BRITTON BURDETTE Senior Managing Director britton.burdette@jll.com
404.995.2302 JIM FREEMAN Managing Director jim.freeman@jll.com 404.995.2399
DEBT + STRUCTURED FINANCE
BOBBY NORWOOD
Managing Director bobby.norwood@jll.com
404.460.1652
HUNTER GOLDBERG Director hunter.goldberg@jll.com 216.973.4055
maggie.dominguez@jll.com 678.378.4593
BEN FULLER Analyst ben.fuller@jll.com 210.870.7547
SIBLEY BROWN Analyst sibley.brown@jll.com 404.426.0008
miyeon.lee@jll.com
646.823.3820
G I CC
THE OFFERING
On behalf of Ownership, Jones Lang LaSalle America, Inc. (“JLL”) has been retained as the sales representative for Georgia International Commerce Centre – Bldg. 2 (the “Property”). This state-of-the-art, multi-tenant, Class A distribution facility spans 983,791 SF and is situated in the thriving Hyundai Micro Market of Savannah, Georgia. The property boasts a prime location just 3 miles from the newly constructed Hyundai Metaplant and 22 miles from Savannah’s thriving Garden City Terminal. Strategically positioned on Hwy 80 near the I-16 and U.S. Hwy 280 interchange – less than 3 miles away – it offers exceptional access to Savannah’s major logistical corridors. Additionally, this location provides the best launch point out of the market via I-16, the primary artery connecting Savannah to Atlanta and other key U.S. markets.
The Property is 100% leased to CFS Brands and Sino Investment, Inc. with a weighted average lease term of 8.6 years and weighted-average annual escalations of 3.62%, providing investors the potential to acquire a stable cash flow stream with strong contractual rental increases and an embedded 11% mark-to-market opportunity. Recently delivered in 2023, the institutionalquality, cross-dock asset features 40’ clear height, 520’ building depth, 45-mil TPO roof with 13-years of remaining warranty, and 228 dock-high doors.
983,791
SAVANNAH PORT & MARKET
Port of Savannah
The industrial market in Savannah is experiencing remarkable growth, fueled by record cargo volumes at the Port of Savannah, strategic infrastructure investments, and extensive logistical connectivity. This growth is directly tied to the port's exceptional performance and planned expansion capabilities. The Port of Savannah's expansion plan represents one of the largest port infrastructure investments in U.S. history, estimated at over $4.5 billion invested. Renovations to the Garden City Terminal Berth 1 and Terminal West yard have recently completed and added roughly 2.5 million in annual TEU capacity. Phase I of the Ocean Terminal berth and container yard renovations will be complete in 2027, with Phase II expected to deliver by mid-2028, adding a combined 2 million TEUs per year. Longer-term plans call for the Savannah Container Terminal on Hutchinson Island to open by 2030, which will add three additional big ship berths and an estimated 3.5 million TEUs of annual capacity. By 2035, the Port of Savannah is expected to be a 12 million-TEU capacity port. This expansion will cement Savannah's position as the premier gateway for containerized cargo on the East Coast. These port expansion initiatives are complemented by the Georgia Ports Authority's significant investment in
intermodal infrastructure. Mason Mega Rail Terminal is the largest on-terminal intermodal facility in North America, handling 42 trains per week and moving over 540,000 containers annually. The facility leads the nation in speed-to-rail performance, connecting cargo from vessel to departing train in just 19-24 hours with dual access to Norfolk Southern and CSX railroads.
Savannah Industrial Market
In terms of market performance metrics, Savannah's dominance is clear. The market ranked first nationally in tracked tenant demand as a percentage of inventory in 2022, 2024, and 2025, with a second-place ranking in 2023. In 2024 alone, Savannah achieved 22.2 million square feet of net absorption, representing a 71% year-over-year increase and ranking first among all national markets. This momentum continued in 2025, with Savannah once again leading all U.S. markets in net absorption as a percentage of inventory at 5.0% while achieving 7.9 million SF of absorption.
