by admin | Jan 3, 2025 | Residential Real Estate
Are you a fan of a bright and airy design for your home or commercial space or would you rather have it filled with richer, warmer tones? Benjamin Moore has launched its new 2025 colors. If you are still obsessed with grey, here are new colors you might light: Sea Salt, Paris Rain and Glacier White.
These new colors will work in commercial spaces as well as residential spaces.
Find other new picks for 2025: https://www.benjaminmoore.com/en-us/paint-colors/color-of-the-year-2025
by admin | Dec 8, 2024 | Commercial Real Estate
What is a Modified Gross Lease in Commercial Real Estate?
A modified gross lease is a hybrid type of lease agreement that combines elements of both gross leases and NNN leases. Under this structure, the landlord typically covers the base operating expenses, such as property taxes, insurance, and maintenance, while the tenant agrees to pay for specific additional costs, like utilities or janitorial services.
In other circumstances, the Landlord sets a base year for the additional rent and the tenant pays the increase in CAM (Common Area Maintenance) and Real Estate taxes from the base year to the new year. The responsibilities are negotiated upfront, providing both parties with clarity and flexibility.
Key Points of a Modified Gross Lease
- Shared Costs: The landlord and tenant split increase in operating expenses based on terms outlined in the lease.
- Predictable Base Rent: Tenants pay a fixed base rent, covering agreed-upon landlord expenses.
- Flexibility: This lease type is tailored to meet the unique needs of both the landlord and the tenant.
- Cost Stability: While tenants pay for certain extras, they avoid the unpredictability of entirely net leases.
- Customizable: Negotiations determine which costs are covered by whom.
Example of a Modified Gross Lease
Imagine a tenant leasing 2,000 square feet of office space in a 10,000-square-foot building. The landlord includes property taxes, insurance, and common area maintenance in the base rent of $25 per square foot. The Landlord sets a base year for CAM and real estate taxes and the tenant pays the increase from the base year to the new year.
This arrangement allows the landlord to maintain property standards while providing the tenant with manageable costs and autonomy over their specific usage.
A modified gross lease strikes a balance, offering both landlords and tenants a fair, transparent, and adaptable lease structure tailored to their respective needs. It’s an excellent choice for businesses seeking cost stability without the complexity of a fully net lease.
Sharon Bogetz is a residential and commercial real estate broker with Century 21 Universal since 2019.
by admin | Nov 27, 2024 | Residential Real Estate
As we celebrate this season of gratitude, I want to take a moment to thank you for trusting me as your real estate broker. It has been a privilege to assist you, and I am truly grateful for the opportunity to be part of your journey.
Wishing you and your family a joyful Thanksgiving filled with warmth, laughter, and wonderful memories. With heartfelt appreciation, Sharon Kantor Bogetz, Century 21 Universal
by admin | Nov 20, 2024 | Commercial Real Estate, Residential Real Estate
Last week in a 50-0 vote, Chicago’s City Council voted against Mayor Brandon Johnson’s proposal to increase property taxes. The proposed property tax hike was part of the mayor’s plan to address a $500 million budget gap for fiscal year 2025. It will still be a challenge for the Mayor to make up the shortfall Chicago is facing.
If you own property, you will be able to better manage your expenses. If you own residential or commercial property in Chicago, property taxes should not be a concern for your buyers. If you are buying property in Chicago, you should not expect a tax hike.
IF you are looking to buy or sell real estate in Chicago, call Sharon Kantor Bogetz at 847-370-9131. She currently has listed a residential condo for sale and a commercial property for rent in Chicago. She has been a realtor with Century 21 Universal since 2019.
