross Sales < $4.0M, EITHER party may terminate (90-day notice window, effective 120 days). Tenant pays fee: 4 months' rent + additional rent + unamortized free rent & brokerage. Tenant right void if radius violated or store closed in first 5 yrs
Radius restrictionThrough Year 5: no competing store in defined Back Bay area (Newbury/Arlington/Stuart/Huntington/Belvidere/Dalton/Boylston/Mass Ave); violation → injunction and/or competing sales fold into Gross Sales
Continuous operationKeep-open during Newbury St retail hours; 3 consecutive days closed (or 5 in 30 days, 10/yr) = default
AssignmentLandlord consent in sole discretion; $2,000 processing fee plus up to $5,000 of Landlord legal fees; recapture right; transfer profit above the rent SPLIT 50/50 after tenant costs; Permitted Transfers exempt (affiliates, merger with net-worth test). A change of ownership interest in Tenant is expressly NOT a transfer.
Default / lateMonetary 5 days from due date; interest 18%/yr; late charge greater of $500 or 5%; holdover 1.5x for the first 30 days then 2x; Landlord security interest in tenant property.
Prepaid at executionFirst month rent + taxes + OpEx shares

Open items / post — execution follow — up

Source: Executed\_Boston_Gentle Monster - Lease Execution Copy - 120 Newbury Street - signed.pdf | FULLY EXECUTED — Effective Date August 28, 2026 (Landlord: Vincent G. Norton, Jr.; Tenant: Rachel Muscat, President).

← DallasLafayette →

Lafayette

New York, NY · 295 Lafayette St (Puck Building) · High street, SoHo / NoHo · New Puck, LLC (Kushner Companies)

Executed Sep 11, 2026
Size
28,491 SF
Term
10 years from rent start
Renewal
One 5-year option at market, floor 102%
Delivery
Dec 1, 2026 target; outside date Mar 1, 2027
Free rent
12 months
Structure
Modified gross
Year-1 base rent
$4,750,000
Base rent / SF
$167
Year-1 fixed cost
$4,791,250
Fixed cost / SF
$168
Percentage rent
None
TI allowance
$3,500,000 (hard costs only)
Deposit / guaranty
$3,562,500 letter of credit + unlimited parent guaranty

Location

IntroductionGround + lower level + sub-level at the landmarked Puck Building (1885), on the Lafayette / E Houston corner where SoHo, NoHo and Nolita meet. The space is part of Commercial Unit 1 of The Puck Building Condominium (Tax Block 510, Lot 1101); the retail block also houses REI. Landlord is NEW PUCK, LLC (Kushner Companies). Landlord's Work demises a self-contained unit of approximately 28,491 RSF. RSF is measured to the REBNY standard — not a physical measurement, so usable area is materially lower.
Estimated annual traffic~11.0M frontage passers/yr (30,000/day aggregated: Lafayette ~15K + E Houston ~12K + Mulberry ~3K, per 295_Lafayette_Traffic_Estimate v7). Modelled store entrants ~410K/yr BASE at a 3.75% capture rate (LOW 330K / HIGH 495K).
Major brands / neighboursSoHo–NoHo luxury corridor: Prada Epicenter, Balenciaga, Dior, Saint Laurent, Bloomingdale’s SoHo; Puck Building retail includes REI. NOTE: Gentle Monster’s own 70 Wooster St store is ~0.5 mi away — traffic study assumes 25–35% cannibalisation of Wooster entrants once 295 Lafayette opens.

Fixed occupancy cost by lease year

Annual figures. Years beyond the schedule stated in the document use the assumptions listed below the table.

Year 1 — base: $4,750,000 Year 1 — other: $41,250 $4.79M Yr 1 Year 2 — base: $4,900,000 Year 2 — opex: $29,916 Year 2 — other: $42,488 $4.97M Yr 2 Year 3 — base: $5,050,000 Year 3 — opex: $60,729 Year 3 — other: $43,762 $5.15M Yr 3 Year 4 — base: $5,151,000 Year 4 — opex: $92,466 Year 4 — other: $45,075 $5.29M Yr 4 Year 5 — base: $5,254,020 Year 5 — opex: $125,156 Year 5 — other: $46,427 $5.43M Yr 5 Year 6 — base: $5,359,100 Year 6 — opex: $158,826 Year 6 — other: $47,820 $5.57M Yr 6 Year 7 — base: $5,466,282 Year 7 — opex: $193,506 Year 7 — other: $49,255 $5.71M Yr 7 Year 8 — base: $5,575,608 Year 8 — opex: $229,227 Year 8 — other: $50,732 $5.86M Yr 8 Year 9 — base: $5,687,120 Year 9 — opex: $266,019 Year 9 — other: $52,254 $6.01M Yr 9 Year 10 — base: $5,800,863 Year 10 — opex: $303,915 Year 10 — other: $53,822 $6.16M Yr 10
Base rentCAM / operating costsReal estate taxesMarketing / condenser water / other
Lease YearBase RentBase Rent $/SFCAM / OpEx over baseRE TaxesCondenser waterTotal FixedTotal $/SFBreakpoint
Year 1$4,750,000$166.72$0— incl.$41,250$4,791,250$168.17n/a
Year 2$4,900,000$171.98$29,916— incl.$42,488$4,972,403$174.53n/a
Year 3$5,050,000$177.25$60,729— incl.$43,762$5,154,491$180.92n/a
Year 4$5,151,000$180.79$92,466— incl.$45,075$5,288,541$185.62n/a
Year 5$5,254,020$184.41$125,156— incl.$46,427$5,425,603$190.43n/a
Year 6$5,359,100$188.10$158,826— incl.$47,820$5,565,746$195.35n/a
Year 7$5,466,282$191.86$193,506— incl.$49,255$5,709,043$200.38n/a
Year 8$5,575,608$195.70$229,227— incl.$50,732$5,855,567$205.52n/a
Year 9$5,687,120$199.61$266,019— incl.$52,254$6,005,394$210.78n/a
Year 10$5,800,863$203.60$303,915— incl.$53,822$6,158,600$216.16n/a

Note: modified gross. Tenant pays 14.63% of the increase in RE taxes over the July 2026 – June 2027 base tax year and 14.63% of the increase in building operating expenses over calendar 2027. Both are combined in the CAM / OpEx column, so the RE taxes column reads “incl.” and the Year 1 pass-through is $0 by construction. The $35.00/SF base is a PLACEHOLDER — the lease does not state the base-year dollars — so that column is indicative only. The condenser-water charge (55 tons × $750, +3%/yr) is payable whether or not it is used. Base rent Years 4–10 computed at 2.0% ties exactly to Schedule A ($5,151,000 → $5,800,863). Excludes submetered electricity, water at cost, Tenant's own cleaning and refuse removal, and Tenant's ~$26.5–40M build-out.

Assumptions used in the schedule
Rentable area (RSF, REBNY) — Article 128,491 SF
Year 1 Fixed Rent — Schedule A$4,750,000
Year 2 Fixed Rent — Schedule A$4,900,000
Year 3 Fixed Rent — Schedule A$5,050,000
Escalation from Year 4 onward — Schedule A2%
Tenant's Proportionate Share — Article 114.63%
ESTIMATE — RE tax + OpEx base ($/SF), placeholder$35.00
ESTIMATE — annual growth in taxes + OpEx over base3%
Condenser water — 55 tons × $750/ton, Year 1$41,250
Condenser water — annual increase per lease3%
Tenant Improvement Allowance — hard costs only$3,500,000
Security deposit / Letter of Credit face amount$3,562,500
Percentage rentNone in the executed lease

Percentage rent / sales

Percentage rentNONE — the executed lease contains no percentage rent, no breakpoint and no sales-based charge. Tenant-favourable versus every mall candidate.
Sales reportingNot a routine obligation. Section 2.8 lets Landlord request an annual, officer-signed Gross Sales statement, no more than once a calendar year, and only if it is needed for a sale, investment or financing of the building, or if Landlord has a reasonable basis to be concerned about Tenant's financial condition. The LOI had required no reporting at all.
Implied rent-to-salesAt the traffic study's BASE 410K entrants × ~8.5% conversion × ~$300 ticket ≈ $10.5M sales → Year 1 base rent alone is ~45% of sales. Viable only on eyewear's ~85% gross margin; a HIGH case of 495K entrants and a $350 ticket gets to ~$14.7M and ~32%.