*Savannah ranks fifth in Net Abs and first as a % of inventory excluding the Hyundai Metaplant
ABSORPTION AS PERCENTAGE OF INVENTORY: TOP 5
MARKETS
INVESTMENT HIGHLIGHTS
CLASS A+ DESIGN AND CONSTRUCTION
• Core, Class A+, 983,791 SF distribution facility
• Cross-dock configuration designed for multi-tenant functionality
• Built 2023
• 185’ fully-concrete truck court
• 40’ clear height
• 267 trailer parking spaces and 192 auto parking spaces
• 54’ x 50’ column spacing w/ 60’ speed bays
• 228 (9’ x 10’) dock-high doors
» 105 equipped with 40,000 lb. mechanical levelers
• 4 ramped drive-ins (14’ x 16’)
• 45-mil TPO roof with R15 insulation (13 years of remaining warranty)
» Strong weighted average annual rent escalations of 3.62%
» NNN leases with limited landlord responsibilities
» Embedded 11% mark-to-market opportunity
• CFS Brands (Tenant & Guarantor) - 478,351 SF
» 10.0 years of remaining term with an in-place rent of $6.25 PSF (8% mark-to-market)
» $3.2M of work going into space - highlighting strategic importance of the location
» CFS produces and distributes professional-grade food service, janitorial, and healthcare delivery products
» CFS Brands operates 7 manufacturing facilities and 7 distribution centers worldwide
◌ The Company continues to grow through strategic acquisitions, including Mercer Culinary, Araven, and The Foodware Group all in the past 3 years
» Owned by The Jordan Company - a tenured P/E firm with 40+ years of investment experience and over $31 billion in AUM
• Sino Investment, Inc. (Tenant & Guarantor) - 505,440 SF
» 7.3 years of remaining term with an in-place rent of $5.95 PSF (13% mark-to-market)
» Full-service logistics services provider focused on domestic and international freight and supply chain operations
» Subsidiary of Worldwide Logistics Group - a significant player in the global logistics arena that ranked 15th globally in total ocean container volume handled in 2025
GEORGIA INTERNATIONAL COMMERCE CENTRE
• Class A Master Planned Industrial Park
» 7.0M SF of distribution warehouse space at build-out
» The Park spans 809 acres of well-located industrial land at one of the fastest growing interchanges in the I-16 corridor
• Direct access to I-16 and Highways 80 and 280
» The park provides the best launch point out of the market via I-16, the primary artery connecting Savannah to Atlanta and other key U.S. markets
• Within 21.5 miles of the Garden City Terminal – the Nation’s 3rd largest and fastest growing container terminal
SAVANNAH INDUSTRIAL MARKET
ABSORPTION
• For 2025, Savannah once again led the nation in net absorption as a percentage of inventory (5.0%)
• 7.9M SF of net absorption in 2025, 5th consecutive year of 7.5M+ SF
• 43.1M SF of net absorption since 2023, equal to 28% of current market inventory
LEASING & RENT GROWTH
• Robust leasing activity with 10M+ SF of deals signed in 2025
• Rents have surged by 44% since 2021, reflecting a strong CAGR of 9.5%
NEW DEVELOPMENT
• 2025 completions down over 90% year-over-year
• Construction activity continues to taper, with volumes down 32% year-overyear and 67% below 2023 levels
» This, combined with resilient tenant demand, is expected to moderate the MSA’s vacancy rate
TENANT DEMAND
• Third in the country for tenant demand as a percentage of total inventory (16.4%) as of Q3 2025
• 24.2M SF of active tenant requirements compared to 4.3M SF of warehouse and distribution space under construction (5.6x)
WEST SUBMARKET
• 2nd largest submarket in Savannah at 27M SF – 17% of total market inventory
• Extremely space-constrained submarket, highlighted by the 3.2% vacancy rate
• 1st in net absorption across all Savannah submarkets at 4.4M SF – 55% of total market net absorption
• Rent growth in the West submarket has outperformed the overall Savannah MSA since 2021, posting an impressive 11.4% CAGR
NATIONAL INDUSTRIAL ABSORPTION & INVENTORY LEADER
HYUNDAI MICRO MARKET - A TOP PERFORMING INDUSTRIAL HUB
Notable Operators
Hyundai Micro Market - 2025 Metrics
TOP PERFORMING HYUNDAI MICRO MARKET
• Excluding the Hyundai Metaplant, existing supply has increased since 2022, growing from 3.4M SF to 14.2M SF (4x growth)
» Demand within the Micro Market is exceptionally strong with a 92% leased rate
