08-27-2018 BPU RPT 14 - Laserfiche WebLink

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WATER I ENERGY I LIF E RIVERSIDE PUBLIC UTILITIES Board Memorandum PUBI1G U7TIrTIF$ BOARD OF PUBLIC UTILITIES DATE: AUGUST 27, 2018 ITEM NO: 14 SUBJECT: FIRST AMENDMENT TO COMMERCIAL MULTI -TENANT LEASE — TRIPLE NET MISSION SQUARE WITH RUBEN BARRAGAN AND LUIS HERNANDEZ DOING BUSINESS AS FIRE UP GRILL FOR APPROXIMATELY 1,000 SQUARE FEET OF RENTABLE SPACE LOCATED AT 3750 UNIVERSITY AVENUE, SUITE M ISSUE: Recommend that the City Council approve a First Amendment to Commercial Multi -Tenant Lease —Triple Net Mission Square with Ruben Barragan and Luis Hernandez doing business as Fire Up Grill (Tenant), of Riverside, California, for approximately 1,000 square feet of rentable space located at 3750 University Avenue, Suite M. RECOMMENDATIONS: That the Board of Public Utilities recommend that the City Council: 1. Approve the First Amendment to Commercial Multi -Tenant Lease —Triple Net Mission Square with Ruben Barragan and Luis Hernandez doing business as Fire Up Grill for a five-year term with an option for a five-year extension, for approximately 1,000 square feet of rentable space located at 3750 University Avenue, Suite M; and 2. Authorize the City manager, or his designee, to execute the First Amendment to Commercial Multi - Tenant Lease — Triple Net Mission Square with Ruben Barragan and Luis Hernandez doing business as Fire Up Grill, including making minor, non -substantive changes, and to sign all documents and instruments necessary to complete the transaction. BACKGROUND: On October 13, 2015, the City acquired the Mission Square Office Building at 3750 University Avenue (Property), which was funded by Riverside Public Utilities (RPU). As such, RPU is now the landlord of the Property. The Property consists of approximately 127,533 square feet of rentable office and retail space in a six -story building, plus a basement level and a 490 parking stall garage situated on approximately 2.5 acres of land. On January 26, 2016, the City Council approved an Exclusive Authorization of Lease Agreement with Newmark of Southern California, Inc. dba Newmark Grubb Knight Frank (NGKF) to provide broker leasing services for the Property. RPU staff has been coordinating the leasing process for the Property with the Real Property Services Division of the Community & Economic Development Department and NGKF as the broker for the Property. Page 336