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business wanting to lease yard space
I have a question that I have NO idea where to begin and I'm hoping someone can help me out.
I own a commercial property located on one of the 2 highways in my little town and have about a 1 acre lot to the west of my building not being used for anything whatsoever. When my town started construction on one of the main roads in the downtown area about 5 months ago, I was approached by a local bar/restaurant owner asking to put a sign in my yard to draw in business from the highway. The bar is just one turn off of the highway then about a 1/2 mile, and my building sits directly across from the road the bar is on. It was just a little sign like what city and other local politicians or school board members use, or a real estate sign. Well, the sign was stolen a couple months after being up.
Now, the owner is wanting to lease the corner of my property to put a permanent up because the temporary sign was working. I have no problem with it because its not hurting anything. The sign will be close enough to the edge of the property that it would even be questionable to passerbys and customers if its even on my property. My problems lies in how much should I charge them? They have suggested doing a 6 month or 1 year lease and I think thats a good idea, but I have no clue on how much to charge. I figured the payment could be calculated based on sq. ft., but how much per sq. ft?
Have any of you ever dealt with something like this?