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Hertz Global Holdings is still looking for a temporary location while it relocates to Estero from New Jersey ó but itís not an easy choice to make.
The company announced Monday that itís building a 300,000-square-foot permanent location to house the 700 jobs it is bringing here from Park Ridge, N.J., in exchange for $85 million in state and Lee County economic incentives.
Company CEO Mark P. Frissora said that while the permanent place is being built, heís scouting Lee and Collier for ďsomething halfway economical.Ē
Thatís easier said than done because Hertz will be looking to take a large space for a relatively short lease during the roughly two years it will take to put up the final destination, said Randal Mercer, Randy Mercer, a partner in local real estate brokerage CRE Consultants in Fort Myers and Naples.
ďItís going to be very hard, but not impossible, for a landlord to accommodate the tenant needs on a short-term lease for the prevailing rates, he said.
Thatís because Hertz likely would require extensive remodeling for any space it moves into, Mercer said. ďIf a tenant is paying $200,000 a year rent for two years and they want $200,000 in improvements, that would make it mathematically difficultĒ for the landlord to make money.
However, if the tenant agrees to foot the bill for the improvements, a deal would be easier to negotiate, he said.
Hertz hasnít made a decision but there are possible solutions throughout the area, Mercer said: the Riverview Corporate Center in Bonita Springs has 100,000 square feet vacant in a nine-building complex.
Other possibilities: the 51,000-square-foot office building on Strada Stell Court in North Naples in the Vanderbilt Shops in North Naples and the 63,000-square-foot old Gartner Inc. building on Gateway Boulevard in Gateway.