Tenants at the Manassas Mall will are getting some relief when it comes to their monthly rent payments.
From April to May, the retail landlord will give a 60% to 70% rent discount for tenants. Tenants will have to pay their share of the common area maintenance charges and property taxes. Owners of the mall, Out of the Box Ventures will pay out of pocket to cover the remaining cost of the rents.
This plan was proposed by Ophir Sternberg, founder, and CEO of Out of the Box Ventures.
“Landlords and tenants right now are all in the same boat. There’s obviously a lot of pain going around in this crisis. A few weeks ago, we started receiving different requests and inquiries from tenants expressing they were definitely in need of some type of relief and asking what was on the table,” said Sternberg.
OOTBV is offering this deal to all properties in its portfolio whose store owners who either chose to shut down their stores or were forced to by state mandate. There are currently over 30 properties in 17 states, including regional malls and shopping centers.
“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,” said in a press release by Out of the Box Ventures.
In addition, OOTBV will forgo profits for the duration of the closings. They will also pass along any savings they receive from the government or private institutions.
Out of the Box Ventures acquired Manassas Mall in February. The mall, located at 8300 Sudley Road near Manassas, currently has over 100 stores rented to include American Eagle Outfitters, IHOP, and Uptown Alley bowling alley and laser tag arena.
