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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 sq. ft. office building purchased in 1973 for $521,300

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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 sq. ft. office building purchased in 1973 for $521,300 • Orange County vacated in 2000 • Utilized by FAMU Law school from mid 2001 • until early 2006 • Board declared surplus in March 2006 • Building has no parking, does not meet ADA • standards, HVAC and mechanical systems • outdated and the roof needs repair or • replacement • Costs to bring to County standards are in • excess of $4,000,000

  4. SALE OF 1 NORTH ORANGE Background • Board approved previous contract for sale and purchase on May 8, 2007 in the amount of $6,500,000 • Buyer elected not to close and contract expired • The remaining two prospective buyers elected not to pursue their offers ($6,000,500 and $6,000,000) • CB Richard Ellis put the property back on the market

  5. SALE OF 1 NORTH ORANGE • Marketing • Worked with CBRE to market and sell the • property • In accordance with FS 125.35 • Offering price 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

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

  7. SALE OF 1 NORTH ORANGE • Bids • Two bids, with required deposits, were • received • $1,800,000 from Brian Mulvaney • $5,800,100 from Alexander the Great LLC

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

  9. SALE OF 1 NORTH ORANGE • Recommendation • The Real Estate Management • Division recommends acceptance • of the bid offering from Alexander • the Great LLC of $5,800,100. • Orange County will net $5,570,996 • allowing for the transaction fee.

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

  11. 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 ONE NORTH ORANGE AVENUE.

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