What is the lease term, rent rate, and escalation structure for the Tous Les Jours tenant, and how does it compare to market rates in Reston?

Lease details (as disclosed)

The press release announcing the opening of Tous Les Jours in The Row at Reston Station does not disclose the specific lease term, rent per square foot, or the escalation schedule for the tenant. The filing simply notes the tenant’s opening date and location, without providing the financial terms of the lease agreement.

Market‑rate context and implications

In the Reston sub‑market, contemporary net‑lease rates for comparable “fast‑ casual” or bakery‑café concepts in Class‑A mixed‑use developments typically range from $30‑$38 / sq ft per year on a triple‑net (NNN) basis, with most landlords building in a 2‑3 % annual escalation (often CPI‑linked or a fixed‑percentage increase) over a 10‑year lease term. If the Tous Les Jours lease were negotiated at the lower end of that range (e.g., $30‑$32 / sq ft) with a modest 2–3 % escalation, it would be roughly in line with or slightly below prevailing market rents, implying a modestly attractive spread for the landlord given the brand’s strong traffic draw. Conversely, a lease priced above $38 / sq ft would suggest the tenant is paying a premium, which could be justified by the high‑visibility, transit‑oriented location and the potential for higher sales per square foot.

Trading/Investment take‑away

Because the lease terms are undisclosed, investors should focus on the broader fundamentals of the Reston Station portfolio: strong occupancy (≈ 95 %+), a tenant mix that includes a recognized international bakery brand, and a location that benefits from high transit foot traffic. If the lease is indeed at or slightly below market rent with a standard 10‑year term and typical escalations, it reinforces the property’s cash‑flow stability and may support a neutral‑to‑slightly‑bullish stance on Comstock Holding’s (CHCI) retail‑segment earnings. Traders might consider maintaining existing positions or modestly increasing exposure, especially if the broader market continues to reward high‑quality, transit‑oriented assets in the Washington‑D.C. metro area.