Post on 05-Jul-2020
CALL FOR OFFERS
2535 Midway Drive, San Diego, CA 92110-9992
To: Prospective Purchasers
From: Blake Mirkin, Executive Vice President, CBRE, Inc.
Subj: Sale of 2535 Midway Drive, San Diego, CA 92110-9992
Date: October 10, 2014
The Offering
The United State Postal Service (USPS), having made the decision to offer for sale its facility located at
2535 Midway Drive, San Diego, CA 92110-9992, is now requesting that prospective purchasers submit
their offers no later than 5:00 PM PST on Wednesday, October 22, 2014. Please find the Offering
Memorandum and the Recorded Parcel Map (Parcel 2) under the DOWNLOADS tab for this property on
www.uspspropertiesforsale.com (from the Home Page, please select “Building”, then filter by “State”
and scroll down to 2535 Midway Drive). This property consists of 15.681 acres and is located in the
Midway/Pacific Highway District of the Greater Point Loma Area. The property is improved with a 3-
story, +/- 436,000 SF mail processing facility and a +/- 22,000 SF vehicle maintenance facility. The
property is currently zoned IP-2-1. The Property will be delivered vacant on the Closing Date, which may
not occur prior to January 15, 2015.
The Process
The USPS has retained CBRE, Inc. as its exclusive representative for the sale of this asset. The Call-for-
Offers time and date are currently set as 5:00 PM PST on Wednesday, October 22, 2014. It is
anticipated that as part of the evaluation of this round of offers there would be a period of
approximately ten (10) days for Questions & Answers, discussions for clarification of responses, and
conversations related to the following: a) Offeror’s history of development in the area; b) Offeror’s
plans for the property; and c) how Offeror’s plans relate to required due diligence time frames. After
the evaluation of this round of offers, a Best & Final Round of Offers may take place, with further
discussions and clarifications to occur as necessary for the USPS evaluation process. If a Call for Best &
Final Offers is required, a time and date for those offers will be set forth. 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 President CBRE, Inc. 1840 Century Park East, 9th Floor Los Angeles, CA 90067 Phone: (310) 550-2562 Email: blake.mirkin@cbre.com
The Transaction Structure
This is the sale of the fee simple interest in the Property. The goal of the USPS is to have the Property
under contract in early December, 2014, with a Closing during the last two weeks in January, 2015.
Possession of the Property will be given at Closing, at which time the USPS will have vacated the
Property.
Transaction Documents
Offerors’ Proposals – The Offerors are asked to focus on the objectives of the USPS in the sale of this
asset. The primary objectives of the USPS include: highest possible price for the asset, shortest due
diligence period, and the shortest closing period (but not prior to 1/15/15).
Agreement of Purchase and Sale – The USPS will use its standard Agreement of Purchase and Sale.
Important clauses in the Agreement of Purchase and Sale
4.3 AS-IS WHERE-IS Purchase. Buyer acknowledges that Buyer has inspected the Property and any
improvements, and that Buyer agrees to purchase the Property in its AS-IS, 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.
5.7 Costs. Buyer and USPS shall share the Closing Agent’s fees 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.
6.9.3 No Specific Performance. Under no circumstances shall Buyer be entitled to specific performance of this Agreement.
Brokerage
Offerors 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.
Disclaimers
No cooperating brokerage commission shall be paid by the USPS or CBRE. Buyer's Broker, if any, shall
seek commission compensation from the Buyer only.
The USPS expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or
offers to purchase the property (the “Property”), and/or terminate discussions with any entity at any
time with or without notice. The USPS 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
USPS, and any conditions to the USPS's obligations have been satisfied or waived.
CBRE, Inc. operates within a global family of companies with many subsidiaries and/or related entities
(each an "Affiliate") engaging in a broad range of commercial real estate businesses including, but not
limited to, brokerage services, property and facilities management, valuation, investment fund
management and development. At times different Affiliates may represent various clients with
competing interests in the same transaction. For example, this information may be received by our
Affiliates, including CBRE Investors, Inc. or Trammell Crow Company. Those, or other, Affiliates may
express an interest in the Property described and may submit an offer to purchase the Property and may
be the successful bidder for the Property. You hereby acknowledge that possibility and agree that
neither CBRE, Inc. nor any involved Affiliate will have any obligation to disclose to you the involvement
of any Affiliate in the sale or purchase of the Property. In all instances, however, CBRE, Inc. will act in the
best interest of the client(s) it represents in the transaction and will not act in concert with or otherwise
conduct its business in a way that benefits any Affiliate to the detriment of any other offeror or
prospective offeror, but rather will conduct its business in a manner consistent with the law and any
fiduciary duties owed to the client(s) it represents in the transaction.
The information pertaining to the Property does not purport to be a representation of the state of
affairs of the Property or to be all-inclusive or to contain all or part of the information which prospective
purchasers may require to evaluate a purchase of real property. All financial projections and information
are provided for general reference purposes only and are based on assumptions relating to the general
economy, market conditions, competition and other factors beyond the control of the USPS and CBRE,
Inc. Therefore, all projections, assumptions and other information provided and made are subject to
material variation. All references to acreages, square footages, and other measurements are
approximations. Interested parties are expected to review all information and other documents of
whatever nature independently and not rely on any other information provided.
Neither the USPS or CBRE, Inc., nor any of their respective directors, officers, Affiliates or
representatives make any representation or warranty, expressed or implied, as to the accuracy or
completeness of this information or any of its contents, and no legal commitment or obligation shall
arise by reason of your receipt of this information or use of its contents; and you are to rely solely on
your investigations and inspections of the Property in evaluating a possible purchase of the real property.