Trowbridge 5-year Term Lease at
Fishermen’s Terminal Shipyard
Presenter:
Jennifer Maietta, Director Real Estate Asset Management
Jessica Carlson, Sr Real Estate Manager
8i suppItem No.
October 14, 2025Date of Meeting
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Request Commission authorization for the
Executive Director to execute a ten (10) year term
lease, with Trowbridge, LLC at Fishermen’s
Terminal in its substantiative form as presented.
Action Requested
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Fishermen’s Terminal
Premises
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5
Summary
• Trowbridge Innovations is a West Coast contractor, marine service
provider, and product supplier in the maritime sector.
• This is a term lease with Trowbridge, LLC (“Trowbridge”) for the
former Fishing Vessel Owner’s site at Fishermen’s Terminal which
has been vacant since 2021.
• Tenant will be investing approximately $2M to bring the
warehouse/office back to a functional state.
• The tenant improvements will include additional upgrades to the
floating docks, marine-ways and yard area.
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Basic Lease Terms
DESCRIPTIONTERM
Total Premises is 182,804/sf inclusive of 136,138/sf submerged lands, 28,183/sf yard area, and 18,483/sf
warehouse/office space located within Fishermen’s Terminal.
Premises
10-year term lease
Term
November 1, 2025Lease
Commencement
Thirty (30) days period following the Commencement Date, Lessee shall have the right to review the environmental
conditions of the Premises.
One-time right to terminate by written notice to Lessor prior to end of Due Diligence Period.
Otherwise, upon the expiration of the Due Diligence Period, the Lessee fully accepts the Premises in its present
condition.
Due diligence period
Rent shall commence May 1, 2025; upon conclusion of due diligence period and Lessee shall accept Premises in an as is
condition.
Rent
Commencement
$11,225.43/Month plus 3% annual escalation, and 12.84% LET
The base rent is market rate for the yard and submerged lands.
The warehouse/office rent is abated during the term of the lease as the buildings are in a non-functional state.
Base Rent
Security deposit is $35,757
Security Deposit
Tenant Improvement Allowance in an amount not to exceed $500,000.
TI to include, but not limited to, electrical, mechanical (HVAC), plumbing, lighting, fire system, and interior office shell
repairs to flooring, drop ceiling, insulation and floating dock repairs December 1, 2026, which deadline may be
extended at Port’s sole discretion.
Tenant
Improvement
Allowance
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Financial Implications
Tenant Improvement Allowance: $500,000Project cost for analysis
The lease generates approximately $1.5M over the
course of the primary term (10 years)
Effect on business performance
(NOI after depreciation)
NPV= $585K
TI Allowance Payback=4.03 years
IRR/NPV
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Questions?
TV1
Slide 8
TV1 You can delete this slide and replace with a questions slide instead.
Vann, Tunny, 2025-10-01T16:53:35.553