Other key terms

TI allowance / Landlord's Work$3,500,000 (Section 30.1) — HARD COSTS ONLY: soft costs, trade fixtures, equipment, inventory and filing fees are excluded. The LOI had said hard and soft costs, so the effective allowance is narrower than previously modelled. Paid 50% when the initial installations are 50% complete and 50% within 60 days of completion and opening; any unused balance is credited against rent. Landlord's Work (Exhibit G), at Landlord's cost: demise the unit and remove the walls shown on Exhibit G-1; broom-clean delivery; HVAC, plumbing, electrical and fire protection in good order; 800 amps dedicated (raised from 400 amps in the LOI) plus submeters; watertight and structurally sound envelope; no violations blocking permits; a certificate of occupancy for the permitted use; sprinkler standpipe with a connection point inside the premises.
Security deposit / guaranty$3,562,500 — nine months of Year 1 rent. Tenant may post CASH at execution but must replace it with a letter of credit within 60 days of the Effective Date (approx. Nov 10, 2026); Shinhan Bank America is named in the lease as a pre-approved issuing bank. Burn-down, provided there has been no default in the preceding 12 months: $3,166,666.67 at the 2nd anniversary of the RCD, $2,770,833.33 at the 3rd, $2,375,000.00 at the 4th and $1,583,333.33 at the 6th. PLUS the unlimited parent guaranty — see Guarantor above. The heaviest credit package of the 14 candidates.
AlterationsLandlord consent not to be unreasonably withheld, with a 10-business-day response and a deemed-approval remedy after a second notice in bold capitals. Kenneth Park Architects is pre-approved as architect (not mandatory). NON-UNION LABOR IS PERMITTED and Landlord warrants that using it is not a breach — a meaningful New York cost saving. Landlord must flag any Specialty Alterations that need removal at the time it approves the plans, or the removal obligation is waived.
Real estate tax / OpEx structureModified gross (Article 7). Tenant pays 14.63% of the increase in Taxes over the Base Tax Year (July 1, 2026 – June 30, 2027) and 14.63% of the increase in Operating Expenses over the Base Expense Year (calendar 2027), monthly on Landlord's estimate with an annual reconciliation. Management fees are capped at 3% of gross revenues and a long list of Excluded Expenses applies. Landlord warrants the building is not under any tax abatement or incentive programme.
Utilities / HVACElectricity is submetered and billed to Tenant. Condenser water: Landlord supplies 55 tons; Tenant pays $750 per ton per year, rising 3% each calendar year, payable annually in advance whether or not it is used (~$41,250 in Year 1). Tenant operates and maintains its own HVAC system under a service contract, but Landlord pays for replacement of the major components (compressors, coils, motors, valves, control boards) after the Commencement Date. Water is billed at cost; Tenant pays for its own cleaning, extermination and refuse removal.
SignageLogo and brand identification on the exterior at the ground-floor entrance, to the approved rendering at Exhibit H, subject to Landlord approval (not unreasonably withheld), municipal codes and Landmarks Preservation Commission approval. Tenant bears design, fabrication, installation, maintenance and removal.
Access / loading24/7 unencumbered access. Use of the freight elevators and the loading dock / service entrance during Building Hours and during fit-out; delivery access required day and night.
Assignment / sublettingLandlord consent required, not unreasonably withheld. No consent needed for affiliates or entities under common control, or a successor by merger or sale of substantially all assets. Transfer Profit is shared 50/50 with Landlord on both assignments and subleases (after deducting Tenant's costs); transfers to affiliates and to Permitted Users are carved out. Tenant may also license space to optometrists, ophthalmologists and short-term users under Section 13.11.
Co-tenancyNone.
Kick-out / early terminationNONE — no sales kick-out for either party, confirmed in the executed lease. The only exits are the Outside Termination Date of August 1, 2027 if the space is never delivered, and casualty or condemnation. On a 10-year term with a ~$26.5–40M build-out this remains the single largest downside exposure in the portfolio.
Relocation rightNone.
Radius restrictionNone — the executed lease imposes no radius restriction, so 70 Wooster and any future New York store are unaffected.
Permitted useUpscale first-class retail for eyewear, fashion accessories, technology products and related merchandise, plus product demonstrations, brand activations, pop-up installations and experiential programming, with office, storage and back-of-house uses. Coffee, tea and off-site-prepared pastries may be sold for consumption on the premises; no cooking or baking on site.
Remeasurement rightTenant may have the premises measured to the REBNY store standard by its own licensed architect within 90 days of the Commencement Date, time of the essence. Rent and every per-SF charge change only if the certified area is below 95% or above 105% of 28,491 SF; unresolved disputes go to a three-member AAA panel and any adjustment is backdated to the lease date.
Escrow / non-disturbanceSignature pages are held by Davis + Gilbert LLP as escrow agent and the security deposit by Landlord, pending delivery of a non-disturbance agreement from the current lender in the form agreed with Tenant's counsel. If that has not arrived within 60 days of the escrow agreement, the escrow is void, the signature pages return to Tenant and the deposit is refunded — unless Tenant instructs in writing that the escrow continue.

Open items / post — execution follow — up

Source: Executed\_New York_New Puck_295 Lafayette\ — New Puck _ Gentle Monster - Lease.docx, New Puck _ Gentle Monster - Guaranty.docx, Escrow Agreement - Gentle Monster - The Puck Building.docx.pdf, signature page.pdf | FULLY EXECUTED — Effective Date September 11, 2026. Landlord NEW PUCK, LLC (Kushner Companies), signed by Laurent Morali; Tenant IICOMBINED U.S.A. INC., signed by Rachel Muscat, Chief Strategic Adviser / President. Supersedes the LOI of Jul 9, 2026.

← BostonAmericana →

Americana

Glendale, CA · The Americana at Brand, Space E-2 · Open-air center · Caruso

Draft lease
Size
3,969 SF
Term
7 years
Renewal
None
Delivery
About Nov 1, 2026
Free rent
About 5 months
Structure
NNN (fixed $180K cap)
Year-1 base rent
$460,000
Base rent / SF
$116
Year-1 fixed cost
$643,969
Fixed cost / SF
$162
Percentage rent
7% over natural breakpoint
TI allowance
None
Deposit / guaranty
To be decided

Location

IntroductionCaruso-developed open-air lifestyle center in downtown Glendale, opened May 2008 ($400M+ cost). ~82 stores, 32 restaurants, Nordstrom & AMC anchors plus 342 residential units around a 2-acre green. Sits directly across from Brookfield's Glendale Galleria (~1.4M SF), making downtown Glendale one of the highest-drawing retail nodes in LA County.
Estimated annual traffic16M+ visitors/yr (Caruso VP Ops, LA Business Journal); regularly among most-visited US open-air centers (Placer.ai Mall Index)
Major luxury brandsLouis Vuitton, Gucci, Saint Laurent, Bottega Veneta, Tiffany & Co., David Yurman, Omega, Byredo, Golden Goose, Rolex (Bhindi shop-in-shop); Apple, Nordstrom anchors

Fixed occupancy cost by lease year

Annual figures. Years beyond the schedule stated in the document use the assumptions listed below the table.

Year 1 — base: $460,000 Year 1 — opex: $180,000 Year 1 — other: $3,969 $644K Yr 1 Year 2 — base: $473,800 Year 2 — opex: $185,400 Year 2 — other: $4,088 $663K Yr 2 Year 3 — base: $488,014 Year 3 — opex: $190,962 Year 3 — other: $4,211 $683K Yr 3 Year 4 — base: $502,654 Year 4 — opex: $196,691 Year 4 — other: $4,337 $704K Yr 4 Year 5 — base: $517,734 Year 5 — opex: $202,592 Year 5 — other: $4,467 $725K Yr 5 Year 6 — base: $533,266 Year 6 — opex: $208,669 Year 6 — other: $4,601 $747K Yr 6 Year 7 — base: $549,264 Year 7 — opex: $214,929 Year 7 — other: $4,739 $769K Yr 7
Base rentCAM / operating costsReal estate taxesMarketing / condenser water / other
Lease YearBase RentBase Rent $/SFCAM / OpExRE TaxesMktg / OtherTotal FixedTotal $/SFNatural Breakpoint
1$460,000$115.90$180,000in CAM$3,969$643,969$162.25$6,571,429
2$473,800$119.38$185,400in CAM$4,088$663,288$167.12$6,768,571
3$488,014$122.96$190,962in CAM$4,211$683,187$172.13$6,971,629
4$502,654$126.65$196,691in CAM$4,337$703,682$177.29$7,180,777
5$517,734$130.44$202,592in CAM$4,467$724,793$182.61$7,396,201
6$533,266$134.36$208,669in CAM$4,601$746,537$188.09$7,618,087
7$549,264$138.39$214,929in CAM$4,739$768,933$193.73$7,846,629

Note: Taxes & insurance are inside the fixed $180,000 Triple Net cap (Sec. 6.7.4); no reconciliation/audit. Excludes utilities, HVAC maintenance, employee parking, % rent.