• Asking rents have grown at an average annual rate of 9.4% since 2022 despite the supply growth, highlighting the sustained strength and accelerating demand for industrial space in this submarket
• Strong net absorption of 4.8M SF in 2025 (62% of Savannah total)
• Completion of the Hyundai Metaplant is forecasted to continue to drive demand of Tier 1 suppliers and other operators into the immediate corridor
INVESTMENT HIGHLIGHTS
PORT OF SAVANNAH
• The Port of Savannah is the #1 fastest growing container port in the nation and is the #3 busiest port in the U.S.
• Garden City Terminal is the #1 largest and fastest growing container terminal in North America
• The Georgia Ports Authority’s market share has increased 3.5% over the past decade
» The GPA handles 1 of every 8 TEUs in the U.S.
• Total TEUs handled up 10.9% year-over-year through May 2025
» The Port handled 500,900 TEUs in May 2025, marking the third consecutive month exceeding the half-million TEU threshold (first time in Port history)
• GPA estimated 12 million TEU capacity by end of year 2035 - projected to pass the Port of NY/NJ to become the highest volume East Coast port
• Largest single container terminal in the U.S. with 37 weekly port calls and more with future expansion
• Lowest cost of occupancy amongst top volume ports
• Most westerly port on the Atlantic seaboard with direct access to 80% of U.S. population via two-day drive
• One of the most well-connected U.S. ports to a diversity of world markets, yet unencumbered by a singular market
• As manufacturing continues to move/diversify, Savannah stands to benefit from this diversification over west coast ports
PORT EXPANSION PROJECTS
• $4.2B - $4.5B infrastructure projects planned to reach a capacity of 12 millions TEUs by 2035
• Current: Two major expansion projects
» Garden City West Terminal Expansion: 100 acres of additional outdoor container storage and a new truck gate lane with connector road
» Ocean Terminal Renovation: Currently rebuilding docks to provide 2,800 linear feet of berth space with an 8-crane fleet
o Phase 2: Pave and expand gate facilities to increase overall annual TEU capacity by over 2 million by 2027
• Recently Completed: Savannah Harbor Expansion Project (SHEP) and the Mason Mega Rail Terminal (MMRT)
» SHEP: Deepened canal to 47’, allowing vessels to carry 16,000+ TEUs
» MMRT: 97k SF of new rail and 10 new CSX/Norfolk Southern working tracks
o Increased the Port of Savannah’s rail lift capacity by 2 million TEUs annually
o Expecting to fuel the near-doubling of the Savannah industrial market by 2035
In comparison to the top 10 largest ports by TEU volume, the Port of Savannah has the lowest average asking rent and the fastest drive time out of the port
HYUNDAI’S $7.6B METAPLANT AMERICA
• $7.6 billion EV manufacturing facility in Bryan County & largest economic development project in Georgia history
• The 3,000-acre ‘Metaplant America’ complex, located adjacent to I-16, encompasses 17 million square feet of facilities dedicated to electric and hybrid vehicle assembly as well as battery production
» 30 GWh Assembly facility came online in January 2025 & will be Hyundai’s first exclusively electric and hybrid vehicle plant in the U.S. with the capacity to manufacture 300,000 vehicles per year
» The site will employ 8,500 people with an average salary of $58,105
• Multiple Tier One suppliers (see table below) have announced plans for production plants to support Metaplant operations
» Investment figures nearing $2B
» Over 5,000 new jobs
» New suppliers will further expand tenant demand in Savannah
• Approximately another $1 billion is anticipated to be invested by nonaffiliated Hyundai Motor Group suppliers in connection with the Project in other locations
• All cars will be shipped out via the Port of Brunswick
• Hyundai is committing $26 billion to U.S. operations over the next four years, with its Savannah Metaplant on track to begin hybrid vehicle production in 2026. This expansion – beyond EVs – will drive supplier demand and reinforce Georgia’s position as a premier automotive hub
RECENTLY ANNOUNCED PRODUCTION PLANT SUPPLIERS
KEY TAKEAWAY
Hyundai is emblematic of major global and national corporations now recognizing Savannah as a missioncritical operating location, propelling Savannah’s status as one of the major commercial hubs of the Southeast.
