Available Retail Space and Retail Pad Sites
Tulsa Metro Area
Wiggin Properties' brokers can help you find the ideal retail space to meet your company's business needs. Click here to view retail space for lease and sale statewide.
Retail for Sale
Retail for Lease
A Guide to Buying and Leasing Retail Properties and Spaces: Part 2
Trying to compare one retail space versus another and the impact each space may have on your bottom line can be tricky if you don’t understand the terminology used in retail leasing. This guide includes some of the more common terminology you’ll run across when buying retail properties and leasing retail space in Oklahoma. Here are some of the questions we hear most often from new clients:
- What is a triple net retail lease?
A triple net (NNN) lease agreement typically only includes the maintenance and repair of the exterior of the structure within the base rental rate. The tenant is responsible for all costs associated with maintaining and operating the space as well as a CAM fee. Any expense paid by the landlord, including property taxes and insurance, is passthrough to the tenant based on their pro-rata share of the property.
- What is meant by "base rent" in a retail lease agreement?
Typically base rent is the initial rate to lease the space expressed as the dollar amount per square foot per year. For a 1,000 square foot space at a $16 SF rate would equate to a total monthly base rent of $1,334. This is the minimum due. Total rent also includes the CAM, taxes, insurance and may include utilities (or tenants pay directly to the utility).
- What is meant by "CAM" in a retail lease agreement?
Common Area Maintenance or CAM is the owner’s cost to run and maintain the buildings and grounds. The most common expenses for retail lease properties are landscaping, parking lot and building maintenance and repairs.