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08-28-2023 BPU
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08-28-2023 BPU RPT 08
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08-28-2023 BPU AGENDA
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W A I F R I E N E R G Y I I_ I F F <br />RIVERSIDE PUBLIC UTILITIES <br />Board Memorandum <br />NU 13 1r U I I 111F:• <br />BOARD OF PUBLIC UTILITIES DATE: AUGUST 28, 2023 <br />SUBJECT: SECOND AMENDMENT TO COMMERCIAL LEASE AGREEMENT WITH RUBEN <br />BARRAGAN AND LUIS HERNANDEZ DOING BUSINESS AS FIRE UP GRILL — <br />MISSION SQUARE OFFICE BUILDING, 3750 UNIVERSITY AVENUE, SUITE 190, <br />60 -MONTH TERM FOR $191,136 IN REVENUE <br />ISSUE: <br />Consider recommending that the City Council approve a Second Amendment to Commercial <br />Lease Agreement to extend the lease for a 60 -month term with Ruben Barragan and Luis <br />Hernandez doing business as Fire Up Grill, of Riverside, California for approximately 1,000 square <br />feet of rentable space in the Mission Square Office Building located at 3750 University Avenue, <br />Suite 190 for $191,136 in revenue. <br />RECOMMENDATIONS: <br />That the Board of Public Utilities recommend that the City Council: <br />Approve a Second Amendment to the Commercial Lease Agreement to extend the lease <br />for a 60 -month term between Ruben Barragan and Luis Hernandez doing business as Fire <br />Up Grill, of Riverside, California from September 1, 2023 through August 31, 2028; and <br />2. Authorize the City Manager, or designee, to execute the Second Amendment to the <br />Commercial Lease Agreement, including making minor, non -substantive changes, and to <br />sign all documents and instruments necessary to complete the transaction. <br />BACKGROUND: <br />On October 13, 2015, the City acquired the Mission Square Building at 3750 University Avenue <br />(Property), which was funded by Riverside Public Utilities (RPU). As such, RPU is now the <br />landlord of the Property. The Property consists of approximately 127,533 square feet of rentable <br />office and retail space in a six -story building, plus a basement level and a 490 -parking stall garage <br />situated on approximately 2.5 acres of land in downtown Riverside. <br />To help market, broker and negotiate lease spaces of the Property, the City Council, on January <br />26, 2016, approved an Exclusive Authorization of Lease Agreement with Newmark of Southern <br />California, Inc. dba Newmark Knight Frank (NKF) for a five-year term to provide broker leasing <br />services for the Property. On January 5, 2021, the City Council approved a First Amendment to <br />California Exclusive Authorization of Lease Agreement with Newmark of Southern California, Inc., <br />dba Newmark Knight Frank (NKF) which extended the Agreement through December 31, 2025. <br />RPU staff has been coordinating the leasing process for the Property with the Real Property <br />
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