The company this week inked a 10-year lease for 6,700-sf at a full-service rate of $14.50 per sf, which will net the county $973,000, or just about what the county has said it will take to restore the space and make it useable. The investment in the space will add $1.5 million in value to the building, according to the county.
J.K. Gill occupied the space until 1999. In approving the lease deal, county commissioners expressed relief that the county-owned space will no longer be one of few empty storefronts Downtown.
In another lease approved this week, in which the county is the tenant, lease approved this week, the county will pay $1.5 million for a 13-year lease on the 60-unit Medford Hotel, which will be used as transitional housing for those who have been convicted of crimes and have completed drug treatment.
The non-profit housing agency Central City Concern will manage the building for the county. The politics of site location made the process a three-year ordeal. The money for the lease is coming from a 1996 public safety bond measure.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