Assumptions used in the schedule
Floor Area (SF)3,969 SF
Year 1 Minimum Rent$460,000
Annual escalation (all charges)3%
Year 1 Triple Net Charges (fixed cap: CAM+Taxes+Ins)$180,000
Promotional Fee ($1.00/SF)$3,969.00
Percentage rent rate7%

Percentage rent / sales

Percentage rent7% of Net Sales over natural breakpoint (7% of Net Sales less Minimum Rent paid); payable annually by Jan 31
Gross sales definitionVery broad — includes internet/catalogue orders fulfilled from/through premises, services, BI proceeds; exclusions: refunds, sales taxes, fixture sales, loyalty redemptions
Reporting / auditMonthly sales via Landlord's Yardi system (10 days); certified annual by Mar 15; POS feeds sales electronically; 3-yr audit right, >2% understatement = tenant pays audit costs

Other key terms

TI allowance / Landlord's workNONE — Tenant's Work entirely at tenant cost; $7,500 contractor construction deposit; mandatory ballistic window film at tenant cost
Security depositTBD — subject to Landlord review of tenant financials
CAM / Taxes / InsuranceFixed Triple Net cap $180,000/yr (Y1), +3%/yr — no reconciliation or audit right; 15% admin fee embedded in Landlord-processed utility billings
MarketingPromotional Fee $1.00/SF/yr, +3%/yr; mandatory participation in Caruso loyalty/marketing tech platform (POS data sharing)
Utilities / HVACAll utilities tenant cost (gas/electric separately metered); City of Glendale services required; HVAC installed/maintained/replaced by tenant, quarterly service contract
Insurance (tenant)CGL $5M/$5M; auto $5M; property 100% replacement + 18-mo BI; deductible max $10,000
Co-tenancy / kick-outNONE — no opening/ongoing co-tenancy, no sales kick-out
RelocationLandlord may relocate to comparable space anytime on 90 days' notice at Landlord's expense; tenant may elect to terminate instead (Landlord pays unamortized improvements)
Radius restrictionNo same/similar store or trade name in Glendale or Pasadena during Term; breach: Landlord may terminate OR raise rent 50% + fold other store's sales into % rent
AssignmentConsent required; Permitted Transfer to affiliate requires transfer of ≥25 CA stores; transferee needs ≥$250M US net tangible assets; 100% transfer premium to Landlord
Default / late5-day cure on rent; late charge 10% + interest at BofA prime +2%; holdover 200%; cross-default with other Caruso leases
Prepaid at execution1 month Minimum Rent + 1 month Triple Net Charges

Open items / TBD in draft

Source: Caruso (The Americana) - Gentle Monster Lease(19473655.2).docx | DRAFT lease — figures subject to change; TBD items highlighted

← LafayetteOakbrook →

Oakbrook

Oak Brook, IL · Oakbrook Center, Space 054 · Open-air center · Brookfield Properties

Draft lease
Size
1,500 SF
Term
About 10 yrs 2 mo
Renewal
None
Delivery
About Jun 1, 2027
Free rent
About 6 months fixturing
Structure
NNN
Year-1 base rent
$469,936
Base rent / SF
$313
Year-1 fixed cost
$529,546
Fixed cost / SF
$353
Percentage rent
6% over fixed sales base
TI allowance
$200,000
Deposit / guaranty
None

Location

Introduction~2M SF Brookfield Properties center in Oak Brook, IL, ~19 miles west of downtown Chicago — one of the largest open-air shopping centers in the US. 160+ upscale stores anchored by Nordstrom, Macy's and Neiman Marcus, serving an affluent western-suburbs trade area of 1.3M+ residents; ranked #4 US shopping center in USA TODAY 10Best 2025.
Estimated annual traffic~20M+ visitors/yr (Brookfield Properties, landlord); Greater Oak Brook Partnership cites 25M+
Major luxury brandsLouis Vuitton, Gucci, Saint Laurent, Tiffany & Co., Rolex, Omega, Breitling, TAG Heuer, TUDOR, David Yurman; Neiman Marcus & Nordstrom anchors; Apple, RH, Zara

Fixed occupancy cost by lease year

Annual figures. Years beyond the schedule stated in the document use the assumptions listed below the table.

Year 1 — base: $469,936 Year 1 — opex: $54,570 Year 1 — other: $5,040 $530K Yr 1 Year 2 — base: $484,035 Year 2 — opex: $56,207 Year 2 — other: $5,216 $545K Yr 2 Year 3 — base: $498,556 Year 3 — opex: $57,893 Year 3 — other: $5,399 $562K Yr 3 Year 4 — base: $513,512 Year 4 — opex: $59,630 Year 4 — other: $5,588 $579K Yr 4 Year 5 — base: $528,918 Year 5 — opex: $61,419 Year 5 — other: $5,784 $596K Yr 5 Year 6 — base: $544,785 Year 6 — opex: $63,262 Year 6 — other: $5,986 $614K Yr 6 Year 7 — base: $561,129 Year 7 — opex: $65,159 Year 7 — other: $6,195 $632K Yr 7 Year 8 — base: $577,963 Year 8 — opex: $67,114 Year 8 — other: $6,412 $651K Yr 8 Year 9 — base: $595,302 Year 9 — opex: $69,128 Year 9 — other: $6,637 $671K Yr 9 Year 10 — base: $613,161 Year 10 — opex: $71,201 Year 10 — other: $6,869 $691K Yr 10 Year 11 (mo 121+) — base: $631,555 Year 11 (mo 121+) — opex: $73,338 Year 11 (mo 121+) — other: $7,109 $712K Yr 11
Base rentCAM / operating costsReal estate taxesMarketing / condenser water / other
Lease YearBase RentBase Rent $/SFCAM / OpExRE TaxesMktg / OtherTotal FixedTotal $/SFSales Breakpoint (stated)
Year 1$469,936$313.29$54,570pro-rata TBD$5,040$529,546$353.03$5,874,206
Year 2$484,035$322.69$56,207pro-rata TBD$5,216$545,458$363.64$6,050,432
Year 3$498,556$332.37$57,893pro-rata TBD$5,399$561,848$374.57$6,231,946
Year 4$513,512$342.34$59,630pro-rata TBD$5,588$578,730$385.82$6,418,904
Year 5$528,918$352.61$61,419pro-rata TBD$5,784$596,120$397.41$6,611,471
Year 6$544,785$363.19$63,262pro-rata TBD$5,986$614,033$409.36$6,809,815
Year 7$561,129$374.09$65,159pro-rata TBD$6,195$632,484$421.66$7,014,110
Year 8$577,963$385.31$67,114pro-rata TBD$6,412$651,489$434.33$7,224,533
Year 9$595,302$396.87$69,128pro-rata TBD$6,637$671,066$447.38$7,441,269
Year 10$613,161$408.77$71,201pro-rata TBD$6,869$691,231$460.82$7,664,507
Year 11 (mo 121+)$631,555$421.04$73,338pro-rata TBD$7,109$712,002$474.67$7,894,442

Note: Rent schedule as stated in draft (~3%/yr). IMPORTANT: breakpoints are FIXED stated Annual Sales Bases (Sec. 1.09) equal to Min Rent ÷ 8% — BELOW the 6% natural breakpoint (Min Rent ÷ 6%), so percentage rent triggers earlier than a natural-breakpoint deal. Excludes pro-rata RE taxes (est. TBD), HVAC energy pro-rata, trash, utilities.

Assumptions used in the schedule
Floor Area (SF)1,500 SF
Fixed CAM Year 1 ($36.38/SF)$54,570.00
CAM escalation (each Jan 1 from 2028)3%
HVAC non-energy charge Y1 ($3.36/SF)$5,040.00
HVAC escalation (drafting conflict '4%3%' — using 3.5% placeholder)3.5%
Percentage rent rate6%

Percentage rent / sales

Percentage rent6% of Net Sales above FIXED stated Annual Sales Bases (Sec. 1.09: $5,874,206 Y1 → $7,894,442 Yr 11 = Min Rent ÷ 8%) — below the 6% natural breakpoint, so % rent triggers earlier; paid monthly by 15th once exceeded, annual true-up
Net sales definitionGross (incl. mail/internet/phone orders, gift cards) less sales taxes, refunds, credit-card fees (cap 2%), 3rd-party shipping, employee discounts (cap 2%); deductions must be itemized or Net = Gross
Reporting / auditMonthly reporting; radius-violation store sales fold into Net Sales

Other key terms

TI allowance$200,000 — paid within 60 days of lien-free completion, CO and opening; must request by 3rd anniversary of RCD; Landlord may offset against defaults
Landlord's workDelivered as-is; Landlord's Work per Exhibit L-W (content not in draft — TBD)
Security deposit / guarantyNone (RP 1.19 'Not Applicable')
RE taxesPro-rata share of Main Mall Building taxes (denominator floored at 80% of GLA); monthly estimates + true-up — dollar estimate not stated
Marketing fundNone in draft
Utilities / HVAC / trashAll utilities tenant cost; HVAC non-energy $3.36/SF + pro-rata HVAC energy expense; trash billed on Landlord estimate; construction chargebacks (plan review $0.50/SF, barricade, dumpsters, $5,000 contractor deposit)
Insurance (tenant)CGL $1M/$3M (IL); WC statutory; auto $1M; property full replacement, BI 12 mo
Co-tenancy (operating)If <2 anchors AND <80% inline GLA open for 12 consecutive months AND tenant sales down >10% → Substitute Rent = 5% of Net Sales; after 12 more months → termination right
Kick-outTenant: if Net Sales months 25–36 < $2.0M → terminate on 365 days' notice, fee = unamortized TI + brokerage. Landlord: same-period sales < $1.5M → terminate on 365 days' notice
RelocationOne-time Landlord right from month 61 (365 days' notice, redevelopment-triggered); Landlord pays comparable buildout + moving costs
Radius restriction5 miles from center perimeter, full Term; violation folds competing sales into % rent and kills tenant kick-out
AssignmentConsent at Landlord discretion; $1,500 fee; 100% transfer profit to Landlord
Default / lateMonetary 5-day cure; interest prime +5%; late fee greater of $100 or 5%; 3rd late in 12 months = non-curable; holdover 150%

