Lease rates for Marina del Rey’s Fisherman’s Village have been adjusted

The Los Angeles County Board of Supervisors approved a lease amendment for Marina del Rey’s Fisherman’s Village; the amendment calls for the readjustment of rates for minimum annual rent and certain categories of percentage rentals. Insurance requirements have also been updated with the lease amendment approval.

The county has a lease with Parcel 56S, which is known as Fisherman’s Village. The parcel has five buildings with 49 commercial/retail units, two restaurants and 35 boat slips.

The new terms were retroactively applied to be in full effect as of Sept. 1, 2017. Minimum annual rates from Fisherman’s Village will be increased from $336,342 to $510,814.92, payable in monthly installments of $42,567.81. A new rental category was added: bicycle rentals (10 percent). Rent collected from commercial boating activities will increase from 4.5 percent to 6 percent. The dry storage income category is now at 20 percent, up from 10 percent. Changes were also made for occupancies of structures for uses other than apartments or offices, and gross retail for retail (stores, shops and boutique).

L.A. County will receive a retroactive payment of $133,000 as a result of the lease amendment approval.