A retail lease for 10,000 square feet of rentable space is being negotiated for a five-year term. The lease calls for a base rent of $32 per square foot for the coming year with step-ups of $1 per year each year thereafter. CAM charges are expected to be $3 for the coming year and are forecasted to increase by 6 percent at the end of each year thereafter. Additionally, the tenant must pay overage rents based on a percentage lease clause. The clause specifies that the tenant must pay 8 percent on gross sales over a breakpoint level of $900,000 per year. The owner believes that the tenants gross sales will be $859,000 during the first year but should increase at a rate of 10 percent per year each year thereafter. Calculate the effective rent (per SF) for this lease.