Tenant has exercised its 5-year option from January 2021 - December 2025 with one additional 5-year option remaining.
Mimi’s Cafe occupies the property under an original 20-year absolute triple net (NNN) lease which commenced on 12/20/2000 and expires on 12/21/2020 (early renewal of their first 5-year extension through 12/21/2025). Rent increases every five years. The tenant is responsible for all property taxes, insurance, common area maintenance, and roof and structure. There are no landlord responsibilities. Tenant reports store sales monthly.
The subject property was built in 2000 specifically for Mimi’s Café. The 6,982 square foot restaurant property is situated on a 47,480 square foot lot located at the corner of Academy Boulevard. and East Woodmen Road.
Highlights
Tenant due for a rent increase of 9.39% in 2021
5-year renewal extension through 12/21/2025
Lease is guaranteed by SWH Corporation
Surrounded by Numerous National Retailers such as Marshalls, Sam’s Club, King Soopers, REI, The Home Depot, Hobby Lobby, Harbor Freight Tools, and Whole Foods amongst others.
Colorado Springs is the second most populous city in Colorado has a population of 445,830.
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