Base & Percentage Rent
Rent steps, breakpoints, and sales reporting — so percentage rent is billed accurately and on schedule, not left on the table.
Retail Property Management
Retail Lease Administration in Las Vegas
Retail leases are where the money hides — in percentage rent, CAM true-ups, options, and co-tenancy. Milvado Realty administers every clause so your Las Vegas shopping center collects exactly what it is owed, on time.
Quick answer
Retail lease administration is the disciplined management of a retail lease's financial and legal terms. For Las Vegas shopping centers, strip malls, and pad sites, Milvado Realty tracks base and percentage rent, reconciles CAM and other recoveries, monitors critical dates and renewal options, and enforces co-tenancy, exclusive-use, and reporting clauses — so nothing is missed and every dollar the leases owe you is actually collected.
Why Retail Is Different
A Retail Lease Is a Living Document
An office or industrial lease is mostly base rent plus expense recoveries. A retail lease adds moving parts that a spreadsheet forgets: percentage rent tied to a tenant's sales, co-tenancy triggers tied to anchor occupancy, exclusive-use and radius clauses, sales-reporting obligations, kick-out and go-dark rights, and layered option and renewal deadlines.
Miss one and it costs real money — an unbilled percentage-rent true-up, a co-tenancy reduction you didn't catch, an option that auto-renewed on the tenant's terms. Lease administration is the discipline of never missing them. It is also the difference between a rent roll that looks fine and a center that is actually collecting what its documents promise.
Accurate · On-Time · AuditableWhat We Administer
Every Clause, Tracked and Enforced
CAM & NNN Recoveries
Monthly estimates and the annual true-up that protects your recoveries. CAM reconciliation → and NNN administration →
Critical Dates & Options
Commencement, expiration, renewal, and termination windows tracked in advance so no option lapses or auto-renews against you.
Co-Tenancy & Kick-Outs
Occupancy tracked against anchor and center thresholds so you catch reductions, go-dark rights, and kick-out clauses before they trigger.
Exclusives & Use Clauses
Exclusive-use, prohibited-use, and radius restrictions checked against new leases so you never sign a conflict into the center.
Estoppels & SNDAs
Accurate estoppel certificates and SNDA responses for lenders and buyers — essential when you refinance or sell. Broker opinion of value →
Percentage Rent, Explained
How Percentage Rent Actually Works
Percentage rent is additional rent a retail tenant pays once its gross sales exceed a threshold called a breakpoint. Above that point, the landlord collects an agreed percentage of the overage.
There are two kinds of breakpoint. A natural breakpoint is calculated by dividing annual base rent by the percentage rate — for example, $120,000 of base rent at a 6% rate produces a $2,000,000 natural breakpoint, and the tenant pays 6% of sales above that. An artificial (stated) breakpoint is simply a fixed number the parties negotiate instead.
The administrator's job is to collect and verify the tenant's sales reports, apply the correct breakpoint, bill the overage, and reconcile it against the lease — and to have the paper trail ready if a tenant's reported sales ever need an audit. Done loosely, percentage rent quietly leaks. Done well, it is a real line of income a center is entitled to.
Local Market
Retail Lease Administration, Las Vegas-Style
Las Vegas retail runs on triple-net (NNN) leases, which means recoveries and true-ups are not a footnote — they are a meaningful share of what a center collects. Rooftops keep coming: Clark County remains one of the fastest-growing large counties in the country, according to the U.S. Census Bureau, and new neighborhood centers in Summerlin, Henderson, and the southwest valley open with layered co-tenancy and TI structures that have to be administered from day one.
Milvado Realty is a local, licensed team. We keep your leases current, your recoveries defensible, and your critical dates in front of you — whether you own a single strip center or a portfolio of pad sites across the valley.
Owner Leads
Find Out What Your Leases Are Missing
Send us your center and we'll review how your leases are being administered — percentage rent, recoveries, options, and co-tenancy — and where money may be leaking. Confidential, no obligation.
- Percentage rent & CAM recovery review
- Critical-date & option audit
- Co-tenancy & exclusive-use check
Prefer to talk now? Call (702) 613-8601
Retail Lease Administration FAQ
Common Questions
Retail lease administration is the day-to-day management of a retail lease's financial and legal terms — tracking base and percentage rent, reconciling CAM and other recoveries, monitoring critical dates and options, and enforcing clauses like co-tenancy, exclusives, and use restrictions so a shopping center performs the way the leases intend.
Percentage rent is extra rent a retail tenant pays once its gross sales pass a set threshold called a breakpoint. The tenant reports sales, and the landlord collects an agreed percentage of the sales above that breakpoint. Accurate sales reporting and breakpoint tracking are core parts of retail lease administration.
A co-tenancy clause lets a tenant reduce rent, or sometimes terminate, if a named anchor or a set percentage of the center goes dark. Tracking occupancy against those thresholds protects the landlord from missed notice deadlines and surprise rent reductions or kick-outs.
CAM reconciliation — the annual true-up of common area expenses — is one part of lease administration. Administration is broader: it also covers base and percentage rent, critical dates, options, exclusives, estoppels, and overall compliance across every lease in the center.
Yes. Milvado Realty administers leases for neighborhood strip centers, pad sites, and multi-tenant retail across the Greater Las Vegas Valley, scaling the reporting to the size of the property.
Yes. Milvado Realty is a licensed Nevada brokerage that holds a Nevada property manager permit, so tenant funds and recoveries are handled to the state's trust-account standard under NRS 645.
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Retail Owners
Collect everything your leases owe you.
Get a local, licensed team administering your retail leases with the discipline that protects percentage rent, recoveries, and every critical date.