Investment, Inc.
PROPERTY SPECS
MAJOR INDUSTRIAL USERS
TENANT OVERVIEW
478,351
1/1/2026 LXD 4/30/2036
In-Place Rent
$6.25 PSF
Founded in 1954 in Oklahoma City, CFS Brands employs over 1,700 people across its headquarters, seven manufacturing facilities, and seven distribution centers worldwide. The company manufactures and distributes professional foodservice, janitorial, and healthcare meal delivery products, supporting operations that require storage, pick/pack, light assembly, and distribution. Core services include:
• Strong track record of over 40 years of investing, with more than $11 billion in capital commitments managed since 1987 Tenant & Guarantor CFS Brands
• Produce food prep and safety equipment such as color-coded cutting boards, automated breading stations, ice handling tools, and storage solutions
• Equip healthcare facilities with Dinex meal delivery carts featuring Smart·Therm heating systems and insulated serving ware
• Provide cleaning solutions including San Jamar and Jofel dispensers, Sparta floor systems, Bronco waste containers, and WipesPlus products for HACCP compliance
• $3.2 million of work is going towards enhancing the space, underscoring the strategic importance of this location to their long-term plans
• The Jordan Company (TJC), parent company of CFS Brands, LLC (does not guarantee the lease), is a significant middle-market private equity firm with over $31 billion in AUM
• TJC manages funds that invest across sectors such as Industrial Technology, Logistics & Supply Chain, and Consumer & Healthcare
» Focuses on North American companies with enterprise values up to $2 billion
TENANT OVERVIEW
Tenant & Guarantor Sino Investment, Inc.
Rent $5.95 PSF
Sino Investment, Inc. is a full-service logistics provider focused on domestic and international freight and supply chain operations, as well as providing outsourced warehouse, distribution, and transportation management to other companies. Core services include:
• Road, air, rail, and sea transport logistics
• Warehousing and distribution services
• Customs brokerage support
• Freight forwarding and inventory management
• Logistics services for global clients, notably supporting operations between China and the U.S., Canada, and Europe
• Worldwide Logistics Group, parent company of Sino Investment, Inc. (does not guarantee lease), is a major player in global logistics ranking 15th globally in total ocean container volume for 2025 at over 880,000 containers handled
» Designated as nationally recognized "5A-grade" logistics enterprise - signifying premier operation scale
TENANT'S PARENT COMPANY
• Offers comprehensive end-to-end international logistics through seven core product lines, including ocean, air, and land transport, bulk and chemical logistics, project cargo, cross-border e-commerce, and integrated warehousing services
• Maintains 14 overseas branches across the globe including in the U.S., Canada, Mexico, Australia, Poland, and more
PORT OF SAVANNAH
The Port of Savannah plays a vital role in both the regional and national economy. With immediate access to I-16 (East/West) and I-95 (North/South), 80% of the U.S. population is reachable within a two-day drive. The Port handled 5.7M TEUs in FY2025 positioning it as the 3rd busiest gateway in the nation. Georgia Port Authority (GPA) has estimated TEU capacity at the Port will reach 12M by 2035 to match the rapid expansion in container trade (4.3% compounded annual growth over past 5 years). As a part of this expansion project, GPA is adding 100 acres of outdoor container storage and a new truck gate lane with a connector road to the Garden City West Terminal in addition to renovating the Ocean Terminal docks to provide 2,800 linear feet of additional berth space with an 8-crane fleet.