Open items / TBD in draft

Source: Gentle Monster - Oakbrook Center - 054_Clean_2022 Form Lease Standard_v1.docx | DRAFT lease — figures subject to change; TBD items highlighted

← AmericanaCentury →

Century

Los Angeles, CA · Westfield Century City, Store 1950 · Open-air mall · Unibail-Rodamco-Westfield

Unsigned draft
Size
3,800 SF
Term
10 years, to Jul 31, 2036
Renewal
None
Delivery
Est. Feb 1, 2026 (space still occupied)
Free rent
About 6 months fixturing
Structure
NNN
Year-1 base rent
$627,000
Base rent / SF
$165
Year-1 fixed cost
$1,207,754
Fixed cost / SF
$318
Percentage rent
12.5% over $5.02M fixed breakpoint
TI allowance
None (as is)
Deposit / guaranty
$301,937 deposit; no guaranty

Location

IntroductionURW’s flagship ~1.3M SF open-air center in Century City, West LA — $1B redevelopment completed 2017. Nordstrom, Bloomingdale’s and Macy’s anchors plus Eataly and Equinox; premier Westside retail destination adjacent to major office towers.
Estimated annual traffic20M+ visits/yr (URW / press)
Major luxury brandsGucci, Tiffany & Co., Chanel Beauty, Moncler among mid-to-luxury mix; Nordstrom, Bloomingdale’s, Macy’s anchors

Fixed occupancy cost by lease year

Annual figures. Years beyond the schedule stated in the document use the assumptions listed below the table.

Year 1 — base: $627,000 Year 1 — opex: $446,272 Year 1 — tax: $107,882 Year 1 — other: $26,600 $1.21M Yr 1 Year 2 — base: $645,810 Year 2 — opex: $468,586 Year 2 — tax: $111,118 Year 2 — other: $27,930 $1.25M Yr 2 Year 3 — base: $665,184 Year 3 — opex: $492,015 Year 3 — tax: $114,452 Year 3 — other: $29,326 $1.30M Yr 3 Year 4 — base: $685,140 Year 4 — opex: $516,616 Year 4 — tax: $117,886 Year 4 — other: $30,793 $1.35M Yr 4 Year 5 — base: $705,694 Year 5 — opex: $542,446 Year 5 — tax: $121,422 Year 5 — other: $32,332 $1.40M Yr 5 Year 6 — base: $726,865 Year 6 — opex: $569,569 Year 6 — tax: $125,065 Year 6 — other: $33,949 $1.46M Yr 6 Year 7 — base: $748,671 Year 7 — opex: $598,047 Year 7 — tax: $128,817 Year 7 — other: $35,647 $1.51M Yr 7 Year 8 — base: $771,131 Year 8 — opex: $627,950 Year 8 — tax: $132,681 Year 8 — other: $37,429 $1.57M Yr 8 Year 9 — base: $794,265 Year 9 — opex: $659,347 Year 9 — tax: $136,662 Year 9 — other: $39,300 $1.63M Yr 9 Year 10 — base: $818,093 Year 10 — opex: $692,314 Year 10 — tax: $140,762 Year 10 — other: $41,265 $1.69M Yr 10
Base rentCAM / operating costsReal estate taxesMarketing / condenser water / other
Lease YearBase RentBase Rent $/SFCAM / OpExRE TaxesMktg / OtherTotal FixedTotal $/SFBreakpoint (FIXED)
1$627,000$165.00$446,272$107,882$26,600$1,207,754$317.83$5,016,000
2$645,810$169.95$468,586$111,118$27,930$1,253,444$329.85$5,016,000
3$665,184$175.05$492,015$114,452$29,326$1,300,978$342.36$5,016,000
4$685,140$180.30$516,616$117,886$30,793$1,350,434$355.38$5,016,000
5$705,694$185.71$542,446$121,422$32,332$1,401,895$368.92$5,016,000
6$726,865$191.28$569,569$125,065$33,949$1,455,447$383.01$5,016,000
7$748,671$197.02$598,047$128,817$35,647$1,511,181$397.68$5,016,000
8$771,131$202.93$627,950$132,681$37,429$1,569,191$412.94$5,016,000
9$794,265$209.02$659,347$136,662$39,300$1,629,574$428.84$5,016,000
10$818,093$215.29$692,314$140,762$41,265$1,692,434$445.38$5,016,000

Note: CAM and Promo are FIXED charges compounding 5% each calendar Jan 1 after RCD (first bump possible ~5 months after an Aug 2026 RCD — schedule above approximates by lease year). Taxes are estimated $28.39/SF, pro-rata reconciled (denominator excludes Majors/theaters/restaurants; Prop 13 reassessment pass-through). Excludes utilities: chilled water $4.72/SF (CPI, never decreases), electric $4.00/SF initial, water/sewer $0.23/SF.

Assumptions used in the schedule
Floor Area (SF)3,800 SF
Year 1 Minimum Rent ($165.00/SF)$627,000.00
Rent escalation (stated schedule)3%
Fixed CAM Y1 ($/SF)$117.44
CAM/promo escalation (compounded each Jan 1)5%
RE taxes est. Y1 ($/SF, pro-rata, reconciled)$28.39
Tax growth assumption (not in lease)3%
Promotional Charge Y1 ($/SF)$7.00
Percentage rent rate12.5%
FIXED annual breakpoint (flat all 10 yrs)$5,016,000

Percentage rent / sales

Percentage rent12.5% of Adjusted Gross Sales over FIXED breakpoint $5,016,000/yr ($1,320/SF) — flat all 10 years = Y1 natural only; falls BELOW natural from Y2 as rent grows (landlord-favorable)
Gross sales definitionBroad — includes internet/app orders originating at or fulfilled from the Premises; exclusions: sales tax, returns, transfers, bad debts ≤3%, card fees ≤3%, fixture sales
Reporting / auditMonthly statements in 10 days; certified annual in 45 days; $50/statement/day late LD; audit on 30 days’ notice; radius-store sales fold into % rent

Other key terms

TI allowance / Landlord’s workNONE — delivered AS IS / WHERE IS; all build-out at tenant cost. Chargebacks: temp power $100/day, trash $3,800, mall tile $20/SF, sprinkler drain $300, dumpster pad $500/mo; $10,000 refundable construction deposit
Security deposit$301,936.75 (≈3 months gross occupancy), due at execution; credited back after 114th month if no default; no LC, no guaranty; no prepaid rent stated
Co-tenancyNone
Kick-out / early terminationNo tenant sales kick-out. LANDLORD REDEVELOPMENT TERMINATION: after Lease Year 4, landlord may terminate on 240 days’ notice to expand/renovate/redevelop — pays only unamortized tenant-funded improvements (§6.04(b))
RelocationNone (no substitute-premises clause)
Radius restriction7 miles — remedy is sales fold-in to % rent (not prohibition); stores open at commencement excluded; ONE street (non-shopping-center) store expressly permitted within radius
AssignmentConsent required (not unreasonably withheld); 60-day notice + financials; no release of tenant; IPO/public-trading carve-out
Utilities / HVACTenant pays all; central chilled water $4.72/SF/yr CPI-adjusted (never decreases); tenant installs/maintains in-premises AHU
Default / late / operationLate 3% + 10% interest; monetary cure 10 days; continuous operation required — $150/day LD; CROSS-DEFAULT with any other URW-affiliate lease (§19.01(g)) — links this lease to UTC and any future URW deals
Insurance (tenant)CGL $3M; auto/broad-form $1M; workers’ comp $2M; product liability $3M; extensive URW additional insureds

Open items / watch — outs (draft)

Source: _LA Century.pdf | DRAFT lease (unsigned; URW form dated 02/27/2025) — Century City Mall, LLC / IICOMBINED U.S.A. INC.

← OakbrookMichigan →

Michigan

Chicago, IL · 673 N Michigan Ave · High street, Magnificent Mile · PPF/MB N. Michigan Avenue Venture

LOI blackline Aug 3, 2026, unsigned
Size
4,472 SF
Term
10 years
Renewal
One 5-year option
Delivery
Between Mar 1 and Jun 1, 2027
Free rent
6 months from delivery
Structure
Modified gross
Year-1 base rent
$1,650,000
Base rent / SF
$369
Year-1 fixed cost
$1,650,000
Fixed cost / SF
$369
Percentage rent
None
TI allowance
$900,000 (hard costs only)
Deposit / guaranty
To be decided after financial review

Location

IntroductionGround-floor retail on the east side of the Magnificent Mile — the existing Converse unit within the contiguous 663 / 669 / 673 N Michigan assemblage acquired by Morgan Stanley Prime Property Fund and Meyer Bergman for $295M in 2015 (the “PPF/MB” venture). Delivery is conditional on recapture of the Premises from the existing tenant.
Estimated annual traffic15.7M visits to the Magnificent Mile district in 2025, up from 15.1M in 2024 (Placer.ai data via the Magnificent Mile Association). District-level only — no block or storefront count is published. CONFIDENCE: MEDIUM.
Major brands / neighboursNike’s 57,000 SF flagship at 669 N Michigan sits immediately adjacent; Apple Michigan Avenue, Water Tower Place, 900 North Michigan and The Shops at North Bridge anchor the corridor. Recent arrivals: Uniqlo, Aritzia, Mango, A. Lange & Söhne, Leica.
Market watchDistrict vacancy has fallen from a 33% peak in 2023 to roughly 17–28% depending on the source. Materially for THIS address: Nike is reported to be leaving 669 N Michigan for ~40,000 SF at 540 N Michigan, and Levi’s is taking ~9,000 SF at 663 — both bookends of the same ownership block are in play (April 2026 reporting).

