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Thursday, September 9, 2010 |
976 properties online |
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Sprint Customer Care Center
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Make Offer
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Featured Property
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Property Type
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Office Single Tenant Office
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State
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OK
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Sale price
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$ 8,066,450
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Cap Rate
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10.00%
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Lease Term (Years)
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15.00
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Lease Type
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NN
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Landlord Responsibilities
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Guarantor
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Sprint Spectrum Realty Company, L.P. (PCS)
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Credit Rating
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Non Rated
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Net Worth
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Private
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Tenant Mix
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Tenant Number
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Tenant Information
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Sprint Nextel offers a comprehensive range of wireless and wireline communications services bringing the freedom of mobility to consumers, businesses and government users. Sprint Nextel is widely recognized for developing, engineering and deploying innovative technologies, including two robust wireless networks serving approximately 54 million customers at the end of 2007; industry-leading mobile data services; instant national and international push-to-talk capabilities; and a global Tier 1 Internet backbone. The leading local phone company in the US without a Baby Bell lineage, Sprint Nextel has spun off its local wireline operations, known as Embarq, to focus on wireless broadband services.
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Tenant Web Site
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Ticker Symbol
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NOI
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$ 806,645.00
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Rent Adjustments
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Years 10-15: $806,645
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Percentage Rent
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N/A
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Lease Renewal Options
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Two 3-year options at $851,211 and $895,777.
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Lease Term (Years)
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15.0
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Price per Square Foot
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$ 90.50
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Rent per Square Foot
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$ 9.05
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Property Status
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Available
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Lease Commencement
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November 1999
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Rent Commencement
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November 1999
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Notes on Lease
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Net. Net. Lease. Landlord responsible for roof and structure.
Tenant pays expense stop in excess of $1.55 per SF for operating expenses including maintenance of exterior, management fees of 3%, taxes, insurance and landscaping. Tenant responsible for all utilities, maintenance of the interior and janitorial. Currently, Tenant reimbursing Landlord $2.25/SF in operating expenses. Original lease term expires on November 30, 2009. Tenant has agreed to extend the initial lease term for 5 years expiring on November 30, 2014. There will be another two 3-year options after the first 5-year renewal. The site has 725 Parking Spaces.
Prior to commencement of the initial lease term, the Tenant invested over $6,700,000 in tenant improvements and trade fixtures contributing to below market rents.
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Square Feet
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89,132
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Land Area
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12.21 Acres
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Year Built
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1999
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Year Rennovated
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Existing Financing
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No
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Loan Amount
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Loan Term
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Loan Rate
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Balloon
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Equity
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Loan Assumption Fee
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Loan Prepayment Fee
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Cash on Cash
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Debt Notes
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N/A
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Upland Net Lease Sales, LLC.
50 South 6th Street, Suite 1418
Minneapolis, Minnesota 55402
Voice: 612.332.6600 - Fax: 612.376.4489 - Email:
info@upland.com
Toll Free: 888-655-1031
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