Grubenhoff says her family’s lease on Long Cove runs through 2029.
“It means nothing as far as I’m concerned,” Grubenhoff said of the real estate listing.
Presley told the Lake Wylie Pilot last week that the Grubenhoffs have an option to extend their current lease, which runs through 2013, to the 2029 timeframe at a “substantially higher lease than they’ve been accustomed to paying.” The triple net lease – an arrangement where the lessee pays rent along with taxes, insurance and maintenance costs – requires a bump to 12.5 percent of the current appraised value of more than $3 million for a renewal past 2013, Presley said.
The result could be an operating cost for the Grubenhoffs of more than 20 times what the previous lease agreement cost.
“I have to go by what the paperwork says,” Presley said. “Whether they renew that is up to them.”
Mecklenburg County’s property information system, POLARIS, shows the 14629 Rainbarrel Road address belonging to ABC Investment Properties following a sale from Crescent Resources on Jan. 2, 2009 for $725,000. A copy of that deed transfer at the county Register of Deeds includes mention of a Jan. 9, 1979 lease between Crescent Land and Timber Corp. and Long Cove Yacht Club among its easements and restrictions. It doesn’t provide a date for when the lease expires.
Efforts to obtain comment from ABC Investment Management Company were unsuccessful by press time Friday. A spokesman for Crescent Resources said the company was “not comfortable sharing details of contracts that no longer involve them.”
Grubenhoff says the Long Cove property should remain leased to her family through 2029 per agreement with Crescent. Only months before Crescent’s property sale to ABC Investments and ahead of Crescent’s bankruptcy filing in June 2009, an offer was made for Long Cove Marina to purchase the property for $3.4 million, Grubenhoff said.
With 200 families using its swimming pool, about 100 boat slips and 25 camp sites, Grubenhoff estimates more than 1,000 people use the marina for amenities from boat storage to permanent residential camp sites.
Presley said she’s shown the commercial property to potential buyers a handful of times since its listing. It is possible a new buyer could choose to keep the property operating as it is currently. Prospective buyers are still formulating a plan for future interests at the site, Presley said.
“Those kind of sales don’t happen overnight,” she said.