Fixed occupancy cost by lease year

Annual figures. Years beyond the schedule stated in the document use the assumptions listed below the table.

Year 1 — base: $1,650,000 $1.65M Yr 1 Year 2 — base: $1,699,500 Year 2 — other: $6,037 $1.71M Yr 2 Year 3 — base: $1,750,485 Year 3 — other: $12,256 $1.76M Yr 3 Year 4 — base: $1,803,000 Year 4 — other: $18,660 $1.82M Yr 4 Year 5 — base: $1,857,090 Year 5 — other: $25,257 $1.88M Yr 5 Year 6 — base: $1,912,802 Year 6 — other: $32,052 $1.94M Yr 6 Year 7 — base: $1,970,186 Year 7 — other: $39,051 $2.01M Yr 7 Year 8 — base: $2,029,292 Year 8 — other: $46,260 $2.08M Yr 8 Year 9 — base: $2,090,171 Year 9 — other: $53,685 $2.14M Yr 9 Year 10 — base: $2,152,876 Year 10 — other: $61,333 $2.21M Yr 10
Base rentCAM / operating costsReal estate taxesMarketing / condenser water / other
Lease YearBase RentBase Rent $/SFCAM / OpExRE TaxesMktg / OtherTotal FixedTotal $/SFBreakpoint
Year 1$1,650,000$368.96— incl.— incl.$0$1,650,000$368.96n/a
Year 2$1,699,500$380.03— incl.— incl.$6,037$1,705,537$381.38n/a
Year 3$1,750,485$391.43— incl.— incl.$12,256$1,762,741$394.17n/a
Year 4$1,803,000$403.18— incl.— incl.$18,660$1,821,660$407.35n/a
Year 5$1,857,090$415.27— incl.— incl.$25,257$1,882,347$420.92n/a
Year 6$1,912,802$427.73— incl.— incl.$32,052$1,944,855$434.90n/a
Year 7$1,970,186$440.56— incl.— incl.$39,051$2,009,237$449.29n/a
Year 8$2,029,292$453.78— incl.— incl.$46,260$2,075,552$464.12n/a
Year 9$2,090,171$467.39— incl.— incl.$53,685$2,143,855$479.40n/a
Year 10$2,152,876$481.41— incl.— incl.$61,333$2,214,208$495.13n/a

Note: the $1,650,000 Year 1 figure is MODIFIED GROSS — CAM, taxes and insurance are inside it, which is why the $/SF looks high against the NNN mall deals. The ‘Mktg / Other’ column carries the estimated pass-through of NNN increases above the base year; the $45.00/SF base is a PLACEHOLDER not stated in the LOI. Excludes Tenant-metered utilities and Tenant’s build-out.

Assumptions used in the schedule
Ground retail area (SF)4,472 SF
Year 1 Modified Gross Rent (incl. NNN)$1,650,000
Rent escalation (from 13th month after RCD)3%
ESTIMATE — NNN base ($/SF, base year = year Tenant opens). NOT in LOI — placeholder for escalation only$45.00
ESTIMATE — annual growth in NNN over base year3%
Tenant Allowance (per LOI)$900,000
Tenant kick-out sales threshold (months 72–84)$6,000,000
Percentage rentNone in LOI

Percentage rent / sales

Percentage rentNONE — no percentage rent in the LOI
Sales reportingNot required as a standing obligation, but sales in months 72–84 must be measurable to exercise the Tenant kick-out
Audit rightTenant may audit Owner’s calculations of RE taxes and other charges — to be further defined in the lease

Other key terms

Tenant Allowance$900,000 toward Tenant’s hard costs INCLUDING the storefront ($201.25/SF — the second-highest $/SF allowance of the 14). Paid within 60 days after opening against lien waivers, architect’s certificate and drawings.
Landlord’s Work / Delivery ConditionOwner fully demos and splits the existing Premises per the sub-division plan with ≥30 ft frontage; smooth filled concrete floor at street grade, ADA-compliant; broom clean, free of prior occupant property; HVAC unit (1 ton per 250 SF) plus stubbed trunk line; sprinkler with required fire rating; sufficient utilities, drainage and power stubbed in; hazmat remediation at Owner’s cost; recapture from the existing tenant; Owner cures unit violations blocking permits. MILESTONES: Tenant plans due to Landlord by Jan 31, 2027, and Tenant must apply for permits within 10 business days of Landlord’s written plan approval. MUTUAL TERMINATION RIGHT: if the building permit is not received within 180 days of application despite Tenant’s demonstrable efforts, EITHER party may terminate.
ChargebacksNONE — no back charges, barricade, freight elevator, dumpster, trash or sprinkler shut-down fees. (Contrast Century City and UTC, which charge for all of these.) Exception: third-party plan-review costs engaged by Landlord are reimbursable.
Tenant kick-outOne-time right exercisable during the 84th month if gross sales are below $6M in months 72–84 (pro-rated for closure days). 180 days’ notice; Tenant repays unamortised (1) Tenant Allowance, (2) 55% of Landlord’s cost of Landlord’s Work / free rent, and (3) Landlord’s brokerage.
Landlord terminationFrom Lease Year 8, Landlord may terminate on redevelopment grounds between years 8–9 with 18 months’ written notice, paying a termination fee of one year’s then-current Modified Gross Rent (reduced to 6 months if effective during the option term, on 12 months’ notice). Materially better than the URW deals, which pay only unamortised TI.
Scaffolding protectionIf the storefront is obstructed by scaffolding at opening, rent is reduced 30% until removed. No scaffolding for the first 24 months except emergencies or Landlord obligations; only Urban Umbrella double-height scaffolding, with temporary signage. UNIQUE among the 14 candidates.
Signage / storefrontFull exterior signage and branding on the first floor as permitted by the city, PLUS a second sign at the TOP OF THE BUILDING per the provided rendering — the strongest signage package in the portfolio
Assignment / sublettingOwner consent required but not unreasonably withheld; consideration split 50/50 after Tenant’s brokerage and legal expenses. No consent for transfers to a controlling entity, merger, or sale of a majority of stock/assets as part of a whole-business sale or public offering. A change of ownership interest is expressly NOT an assignment and gives Owner no right to terminate or re-price.
MaintenanceTenant: all non-structural portions including storefront and MEP/HVAC serving the Premises. Owner: foundation, floor/ceiling slabs, exit stairs, load-bearing walls, roof structure and membrane; Owner keeps the roof free of leaks.
UtilitiesTenant uses existing utilities and meters and pays actual consumption; subject to Landlord review and Tenant confirmation after inspection
Permitted usePrimarily retail sale of eyewear and related accessories, ancillary other goods and services. Receptions and special events permitted inside or outside business hours, including complimentary FOOD and beverages (alcoholic and non-alcoholic), subject to permits and insurance.
Co-tenancy / radiusNone of either
Non-disturbanceNo lender currently; Landlord to use reasonable efforts to provide an SNDA or recognition agreement on any refinancing
BrokerageGlobal Retail Advisors, Inc. d/b/a Maddox Retail — full commission per separate agreement with Landlord’s broker

Open items / watch — outs

Source: 08182026_Chicago Michigan_PPFMB - NMA - Gentle Monster LOI Blackline 8.3.26.pdf | Blackline dated Aug 3, 2026 (redline of the Jul 29 draft) — UNSIGNED, non-binding except Confidentiality.

← CenturyPhiladelphia →

Philadelphia

Philadelphia, PA · 1716 Walnut Street · High street, Rittenhouse Row · Midwood Investment & Development

LOI Jul 21, 2026, unsigned
Size
3,505 SF
Term
10 years from rent start
Renewal
None
Delivery
Between Jan 11 and Jun 1, 2027
Free rent
Rent starts at opening or 150 days after delivery
Structure
NNN
Year-1 base rent
$576,923
Base rent / SF
$165
Year-1 fixed cost
$623,890
Fixed cost / SF
$178
Percentage rent
None
TI allowance
$200,000
Deposit / guaranty
Not addressed in LOI

Location

IntroductionSmall-format ground retail on the 1700 block of Walnut Street in Rittenhouse Row, Center City’s premier retail corridor. Currently occupied by Glossier; delivery is conditional on recapture from that tenant. Owner is Midwood Investment & Development, which holds a large Walnut Street portfolio (also 1615 Walnut and 15th & Walnut) — Owner information still to be formally disclosed under the LOI.
Estimated annual trafficNo address-level count published. Rittenhouse recorded 46,129 daily pedestrians, +9% year-on-year, per the Center City District 2025 Retail Report (~16.8M/yr on the corridor). Demand base: 62,563 residents within a 15-minute walk and 8,252 households earning $200K+; ZIP 19103 is the 10th-wealthiest nationally. CONFIDENCE: MEDIUM (read via secondary source).
Major brands / neighboursImmediately adjacent: Lululemon at 1718–1720 (combining into a ~7,300 SF store, construction targeted summer 2026), Athleta at 1722, Vuori at 1705, Alo Yoga at 1608. Also Aritzia, Abercrombie & Fitch, Equinox, Jordan World of Flight, Warby Parker, Madewell.
Market watch~50 new businesses opened in Rittenhouse in 2025 (~40% of Center City’s 130+), with 35 more announced for 2026. CCD’s late-2025 report found occupancy resilient despite national headwinds. Open Streets: West Walnut returns Fall 2026 — participants saw +65% foot traffic and +39% sales.

