Tel Phil Enterprises Inc. agreed to pay $43.7 million in rent over the next 20 years. Contract terms include an initial 10-year period and 10-year option, and call for the company to pay $1 million for capital improvements during each 10-year period.
Started in 1969 as a small-scale operation called Trash and Treasures, the swap meet now includes nearly 1,000 merchants and attracts more than 2 million visitors annually. It operates from 7 a.m. to 4 p.m. every weekend, except during certain events and holidays.
For more information, visit www.ocmarketplace.com.