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SALE OF 1 NORTH ORANGE

SALE OF 1 NORTH ORANGE. Background Bids Recommendation Requested Action. SALE OF 1 NORTH ORANGE. Background Bids Recommendation Requested Action. SALE OF 1 NORTH ORANGE. Background Ten story, 46,771 square foot building, located at NE corner of Orange and Central

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SALE OF 1 NORTH ORANGE

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  1. SALE OF 1 NORTH ORANGE • Background • Bids • Recommendation • Requested Action

  2. SALE OF 1 NORTH ORANGE • Background • Bids • Recommendation • Requested Action

  3. SALE 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

  4. SALE OF 1 NORTH ORANGE • Background • Building Conditions • Does not meet ADA standards • HVAC and mechanical systems outdated • Roof repair and/or replacement needed • Cost to bring the building up to county • standards are in excess of $4,000,000 • No parking

  5. SALE OF 1 NORTH ORANGE • Background • Appraisals • Two appraisals conducted in 2006 • DeRango, Best & Assoc.: $6,260,000 • The Spivey Group: $6,500,000

  6. SALE 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

  7. SALE OF 1 NORTH ORANGE • Background • Bids • Recommendation • Requested Action

  8. SALE 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

  9. SALE OF 1 NORTH ORANGE • Background • Bids • Recommendation • Requested Action

  10. SALE 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.

  11. SALE OF 1 NORTH ORANGE • Background • Bids • Recommendation • Requested Action

  12. SALE 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.

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