University Corners to terminate lease of Maui Teriyaki

PRESS RELEASE - Gainesville, FL - "After 18 months of extensive efforts at compromise and failed mediation efforts to resolve Maui Teriyakiﾒs lease, University Corners has terminated the lease of Maui Teriyaki. They have been requested to vacate the property", says Frank Darabi, managing partner of University Corners.

University Corners is a redevelopment project located on the corner of NW 13th Street and University Avenue. The project is a three block long, eight story mixed used development.

"One of the challenges in a redevelopment project is the tenants that currently occupy the space. Over the last 18 months, we have reached a satisfactory agreement with 16 of the 17 tenants that occupied space - just ask Burrito Brothers how accommodating University Corners has been", continues Darabi.

Maui Teriyakiﾒs owners have been offered their choice of two, generous settlements:

• University Corners will pay Maui Teriyaki their annual profit for each of the years remaining on their lease.
• University Corners will pay the relocation costs of the business to a location of the business ownerﾒs choosing.

The dispute revolves around Maui Teriyakiﾒs ownersﾒ refusal to share any financial data to justify their unreasonable counter offer.

"University Corners has offered all of the tenants very generous offers, and to our dismay, Maui Teriyaki has refused all attempts to negotiate a reasonable settlement. They continue to demand unrealistic compensation without providing financial documents to support their demands. Instead, they continue to attempt to hold the project captive to their unjustified demands", said Darabi.

"Mauiﾒs demands are completely unjustified. They have yet to show University Corners financial information to justify their demands. If they show University Corners financial statements, showing their profit, University Corners will pay their annual profit for the remainder of their lease", continued Darabi.

"As a last resort, we are forced to turn to a court of law to resolve our differences. University Corners will pay damages established by appraisal and upon approval of the court. In the mean time, the project will continue. It is regretful that the situation has reached this point", emphasized Darabi.

For more information, please contact Alex Patton, Representative for University Corners at (352) 376-0505.