Item 2. Properties
Item 2. Properties
Our corporate office, consisting of approximately 41,000 square feet of warehouse and office space, is located in Lake Forest, California. We purchased the facility in February of 2017.
On January 23, 2020, we entered into a lease agreement pursuant to which we leased approximately 32,534 square foot portion of the facility to a commercial tenant. The lease term is for 5 years and 2 months commencing on March 1, 2020. The base rent payable under the Lease Agreement is $32,534 per month initially and is subject to periodic increases up to a maximum of approximately $54,000 per month. The tenant will pay approximately 79% of common operating expresses.
Item 3. Legal Proceedings
None.
Item 4. Mine Safety Disclosures
Not Applicable.
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Table of Contents
PART II
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.