Item:
Title
Approval of Addendum to Property Management Agreement between Durham County and TradeMark Properties, Inc. to incorporate the retail spaces at 201 E. Main Street, Durham, NC 27701 into the Property Management Agreement and increase the annual contract to a total annual amount of $36,000.
Body
Date of BOCC Meeting: February 10, 2025
Request for Board Action:
Agenda Text
The Board is requested to approve the Addendum to the Property Management Agreement between TradeMark Properties, Inc. and Durham County to incorporate the two (2) retail spaces located at 201 E. Main Street, Durham. NC 27701. The addition of these retail spaces will increase the annual contract amount by $18,000 to a total annual contract amount of $36,000.
In December 2023, the Board of Commissioners approved a three-year Property Management Agreement between Durham County and TradeMark Properties, Inc. for the management, maintenance, and leasing of the in-line portion of the shopping center property located at 3825 S. Roxboro Street, known as The Shoppes of Hope Valley. TradeMark has been managing this property since that time, and has performed well, providing extensive support and professional property management of the shopping center. TradeMark Properties was selected through a Request for Proposals process in April 2023. Their scope of work includes collection and accounting for all rent payments, management of the Security Deposits, move-in and move-out management, leasing and handling lease renewals and extensions. TradeMark provides monthly accounting reports to our Finance Department and maintains communication with all tenants as needed.
TradeMark Properties' base fee for service is a minimum of $1500 per month per location. TradeMark's fee and costs of services and repairs to the retail spaces are deducted from the rent collected, and the net revenue is then transferred to the County. These expenses are included in the Common Area Maintenance (CAM) fe...
Click here for full text