#1 Largest single-terminal container facility in the nation | #3 Busiest gateway in the nation
5.7M TEUS
Handled in FY2025 (8.6% INCREASE OVER FY2024) 1 of 8 TEUs in the U.S. are handled by the GPA
12 Million TEU capacity by end of 2035 (GPA estimate)
PREMIER LOGISTICAL LOCATION
Savannah is recognized as one of the most important transportation/logistics hubs in North America due to its connectivity to a network of sea, rail, air, and road operations
PORT OF SAVANNAH TIMELINE
The Georgia Ports Authority (GPA) is created in response to the post-WWII economic boom. 1945
1948
1958
5.7
The GPA acquires land on the Savannah River creating the Garden City Terminal to handle bulk and general cargoes and later containerized cargo.
The GPA purchases the Ocean Terminal, which will later become a RO/RO terminal, handling primarily automobiles and wheeled heavy equipment.
Road
Million TEUs
Handled in FY 2025 9% increase over FY 2024
• The Port of Savannah consists of two terminals — Garden City and Ocean Terminal
• The Port of Savannah is the 3rd busiest container gateway in the U.S. and the fastestgrowing major port nationally
Sea Rail
2 Major Thoroughfares
• I-95 provides Savannah access to the entire Eastern Seaboard
• I-16 creates a direct link to the Atlanta population center
Port of Savannah
24 hour Vessel to rail cargo time
• Savannah enjoys uninterrupted access to every major destination east of the Mississippi via two Class I railroads, CSX, and Norfolk Southern
• Western most port on the East Coast, allows for the quickest route to Midwest via sea-to-rail
1995 Port of Savannah is chosen as primary port of entry for the 1996 centennial Olympic games. 1992 Harbor widened at Port of Savannah to 500 ft.
2019 The Port of Savannah moves a record-breaking 4.5 million TEUs.
2021
November – The Mason Mega Rail project is completed, allowing the port to build and receive six 10,000 ft. long trains simultaneously.
2021 December – The Port of Savannah moved a record-breaking 5.6M TEUs, and container trade in leapt to 20% - the fastest rate of growth in 20 years.
2022
2022
Air
35 Minute
Direct flight to ATL
• Savannah/Hilton Head International Airport is the 2nd busiest airport in the state
• Gulfstream Aerospace Corporation is the largest private employer in Savannah
2023
2023
2024
March – The GPA announces the completion of the Savannah Harbor deepening project, which added 5 ft. in depth to the shipping channel.
August - The port handles more than 575,500 TEUs in August, setting an all-time trade record
Spring – Berth 1 expansion project completed – increasing on-dock capacity by 25% and allow Savannah to simultaneously serve four 16,000 TEU vessels, as well as 3 additional ships.
8 new ship-to-shore cranes were added to Garden City Terminal, bringing the total to 38.
In 2024, the Georgia Ports Authority completed a $262 million improvement project at the Port of Brunswick. This project included the addition of new warehousing and processing facilities, along with an expansion of 122 acres dedicated to Roll-on/Roll-off (Ro/Ro) cargo storage.
2025
2026
2028
At Savannah’s 200-acre Ocean Terminal, ongoing renovations to berths and container yards aim to accommodate two large container ships simultaneously, offering a 2 million TEU annual capacity. The project includes an order for eight additional cranes, with renovations to the first berth scheduled for completion in 2025.
