surplus property sale 1 north orange orange county real estate management may 8, 2007
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Surplus Property Sale1 North Orange
Orange CountyReal Estate Management
May 8, 2007
SALE OF 1 NORTH ORANGESALE OF 1 NORTH ORANGE
• Background
• Bids
• Recommendation
• Requested Action
SALE OF 1 NORTH ORANGESALE OF 1 NORTH ORANGE
• Background
• Bids
• Recommendation
• Requested Action
SALE OF 1 NORTH ORANGESALE OF 1 NORTH ORANGE
Background• Ten story, 46,771 square foot building, located at NE corner of Orange and Central • Constructed in 1922• Purchased by Orange County in 1973
• $521,300
• Orange County vacated in 2000
• Florida A & M Law School utilized from mid 2001 until early 2006• Board declared surplus in March 2006
SALE OF 1 NORTH ORANGE SALE OF 1 NORTH ORANGE
Background
• Building Conditions
• Does not meet ADA standards• HVAC and mechanical systems outdated• Roof repair and/or replacement needed• Cost to bring the building up to county standards are in excess of $4,000,000• No parking
SALE OF 1 NORTH ORANGESALE OF 1 NORTH ORANGE
Background
• Appraisals• Two appraisals conducted in 2006
DeRango, Best & Assoc.: $6,260,000
The Spivey Group: $6,500,000
SALE OF 1 NORTH ORANGESALE OF 1 NORTH ORANGE
Marketing• Worked with CBRE to market and sell the property
• In accordance with FS 125.35• Minimum bid of $6,000,000• Transaction fee of 5% (3% to seller broker, 2% buyer broker)
• CBRE offered property via:• Advertisement in Loop Net, The Sentinel, and OBJ• Mass e-mail to investors• Direct calls to downtown investors• Offering memorandum posted on CBRE website• For sale sign posted on building
SALE OF 1 NORTH ORANGESALE OF 1 NORTH ORANGE
• Background
• Bids
• Recommendation
• Requested Action
SALE OF 1 NORTH ORANGESALE OF 1 NORTH ORANGE
Bids• Three bids, with required deposits, were received
• $6,000,000 from Trimurti Investments
• $6,005,000 from 1 North Orange Holdings (CNL)
• $6,500,000 from Cameron Kuhn
SALE OF 1 NORTH ORANGESALE OF 1 NORTH ORANGE
• Background
• Bids
• Recommendation
• Requested Action
SALE OF 1 NORTH ORANGESALE OF 1 NORTH ORANGE
Recommendation• The Real Estate Management Division recommends acceptance of the bid offering from Cameron Kuhn of $6,500,000.
• Orange County will net $6,243,250 allowing for the transaction fee.
SALE OF 1 NORTH ORANGESALE OF 1 NORTH ORANGE
• Background
• Bids
• Recommendation
• Requested Action
SALE OF 1 NORTH ORANGESALE OF 1 NORTH ORANGE
Requested Action
APPROVAL AND EXECUTION BY THE MAYOR OF CONTRACT FOR SALE AND PURCHASE, COUNTY DEED, AND AUTHORIZATION TO PERFORM ALL ACTIONS NECESSARY AND INCIDENTAL TO CLOSING FOR 1 NORTH ORANGE AVENUE.
Surplus Property Sale1 North Orange
Orange CountyReal Estate Management
May 8, 2007