Out of the Box Ventures is supporting their tenants during this unprecedented economic situation as a result of the Coronavirus pandemic by significantly reducing rents for most tenants during this challenging time. This translates to a rent drop for these tenants of 60% to 70%. In addition, the company is committed to passing along any further savings they may be able to receive from governmental or private institutions. These reductions will not take the form of a loan or promissory note, but instead will represent partial rent forgiveness for at least the next sixty days.
"At Out of the Box we are taking a different approach," says Founder and CEO Ophir Sternberg. "We believe that we are in the same boat as our tenants. Their success is our success. Therefore, we are offering our tenants rent relief. We have committed to solely cover our costs, charge tenants the minimum rent possible, and pass along any additional savings that may be available from public or private entities. We are asking that the tenants who elect to participate in this offering only pay their share of common area maintenance fees and taxes with no obligation to repay the balance of their rent for April and May," announced Sternberg.
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"We knew when Out of the Box Ventures purchased Lakeside Mall that we had found a partner that shared our vision of a space focused on placemaking and community," said Sterling Heights Mayor Michael Taylor. "Their decision to provide substantial rent forgiveness to their tenants just underscores that they, indeed, share that sense of community, and that's what it's going to take to successfully navigate our City through this crisis…the entire community working together for the good of the whole."
Out of the Box Ventures owns over 6 million square feet of retail space nationally. The portfolio includes 30 properties in 17 states including regional malls and shopping centers. Tenants of Haute City Center in Terre Haute, Indiana; Lakeside Mall in Sterling Heights, Michigan; Richland Mall in Mansfield, Ohio as well as Battle Creek Plaza in Battle Creek, Michigan; Victory Village shopping center in Williamsburg, Virginia; and Walnut Hill Plaza in Woonsocket, Rhode Island will benefit from this offering as well as all the big-box stores nationwide part of the Out of the Box Ventures retail portfolio.
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