Estimated completion date of the Brampton Road Connector, which will link Garden City Terminal to I-516 and will extend the Jimmy Deloach Parkway from I-95 to I-16.
An additional 6 container cranes will be added to the Garden City Terminal, bringing the total to 42 container cranes in place.
SAVANNAH - A THRIVING INDUSTRIAL MARKET
1st in the nation
for net absorption
(as a percentage of inventory)
3rd in the nation
for tenant demand (as a percentage of inventory)
2H 2025 MARKET HIGHLIGHTS
5.3M TEUs handled through Nov. 2025 (on pace for 2nd best year on record)
156.1M SF industrial inventory (up 110.5M SF since 2013)
4.3M SF
SAVANNAH MARKET PROJECTION
• Strong correlation between TEU volume and occupied industrial space. Based upon forecasted TEU growth and the current demand ratio of 41 SF per TEU, Savannah industrial market is poised for significant expansion
• By 2035, the GPA projects total capacity to reach 12M TEUs, with Import TEUs expected to be +/- 6M, translating to 119 MSF of additional industrial demand (excluding the Hyundai Metaplant)
110%
FORECASTED GROWTH OF IMPORT TEUS
119M SF
OF ADDITIONAL WAREHOUSE SPACE NEEDED TO MATCH DEMAND
SAVANNAH PORT IMPORT TEU VS. OCCUPIED WAREHOUSE SF
LEADING CONTAINER PORT
Over the past 20 years, the Port of Savannah has increased its annual amount of containers handled by 177% (measured as twenty-foot equivalent units, or TEUs) now placing it as the 3rd busiest port in the U.S. On top of containers, the Port of Savannah and neighboring Port of Brunswick handle numerous other types of cargo.
Rolling 12-month TEU volume approaching all-time highs
MARKET DELIVERY & DEMAND STATISTICS
SUPPLY CONSTRAINTS
• Construction starts continue to decline off the post-pandemic high
• 2H 2025 starts down 63% compared to 2H 2024 and 91% compared to 2H 2022
STRONG MARKET DEMAND
• Tenant demand remains strong with 61 unique tenants seeking over 24 million SF
» This is 1.5x greater than all vacant space on the market and 5.6x greater than all warehouse and distribution space currently under construction
CONTINUED RENT GROWTH
• Rent in Savannah has grown at a CAGR of 8.7% since 2020
• GreenStreet forecasts continued rent growth due to favorable market demand and supply dynamics
FINANCIAL ASSUMPTIONS
EXISTING RENT & ROLLOVER SCHEDULE
CASH FLOW
LEASE ABSTRACTS
Tenancy
Lease Commencement 1/1/2026
Lease Expiration 4/30/2036
Leased SF
Lease Structure NNN
Landlord Responsibilities:
Landlord shall make all necessary repairs, replacements and maintenance to the foundation, footings, concrete peers, structural steel (including exterior and interior structural columns), exterior walls (excluding windows and doors), roof deck and roof membrane, and to the utility service pipes and lines servicing the Premises from the public connection to the Building (including any such pipes or lines located under the building or any paved areas) as part of the Operating Expenses; provided however, to the extent any such repairs, replacements or maintenance are required because of the negligence, misuse or default of Tenant or any of the Tenant Parties, Landlord shall make such repairs at Tenant's sole expense.
Tenant Responsibilities:
Tenant shall, at Tenant's sole cost and expense, put, keep, replace, maintain and repair all portions of the Premises not expressly maintained by Landlord (including, but not limited to, interior walls of the building, interior slab or grade, HVAC systems, from the point of connection to the Premises lighting systems, electrical systems, plumbing systems, utility lines and pipes and fixtures, and loading docks, dock doors and levelers) so that at all times the Premises shall be in good order and repair, clean and free of waste and debris, and in a good, safe and substantial condition, at least as good as the condition the Premises were in on the Commencement Date.
