Surplus Property Sale 1 North Orange Orange County Real Estate Management May 8, 2007

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• Does not meet ADA standards• HVAC and mechanical systems outdated• Roof repair and/or replacement needed• Cost to bring the building up to county standards are in excess of $4,000,000• No parking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