Fixed occupancy cost by lease year

Annual figures. Years beyond the schedule stated in the document use the assumptions listed below the table.

Year 1 — base: $576,923 Year 1 — opex: $18,927 Year 1 — other: $28,040 $624K Yr 1 Year 2 — base: $576,923 Year 2 — opex: $19,495 Year 2 — tax: $1,262 Year 2 — other: $28,881 $627K Yr 2 Year 3 — base: $594,231 Year 3 — opex: $20,080 Year 3 — tax: $2,561 Year 3 — other: $29,748 $647K Yr 3 Year 4 — base: $612,058 Year 4 — opex: $20,682 Year 4 — tax: $3,900 Year 4 — other: $30,640 $667K Yr 4 Year 5 — base: $630,419 Year 5 — opex: $21,303 Year 5 — tax: $5,279 Year 5 — other: $31,559 $689K Yr 5 Year 6 — base: $649,332 Year 6 — opex: $21,942 Year 6 — tax: $6,699 Year 6 — other: $32,506 $710K Yr 6 Year 7 — base: $668,812 Year 7 — opex: $22,600 Year 7 — tax: $8,162 Year 7 — other: $33,481 $733K Yr 7 Year 8 — base: $688,876 Year 8 — opex: $23,278 Year 8 — tax: $9,668 Year 8 — other: $34,486 $756K Yr 8 Year 9 — base: $709,543 Year 9 — opex: $23,976 Year 9 — tax: $11,220 Year 9 — other: $35,520 $780K Yr 9 Year 10 — base: $730,829 Year 10 — opex: $24,695 Year 10 — tax: $12,819 Year 10 — other: $36,586 $805K Yr 10
Base rentCAM / operating costsReal estate taxesMarketing / condenser water / other
Lease YearBase RentBase Rent $/SFCAM / OpExRE TaxesMktg / OtherTotal FixedTotal $/SFBreakpoint
Year 1$576,923$164.60$18,927$0$28,040$623,890$178.00n/a
Year 2$576,923$164.60$19,495$1,262$28,881$626,561$178.76n/a
Year 3$594,231$169.54$20,080$2,561$29,748$646,619$184.48n/a
Year 4$612,058$174.62$20,682$3,900$30,640$667,280$190.38n/a
Year 5$630,419$179.86$21,303$5,279$31,559$688,560$196.45n/a
Year 6$649,332$185.26$21,942$6,699$32,506$710,479$202.70n/a
Year 7$668,812$190.82$22,600$8,162$33,481$733,055$209.15n/a
Year 8$688,876$196.54$23,278$9,668$34,486$756,308$215.78n/a
Year 9$709,543$202.44$23,976$11,220$35,520$780,259$222.61n/a
Year 10$730,829$208.51$24,695$12,819$36,586$804,929$229.65n/a

Note: base rent is the LOI’s stated dollar schedule (flat Yrs 1–2, then 3%). CAM $3.37/SF and insurance $2.03/SF are Owner’s 2026 estimates; Use & Occupancy plus Center City District tax is estimated at $8.00/SF ($28,064/yr) and is a separate Tenant obligation. RE taxes are payable only as increases over the 2027 base year, so Year 1 = $0; the $12.00/SF base is a PLACEHOLDER. Owner has been asked for 3 years of tax history. Excludes Tenant-metered utilities and build-out.

Assumptions used in the schedule
Ground retail area (SF)3,505 SF
Year 1 Base Rent (per LOI schedule)$576,923
Rent escalation (from 24th month — Yrs 1 & 2 flat)3%
CAM $/SF (2026 estimate, 100% pro-rata)$3.37
Insurance $/SF (2026 estimate, 100% pro-rata)$2.03
Use & Occupancy + Center City District tax ($/SF)$8.00
ESTIMATE — growth on CAM / insurance / U&O3%
ESTIMATE — RE tax base ($/SF, 2027 base year). NOT in LOI — placeholder for escalation only$12.00
ESTIMATE — annual growth in RE taxes over base3%
Tenant Allowance (per LOI)$200,000
Percentage rentIntentionally deleted

Percentage rent / sales

Percentage rentINTENTIONALLY DELETED — no percentage rent
Sales reportingIntentionally deleted; Owner notes annual sales reporting is required at minimum if Tenant wants the kick-out
Audit rightTenant may audit Owner’s calculations of RE taxes and other charges — not on a contingency-fee basis

Other key terms

Tenant Allowance$200,000 toward fit-out ($57.06/SF — the lowest $/SF allowance of the six new candidates). Payable within 45 days after the latest of: opening with all governmental sign-offs; delivery of final lien waivers and paid invoices; and Tenant’s architect certifying completion.
Delivery ConditionOwner approval of Tenant’s plans per a milestone schedule; removal of any hazardous materials; ADA-accessible, broom-clean delivery free of all violations and prior occupant property; HVAC in good working condition, existing sprinkler (if code-required) and existing bathroom; recapture from Glossier; fully executed lease. Owner cures unit violations blocking permits or timely opening, with day-for-day RCD delay or rent abatement.
ChargebacksNONE — no back charges, barricade, freight elevator, dumpster, trash or sprinkler shut-down fees
Tenant kick-outOption to terminate at the fifth year if sales in months 48–60 are below $2M. 150 days’ notice given in the 61st month; Tenant repays unamortised Tenant Allowance and brokerage fees. Second-earliest exit of the six new candidates — Del Amo’s kick lands earlier, on the 3rd anniversary of its RCD.
Landlord terminationNone
Co-tenancy / radius / relocationNone of any
Assignment / sublettingConsent not unreasonably withheld, subject to Owner approval of the transferee’s business acumen and financial strength; Owner has NO recapture right on an assignment/sublet application. Consideration split 50/50 after Tenant’s brokerage and legal expenses. No consent for a franchisee or entity under common control, merger, consolidation, reorganisation, or sale of a majority of stock/assets as part of a business sale or public offering involving at least 10 stores. A change of ownership IS an assignment but does not let Owner terminate or re-price.
MaintenanceTenant: all non-structural portions including storefront and mechanical systems, PLUS sidewalk maintenance and repairs front and back and snow/ice removal. Owner: foundation, floor/ceiling slabs, load-bearing walls, roof structure and membrane (except Tenant-caused damage); Owner keeps the roof leak-free.
Owner approval / alterationsOwner’s sole-discretion approval limited to exterior, structural and system modifications; Owner will be reasonable on all other alterations. Storefront alterations subject to Owner’s sole discretion and any condo/co-op approvals.
ScaffoldingLandlord will use commercially reasonable efforts to keep the space free of scaffolding unless required for repairs or by government mandate — materially weaker than the Chicago LOI’s 30% rent abatement
SignageFull signage as permitted by local authority, subject to Landlord approval
Permitted useReceptions and special events permitted inside or outside business hours, including complimentary FOOD and beverages (alcoholic and non-alcoholic), subject to applicable law
Non-disturbanceSubordination to future mortgagees/ground lessors conditional on Landlord using commercially reasonable efforts to obtain an SNDA fully recognising the Lease
BrokerageCommission paid by Landlord (Maddox Retail)

Open items / watch — outs

Source: 08182026_Philadelphia Walnut_Gentle Monster LOI - 7.21.26 LL.pdf | LOI dated Jul 21, 2026 (Landlord turn) — UNSIGNED, non-binding except Confidentiality.

← MichiganTorrance →

Torrance

Torrance, CA · Del Amo Fashion Center, Space 417A · Enclosed mall · Simon Property Group

LOI Jul 21, 2026, unsigned
Size
3,000 SF
Term
10 years
Renewal
None in LOI
Delivery
Est. Jul 1, 2028
Free rent
About 6 months fixturing
Structure
NNN
Year-1 base rent
$336,000
Base rent / SF
$112
Year-1 fixed cost
$489,510
Fixed cost / SF
$163
Percentage rent
6% over natural breakpoint
TI allowance
$450,000 (hard costs only)
Deposit / guaranty
Not addressed in LOI

Location

Introduction~2.5M SF super-regional centre in Torrance — the 7th largest mall in the US and the largest in the western US, with 300+ brands. Ownership: Simon Property Group 50%, JPMorgan Fleming 25%, Farallon 25%. Simon markets it as the closest super-regional centre to LAX.
Estimated annual trafficNO authoritative published figure. The commonly repeated “over 18 million visitors annually” appears only in an unattributed advertising-vendor blog — treat as UNVERIFIED. CONFIDENCE: LOW.
Major brands / neighboursNordstrom (the only one in the South Bay), two Macy’s, JCPenney, Dick’s, Apple, Zara, Uniqlo, Tesla, Crate & Barrel, Arhaus, Mitsuwa Marketplace. Fashion Wing premium tenants include BOSS, Kate Spade, Michael Kors, Tumi and Brooks Brothers, plus Din Tai Fung.
Market watchJo-Ann closed in the 2025 nationwide bankruptcy and two anchor boxes are vacant; the Black Angus site closed July 2025 and is being demolished for housing. Current openings skew experiential and DTC: Rowan, Lucille’s, Pop Mart, ThirdLove, Caitlyn Minimalist, Auntea Jenny, Onigilly.

