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CALL FOR BEST & FINAL OFFERS325 N. Maple Drive, Beverly Hills, CA 90210To: OfferorsFrom: Blake Mirkin, CBRE, Inc.Subject: Sale of 325 N. Maple Drive, Beverly Hills, CA 90210Date: December 5, 2013Call for Best and Final OffersThe United States Postal Service (USPS) and CBRE are very appreciative of the market’s interest in the Beverly Hills Main Post Office facility, located at 325 N. Maple Drive, Beverly Hills, CA 90210. As had been mentioned previously, a Best & Final Offer is being requested. You have been invited to participate in this Best & Final Round of Bidding. In an effort to help the Offerors in their responses, the following terms and conditions are recommended to be included in the offer. Based on the offers received in the first round, the terms and conditions below represent the “minimum” that should be considered. All Best & Final offers are due by 5:00 PM PDT on Tuesday, December 10, 2013.The ProcessThe USPS has retained CBRE, Inc. as its exclusive representative for the sale of this asset. The Call-for-Best & Final Offers date is Tuesday, December 10, 2013. As part of the evaluation of the Best & Final round of offers there will be a period of approximately ten (10) days for to discuss Offeror’s answers regarding: a) Offeror’s history of development in the area; b) Offeror’s plans for the property and how many square feet of leasable space the Offeror is planning to add; and c) Offeror’s plans and intended use and how they relate to required due diligence time frames, as well as compatibility with a USPS retail operation, which will remain in the building as outlined below. Further discussions and clarifications shall occur as necessary for the USPS evaluation process. Negotiations may continue until the USPS identifies one Offeror whose terms and conditions offer the maximum benefits to the USPS. The USPS reserves the right to reject all offers for the Property.All offers and correspondence should be sent to:Blake Mirkin, Executive Vice PresidentCBRE, Inc.1840 Century Park East, 9th FloorLos Angeles, CA 90067Phone:(310) 550-2562Email:blake.mirkin@SALEPrice:To be determined by Offeror in relation to the terms and conditions and clarifications set forth herein.Deposit:No less than $500,000 at the execution of the Purchase and Sale Agreement (refundable until the end of the Due Diligence Period), and no less than an additional $500,000 (Non-refundable) at the end of the Due Diligence Period, so that the total non-refundable deposit would be no less than $1,000,000.Due Diligence:No more than 60 days from the execution of the USPS-prepared Purchase and Sale Agreement. To the extent Offerors have performed sufficient preliminary due diligence, shorter due diligence periods are preferred. If Offerors feel comfortable with the Property and are prepared to make their deposits non-refundable at the execution of the Purchase and Sale Agreement, the USPS would welcome that.Closing:To occur within 30 days of the end of Due Diligence, but no sooner than February 27, 2014.USPS Retail Lease BackDuring the approximately 12-month leaseback, the USPS would downsize and reconfigure its current retail operation to approximately 8,000 SF on the 1st floor (see attachments hereto and Exhibit 1, page 21 of the Offering Memorandum) at its own expense. Upon completion, the USPS requires a 5-year lease with one (1) five (5)-year renewal option at a fixed rent and two (2) five (5)-year renewal options at market rents, which will be determined in accordance with the USPS Renewal Option Rider (Market Value). In order to implement this program, the USPS must occupy the entire building on a short-term leaseback of approximately twelve (12) months. During this 12-month leaseback, the USPS would pay rent of $1.00, and will pay all of the utilities, real estate taxes, and operating expenses, and will maintain the building in its “as-is” condition as of the date of closing. Following this short term lease-back period, USPS will deliver possession of the balance of the building to the Buyer, and the long term 5-year lease will commence.Offers must include the NNN rental rate to be charged to the USPS for the initial 5-year base retail leaseback period (not to be over $4.00/SF/Month) and the NNN rental rate for the first 5-year renewal option. The USPS will be responsible for all construction costs associated with reconfiguring its space. The USPS and the Buyer will sign-off on mutually agreeable plans for the re-configuration of the USPS retail space. Loading Dock:USPS will need access to the existing loading dock in order to get mail into and out of the facility. Offerors may suggest other means of providing the access that the USPS needs in this regard. Offerors must acknowledge the USPS right to share the existing loading dock facility or provide an acceptable alternative. Additional information regarding the USPS loading dock requirements will be forthcoming.Parking:The USPS requires 20 reserved parking spaces for customers and 2 handicapped spaces on the ground level of the parking structure. The USPS also needs 11 non-reserved spaces on-site for USPS employees. Offerors are requested to agree to this requirement and to state charges, if any, for these parking spaces.Transaction DocumentsSaleAgreement of Purchase and Sale – The USPS will use its standard Agreement of Purchase and Sale (PSA). Offerors are again encouraged to read the following PSA clauses carefully.Important clauses4.3ASIS WHERE-IS Purchase. Buyer acknowledges that Buyer has inspected the Property and any improvements, and that Buyer agrees to purchase the Property in its ASIS, WHERE-IS condition WITH ALL FAULTS, whether or not specifically raised herein or by attachment, without recourse, liability, or indemnification of any type from USPS. In no event shall the Purchase Price be reduced or the sale rescinded if the Property fails to correspond to the standard expected, or if Buyer's costs associated with its study and/or use of the Property exceed projections. 5.7Costs. Buyer and USPS shall share the Closing/Escrow Agent’s fee equally. In the event of a termination, if there are fees due the Closing Agent, Buyer's share of such fees shall be deducted from any refund of the Deposit under ?? 3.2, 6.11 or by attachment hereto. Buyer agrees that USPS is not responsible for any other costs related to this transaction, including, without limitation, title evidence and costs, property surveys, insurance of any kind, taxes, recording fees and stamps, or environmental assessments, which costs shall not be credited towards the purchase price.6.9.3No Specific Performance. Under no circumstances shall Buyer be entitled to specific performance of this Agreement.Lease – The USPS will use its standard Lease Agreement. BrokerageOfferors will be responsible for any fees/commissions due to their representatives/brokers. By submitting a proposal, each Offeror shall indemnify and hold the USPS and CBRE, Inc. harmless from all claims, liabilities, and costs arising from any claim for brokerage commissions, finder’s fees, or other remuneration relating to the transaction contemplated herein.The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or terminate discussions with any entity at any time with or without notice. The Owner shall have no legal commitment or obligation to any entity reviewing the marketing materials or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner, and any conditions to the Owner’s obligations have been satisfied or waived. ................
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