Food truck lot concept
I'm considering leasing a lot from an owner for the purpose of renting the space to food truck vendors. It is a private lot in a good residential area; lots of other businesses around like coffeeshops, grocers and salons. The area is 83' x 48' so I figure I can park 6 or 7 food trucks on it. It has been used as a profitable food truck park in recent years.
Can anyone with experience with leasing to food trucks tell me about contract terms with them? How did you negotiate rental rates? How did you incentivize vendors to sign and stay? What risks did you have to deal with?
@Jason Rowlett surprised no one is chiming in here. We just built a tap house surrounded by 3-4 food carts. We get a revenue share from the lease of the food trucks that augments the rent from the building. (Building new is punishing unless we end up getting north of $2.50/ft or 30 year for rent. ($36 a year is HARD to get in little Salem OR). We have looked at other options for food truck parks. We have power/sewer/gas stubbed to each and I think the rent is $800 per month. We have looked at some other options for food truck parks but realize that the taphouse may be the winner in the project.
@Jason and @Chris Blackburn, I am also considering a food truck park concept in Tennessee. Would love to get both of your advice. I already own the property, an old gas station in an easily accessible area, but the property needs a good bit of fixing up.