Fixed occupancy cost by lease year

Annual figures. Years beyond the schedule stated in the document use the assumptions listed below the table.

Year 1 — base: $336,000 Year 1 — opex: $110,670 Year 1 — tax: $36,840 Year 1 — other: $6,000 $490K Yr 1 Year 2 — base: $346,080 Year 2 — opex: $115,097 Year 2 — tax: $37,945 Year 2 — other: $6,180 $505K Yr 2 Year 3 — base: $356,462 Year 3 — opex: $119,701 Year 3 — tax: $39,084 Year 3 — other: $6,365 $522K Yr 3 Year 4 — base: $367,156 Year 4 — opex: $124,489 Year 4 — tax: $40,256 Year 4 — other: $6,556 $538K Yr 4 Year 5 — base: $378,171 Year 5 — opex: $129,468 Year 5 — tax: $41,464 Year 5 — other: $6,753 $556K Yr 5 Year 6 — base: $389,516 Year 6 — opex: $134,647 Year 6 — tax: $42,708 Year 6 — other: $6,956 $574K Yr 6 Year 7 — base: $401,202 Year 7 — opex: $140,033 Year 7 — tax: $43,989 Year 7 — other: $7,164 $592K Yr 7 Year 8 — base: $413,238 Year 8 — opex: $145,634 Year 8 — tax: $45,309 Year 8 — other: $7,379 $612K Yr 8 Year 9 — base: $425,635 Year 9 — opex: $151,460 Year 9 — tax: $46,668 Year 9 — other: $7,601 $631K Yr 9 Year 10 — base: $438,404 Year 10 — opex: $157,518 Year 10 — tax: $48,068 Year 10 — other: $7,829 $652K Yr 10
Base rentCAM / operating costsReal estate taxesMarketing / condenser water / other
Lease YearBase RentBase Rent $/SFCAM / OpExRE TaxesMktg / OtherTotal FixedTotal $/SFBreakpoint
Year 1$336,000$112.00$110,670$36,840$6,000$489,510$163.17$5,600,000
Year 2$346,080$115.36$115,097$37,945$6,180$505,302$168.43$5,768,000
Year 3$356,462$118.82$119,701$39,084$6,365$521,612$173.87$5,941,040
Year 4$367,156$122.39$124,489$40,256$6,556$538,457$179.49$6,119,271
Year 5$378,171$126.06$129,468$41,464$6,753$555,856$185.29$6,302,849
Year 6$389,516$129.84$134,647$42,708$6,956$573,826$191.28$6,491,935
Year 7$401,202$133.73$140,033$43,989$7,164$592,388$197.46$6,686,693
Year 8$413,238$137.75$145,634$45,309$7,379$611,560$203.85$6,887,294
Year 9$425,635$141.88$151,460$46,668$7,601$631,363$210.45$7,093,912
Year 10$438,404$146.13$157,518$48,068$7,829$651,818$217.27$7,306,730

Note: CAM escalates 4%/yr against rent at 3%/yr — occupancy-cost creep, the same pattern flagged at Century City and UTC. RE taxes are pro-rata with an 85% occupancy floor; $12.28/SF is the CURRENT escrow, and the 3% growth assumption is not in the LOI. Excludes Tenant-paid consumables (electric, water, waste handling) and barricade, which is at Tenant’s cost.

Assumptions used in the schedule
Floor area (SF)3,000 SF
Base rent $/SF (Year 1)$112.00
Rent escalation3%
CAM $/SF (Year 1)$36.89
CAM escalation4%
RE tax $/SF (current escrow; pro-rata, 85% floor)$12.28
ESTIMATE — RE tax growth (not stated in LOI)3%
Promo fund $/SF (Year 1)$2.00
Promo fund escalation3%
Percentage rent rate6%
Tenant Allowance $/SF (hard costs only)$150.00

Percentage rent / sales

Percentage rent6% of gross sales over a NATURAL breakpoint (base rent ÷ 6%) — Year 1 breakpoint $5,600,000. Natural rather than a fixed breakpoint, so exposure does not grow as rent escalates (better than Century City and UTC, which use flat breakpoints).
Gross sales definition“Conform to Houston” — i.e. mirror the definition in Gentle Monster’s existing Houston lease. CONFIRM which document that refers to and re-check exclusions.
Reporting / auditNot specified in the LOI beyond the Houston conformance

Other key terms

Tenant Allowance$150/SF = $450,000, HARD COSTS ONLY. Paid on opening against lien waivers. Chicago’s $900,000 is likewise hard costs only (including storefront); only 295 Lafayette’s $3.5M covers hard AND soft costs.
Delivery condition‘AS IS’ — no Landlord work specified. Landlord remediates hazardous materials if found, with day-for-day RCD extension.
Tenant kick-outRight to terminate on the 3rd anniversary of the RCD with 12 months’ notice if Year 2 sales did not exceed $1.5M; Tenant repays the unamortised Tenant Allowance. The earliest and cheapest exit in the entire 14-candidate portfolio.
Radius restriction2 miles — the tightest radius of the 14, BUT it expires at the kick date. Violating it VOIDS the early-termination right (an unusual remedy — the penalty is loss of the exit, not a default).
Landlord termination / co-tenancy / relocationNone specified in the LOI
BarricadeAt Tenant’s cost — contrast the Chicago and Philadelphia LOIs, which prohibit barricade chargebacks entirely
KiosksNo kiosks or carts within the attached protected zone — a modest merchandising protection
Utilities / consumablesTenant responsible for electric, water and waste handling
BrokerageCommission paid by Landlord (Maddox Retail)

Open items / watch — outs

Source: 08182026_LOI Gentle Monster Del Amo - 7.21.26v3.pdf | Simon proposal dated Jul 21, 2026 (v3) — contingent on SPG Management approval; EXPIRES 30 days from date sent; Simon states similar proposals were sent to several other prospective tenants.

← PhiladelphiaSan Antonio →

San Antonio

San Antonio, TX · The Shops at La Cantera · Open-air center · Nuveen / Brookfield Properties

No LOI on file
Size
4,300 SF
Term
Not provided
Renewal
Not provided
Delivery
Apr 1, 2028
Free rent
Not provided
Structure
All-in quote, NNN included
Year-1 base rent
Not broken out — $967,500 quoted ALL-IN incl. NNN
Base rent / SF
—
Year-1 fixed cost
$967,500
Fixed cost / SF
$225
Percentage rent
Not provided
TI allowance
None quoted
Deposit / guaranty
Not provided

Location

IntroductionAward-winning open-air regional centre of ~1.25–1.33M SF in the La Cantera District on San Antonio’s north-west side, at I-10 and Loop 1604. Opened 2005 (Phase I) and 2008 (Phase II); ~194 stores across two levels. Owned by Nuveen Real Estate with leasing and management by Brookfield Properties.
Estimated annual trafficNO published visitor count. The centre is the dominant luxury destination for San Antonio and South Texas and holds the market’s only Neiman Marcus and Nordstrom. CONFIDENCE: LOW — obtain Brookfield’s Placer.ai or internal counts before underwriting.
Major brands / neighboursAnchors: Neiman Marcus, Nordstrom, Dillard’s, Macy’s, Barnes & Noble, H&M. Upscale specialty and dining mix; adjacent to La Cantera Resort & Spa and the broader La Cantera District.

Fixed occupancy cost by lease year

Annual figures. Years beyond the schedule stated in the document use the assumptions listed below the table.

Year 1 — total: $967,500 $968K Yr 1 Year 2 — total: $996,525 $997K Yr 2 Year 3 — total: $1,026,421 $1.03M Yr 3 Year 4 — total: $1,057,213 $1.06M Yr 4 Year 5 — total: $1,088,930 $1.09M Yr 5 Year 6 — total: $1,121,598 $1.12M Yr 6 Year 7 — total: $1,155,246 $1.16M Yr 7 Year 8 — total: $1,189,903 $1.19M Yr 8 Year 9 — total: $1,225,600 $1.23M Yr 9 Year 10 — total: $1,262,368 $1.26M Yr 10
Lease YearBase RentBase Rent $/SFCAM / OpExRE TaxesMktg / OtherTotal FixedTotal $/SFBreakpoint
Year 1n/an/an/an/an/a$967,500$225.00n/a
Year 2n/an/an/an/an/a$996,525$231.75n/a
Year 3n/an/an/an/an/a$1,026,421$238.70n/a
Year 4n/an/an/an/an/a$1,057,213$245.86n/a
Year 5n/an/an/an/an/a$1,088,930$253.24n/a
Year 6n/an/an/an/an/a$1,121,598$260.84n/a
Year 7n/an/an/an/an/a$1,155,246$268.66n/a
Year 8n/an/an/an/an/a$1,189,903$276.72n/a
Year 9n/an/an/an/an/a$1,225,600$285.02n/a
Year 10n/an/an/an/an/a$1,262,368$293.57n/a

Note: the $967,500 quote is ALL-IN (base rent plus NNN) and equals $225.00/SF — the highest all-in $/SF of any NNN mall candidate in the portfolio and roughly 1.4× NorthPark. Ten years are shown for comparability only; the actual term has not been quoted. The 3% blended escalation is an assumption — real mall structures typically escalate rent ~3% and CAM 4–5%, which would produce a steeper curve than shown.