Renewal Option:
Provided Tenant is not in default of any term, condition or covenant contained in this Lease beyond applicable notice and cure periods, Tenant shall have the option of renewing this Lease for one (1) additional term (the 'Renewal Term') of five (5) consecutive Lease Years, on the terms and conditions provided herein. Notice of the exercise of such option shall be
given by Tenant to Landlord in writing not less than two hundred seventy (270) days prior to expiration of the Initial Term. Minimum Rent for the Renewal Term shall be as follows: Notwithstanding any provision contained in this Lease to the contrary, Landlord and Tenant agree that Minimum Rent for the first Lease Year of the Renewal Term shall be the greater of (i) one hundred three and seventy-five hundredths percent (103.75%) of the Minimum Rent in effect in the last month of the Initial Term and (ii) the Fair Market Rental Rate.
Controllable CAM:
Notwithstanding anything to the contrary set forth herein, Controllable Operating Expenses shall not increase in any one year by an amount that exceeds seven percent (7%) of what Controllable Operating Expenses for the immediately preceding year would have been had the Controllable Expenses per square foot increased at the rate of seven percent (7%) in all previous years. As used herein, the term 'Controllable Operating Expenses' shall mean such Operating Expenses the cost of which is within the commercially reasonable control of Landlord. Controllable Operating Expenses shall exclude, without limitation, Taxes, Insurance Expenses, utilities, snow and ice removal costs, association and governmental assessments and fees.
Right of First Offer:
Tenant has the right of first offer to lease any adjacent vacant space during the term, provided it is not in default. If a third-party offer arises, Tenant can match it within five business days. Any added space will be coterminous with the existing lease, delivered as-is, and subject to the same rent structure.
LEASE ABSTRACTS
Tenancy
Sino Investment, Inc.
Lease Commencement 2/1/2025
Lease Expiration 7/31/2033
Leased SF 505,440
Lease Structure NNN
Landlord Responsibilities:
Landlord shall, at Landlord’s sole cost and expense (except to the extent necessitated by the negligence, misuse, or default of Tenant or Tenant’s agents, employees, or contractors), maintain, repair, and replace, as necessary, the foundation, footings, concrete piers, structural steel, exterior walls (excluding windows and doors), roof deck and roof membrane, and the utility service pipes and lines servicing the Premises from the public connection to the Building. Landlord shall have the right to enter the Premises at all reasonable times and upon prior notice to Tenant (except in an emergency) to perform such repairs or make such alterations, improvements, or additions as Landlord deems necessary or as may be required by governmental authority, provided that except in the event of emergency, governmental requirement, or Tenant’s default, Landlord will use commercially reasonable efforts not to materially interfere with Tenant’s use or access to the Premises.
Tenant Responsibilities:
Tenant shall, at Tenant's sole cost and expense, put, keep, replace, maintain and repair all portions of the Premises not expressly maintained by Landlord (including, but not limited to, interior walls of the building, interior slab or grade, HVAC systems, from the point of connection to the Premises lighting systems, electrical systems, plumbing systems, utility lines and pipes and fixtures, and loading docks, dock doors and levelers) so that at all times the Premises shall be in good order and repair, clean and free of waste and debris, and in a good, safe and substantial condition, at least as good as the condition the Premises were in on the Commencement Date.
Operating Expenses:
Operating Expenses encompass all direct and indirect costs and expenses incurred by Landlord in connection with the ownership, operation, maintenance, repair, replacement, and management of the Real Property and Common Areas. Included costs cover janitorial, cleaning, landscaping, security, repairs, utilities for the Building and Common Areas, and management fees, which are capped at three percent (3%) of gross receipts. Operating Expenses are recoverable from Tenant except as specifically excluded under the lease, and Tenant is required to pay its proportionate share, with no cap or limitation on annual increases.
