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Can we talk about the $0.85/sqft NNN trap I fell into on Federal Blvd last year
Last March I signed a 3 year lease on a 1,800 sqft spot on Federal Blvd thinking $0.85/sqft NNN was a steal compared to the $1.40 places closer to downtown. Fast forward to January and my CAM bill showed up at $11,400 for the year, which worked out to almost $0.53/sqft on top of base rent. My landlord had redone the parking lot and replaced both HVAC units and guess who foots that bill, me. I ran the real numbers and I was basically paying $1.38/sqft all in, same as the spots I passed on. Ask for 3 years of actual CAM history before you sign anything with NNN, has anyone else gotten burned like this?
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