Assumptions used in the schedule
Floor area (SF)4,300 SF
Year 1 rent INCLUDING NNN (as quoted)$967,500
Year 1 all-in $/SF (derived)$225.00
ASSUMED — blended annual escalation (NOT quoted)3%
Base rent / CAM / tax splitNot broken out
Percentage rentUnknown
Tenant AllowanceUnknown

Percentage rent / sales

Percentage rentUNKNOWN — Brookfield mall deals typically carry 6–7% over a natural breakpoint; assume it exists until confirmed otherwise
Gross sales definitionUNKNOWN
Reporting / auditUNKNOWN

Other key terms

TI allowance / Landlord’s workUNKNOWN — no allowance quoted. At $225/SF all-in with no TI this would be the most expensive occupancy in the portfolio on a risk-adjusted basis.
Security deposit / guarantyUNKNOWN
Co-tenancyUNKNOWN
Kick-out / early terminationUNKNOWN
Landlord termination / relocationUNKNOWN
Radius restrictionUNKNOWN
AssignmentUNKNOWN
UtilitiesUNKNOWN
Marketing / merchants associationUNKNOWN — may or may not sit inside the $225/SF all-in quote

Open items / watch — outs

Source: terms provided by Ryan, Aug 18, 2026 — NO LOI DOCUMENT ON FILE. Only size, delivery date and an all-in Year 1 figure are known; everything else below is flagged as unknown or assumed.

← TorranceSeattle →

Seattle

Bellevue, WA · Avenue Bellevue (The Plaza) · Mixed-use development · Silverstein Properties

No LOI on file
Size
5,858 SF
Term
Not provided
Renewal
Not provided
Delivery
Available now
Free rent
Not provided
Structure
NNN (about $15/SF, estimate)
Year-1 base rent
$380,770
Base rent / SF
$65
Year-1 fixed cost
$527,220
Fixed cost / SF
$90
Percentage rent
Not provided
TI allowance
$585,800 ($100/SF, negotiable)
Deposit / guaranty
Not provided

Location

IntroductionSilverstein Properties’ $1B+ mixed-use development in the core of downtown Bellevue, immediately north of Bellevue Square: two towers with 365 luxury condominiums, the 208-room InterContinental Bellevue (opened summer 2024), and ~80,000 SF of retail branded ‘The Plaza at Avenue’, conceived as a European town square. In May 2026 the towers were rebranded NOBU RESIDENCES — Nobu’s first US residential project — with a 10,000 SF Nobu restaurant opening 2027.
Estimated annual trafficNo count published for Avenue Bellevue itself. Brochure cites 30M annual visitors to downtown Bellevue; the separately-owned adjacent Bellevue Collection self-reported ~30M visits and $1B+ sales across 5.5M SF, but that figure dates to 2021. Supporting metrics: Walk Score 95, 150,000 daytime workers (Amazon, TikTok, Salesforce), 9,000+ cars/day on Bellevue Way and 7,500+ on NE 8th, 2.2M annual overnight visitors to Bellevue. CONFIDENCE: LOW.
Major brands / neighboursOn site: Jo Malone London, Fleur, MR. Studio, Refine Beauty, Nobu (2027). Directly across at Bellevue Square: Nordstrom, Tiffany & Co., Burberry, Max Mara, Apple, Tesla; also Reformation, Vuori, Canada Goose in market.
Market watchCO-TENANCY RISK: roughly half of the ~80,000 SF of retail (about 20 spaces) remained unleased as of mid-2026. Condo sales relaunched March 2025 at ~35% sold ($795K–$16M). Nobu should be the anchor that finally drives evening traffic to the plaza, but not until 2027.
DemographicsAverage household income $270,250 within a 10-minute drive; median age 37.6. Top consumer segments: Metro Renters 28.6%, Laptops + Lattes 25.5%, Urban Chic 20.5% — an affluent, urban, brand-aware profile that fits Gentle Monster well.

Fixed occupancy cost by lease year

Annual figures. Years beyond the schedule stated in the document use the assumptions listed below the table.

Year 1 — base: $380,770 Year 1 — opex: $146,450 $527K Yr 1 Year 2 — base: $392,193 Year 2 — opex: $150,844 $543K Yr 2 Year 3 — base: $403,959 Year 3 — opex: $155,369 $559K Yr 3 Year 4 — base: $416,078 Year 4 — opex: $160,030 $576K Yr 4 Year 5 — base: $428,560 Year 5 — opex: $164,831 $593K Yr 5 Year 6 — base: $441,417 Year 6 — opex: $169,776 $611K Yr 6 Year 7 — base: $454,659 Year 7 — opex: $174,869 $630K Yr 7 Year 8 — base: $468,299 Year 8 — opex: $180,115 $648K Yr 8 Year 9 — base: $482,348 Year 9 — opex: $185,518 $668K Yr 9 Year 10 — base: $496,818 Year 10 — opex: $191,084 $688K Yr 10
Base rentCAM / operating costsReal estate taxesMarketing / condenser water / other
Lease YearBase RentBase Rent $/SFCAM / OpExRE TaxesMktg / OtherTotal FixedTotal $/SFBreakpoint
Year 1$380,770$65.00$146,450— incl.None quoted$527,220$90.00n/a
Year 2$392,193$66.95$150,844— incl.None quoted$543,037$92.70n/a
Year 3$403,959$68.96$155,369— incl.None quoted$559,328$95.48n/a
Year 4$416,078$71.03$160,030— incl.None quoted$576,108$98.35n/a
Year 5$428,560$73.16$164,831— incl.None quoted$593,391$101.30n/a
Year 6$441,417$75.35$169,776— incl.None quoted$611,192$104.33n/a
Year 7$454,659$77.61$174,869— incl.None quoted$629,528$107.46n/a
Year 8$468,299$79.94$180,115— incl.None quoted$648,414$110.69n/a
Year 9$482,348$82.34$185,518— incl.None quoted$667,867$114.01n/a
Year 10$496,818$84.81$191,084— incl.None quoted$687,903$117.43n/a

Note: $380,770 = exactly $65.00/SF and the $585,800 allowance = exactly $100.00/SF, so both are round-number quotes rather than negotiated figures. NNN of $15.00/SF is the brochure’s approximation (‘call for rates’; TI shown as ‘negotiable’). Ten years shown for comparability only — the term has not been quoted. At $80.00/SF all-in this is BY FAR the cheapest occupancy of the 14 candidates.

Assumptions used in the schedule
Floor area (SF)5,858 SF
Year 1 base rent (as quoted)$380,770
Year 1 base rent $/SF (derived)$65.00
ASSUMED — annual rent escalation (NOT quoted)3%
NNN estimate $/SF (per brochure, approx.)$25.00
ASSUMED — annual NNN escalation (NOT quoted)3%
Tenant Improvement allowance (as quoted)$585,800
TI $/SF (derived)$100.00
Percentage rentUnknown

Percentage rent / sales

Percentage rentUNKNOWN — not quoted
Gross sales definitionUNKNOWN
Reporting / auditUNKNOWN

Other key terms

TI allowance$585,800 = $100.00/SF (brochure says ‘negotiable’). Against ~$800–900/SF of Gentle Monster build cost this funds roughly 11–13% of fit-out; the vanilla-shell condition of most suites reduces the gross number materially.
Delivery conditionThe majority of the spaces have been improved to ‘vanilla shell’ condition, allowing faster and more cost-effective build-out. Spaces feature high ceilings, expansive storefronts and premium finishes.
Security deposit / guarantyUNKNOWN
Co-tenancyUNKNOWN — and this is the candidate that most needs one: ~50% of the plaza retail is unleased
Kick-out / early terminationUNKNOWN
Landlord termination / relocationUNKNOWN
Radius restrictionUNKNOWN
AssignmentUNKNOWN
Built-in traffic generators208-room InterContinental hotel at ~75% average occupancy, 365 residences above, and Nobu restaurant from 2027 — a captive base independent of street traffic

Open items / watch — outs

Source: 08182026_Seattle_Avenue Bellevue_Retail Brochure July 2026.pdf + terms provided by Ryan, Aug 18, 2026 — NO LOI DOCUMENT ON FILE. Size, delivery, Year 1 rent and TI are known; term, escalation and percentage rent are not.

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