Exclusive Listing Agent John McCormack JNM COMPANY · Article 3. Base Districts Commercial CO-Res...
Transcript of Exclusive Listing Agent John McCormack JNM COMPANY · Article 3. Base Districts Commercial CO-Res...
7/29/2007Presented by: John McCormack,
JNM Company 1
OFFERING THE UNI-KOOL PARTNERS
Property at 348 John and 91 Spicer Streets
SalinasExclusive Listing Agent
John McCormackJNM COMPANY
27250 Los Arboles DriveCarmel, CA 93923
(831) [email protected]
7/29/2007
Presented by: John McCormack, JNM Company 2
Retail and Residential Development
A Rare Opportunity to Develop a Significant Site in the City of Salinas
Mixed-Use DevelopmentPrice: $30,000,000
Development Opportunity
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Retail and Residential Development
Development Opportunity
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Presented by: John McCormack, JNM Company 4
Executive Summary
24 +/24 +/-- acres acres Land is level on prime corner locationLand is level on prime corner locationWalking distance to Downtown SalinasWalking distance to Downtown Salinas
Close to Salinas Valley Memorial HospitalClose to Salinas Valley Memorial HospitalJohn Street Corridor connecting Hwy 101 and John Street Corridor connecting Hwy 101 and
Downtown SalinasDowntown SalinasAbbott Street Corridor rezoned to CO and MU zoning Abbott Street Corridor rezoned to CO and MU zoning
will allow for new uses including medical and residential.will allow for new uses including medical and residential.Located adjacent to attractive residential Located adjacent to attractive residential
neighborhood of South Salinasneighborhood of South Salinas
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Existing ConditionsAerial and Street Location MapsAerial Map Draft City of Salinas Zoning MapAbbott Street Draft Zoning MapParcel Maps of PropertyALTA Survey MapList of Parcels
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Aerial Location Map
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Street Location Map
Downtown
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John & Abbott Street, Salinas Aerial Map
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Presented by: John McCormack, JNM Company 9
Draft 2005 Salinas City Zoning Map
Link:http://www.cos-gr.com/ZoningCode/
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Presented by: John McCormack, JNM Company 10
Draft 2005 Zoning Map
• Downtown
• Hwy 101 & John Interchange
• Subject
• Main Street
• SV Memorial Hospital
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Presented by: John McCormack, JNM Company 11
Parcel Map APN: 002-481-024
APN: 002-481-024
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Parcel Map: APN: 002-481-022
APN: 002-481-022
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Parcel Map APN: 002-372-027/028/029
APNs: 002-372-027/028/029
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ALTA Survey Map
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Presented by: John McCormack, JNM Company 15
List of Parcels
Parcel Number APN Lot Size (Ac)
Lot Size (SF) Comment
1 0.110 4,791.6 Actual2 0.025 1,089.0 Actual3 0.071 3,092.8 Actual4 0.122 5,314.3 Actual5 17.394 757,682.6 Actual6 1.003 43,690.7 Actual7 0.659 28,706.0 Actual
Uni-Kool002-481-024
002-372-027/8/9 19.384 844,367.0 TotalCalPine (Tenant) 002-481-022 2.893 126,019.1 ActualCattleman's Lane TBD 0.891 38,809.2 Est Not Incl
UPRR TBD 0.242 10,546.8 Est Not InclTOTAL 23.410 1,019,742.1
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Zoning InformationPresent Use: IndustrialCurrent Zoning: City of Salinas General Plan Draft 2005
Commercial Office (CO)City Zoning Code in review
http://www.cos-gr.com/ZoningCode/ZoneCodeIndex.html
Proposed Development – Mixed-Use Planned Development
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Draft Zoning Code DensitiesArticle 3
Base DistrictsCommercial CO-Res Only 30 0.40 418,176 20 480
CO-Mixed 0.40 418,176 10 240CR-Res Only None 0.40 418,176 24 576CR-Mixed 0.40 418,176 10 240
Mixed-Use MX-Res Only 50 0 24 576MX-Non Res 1.00 1,045,440MX-Mixed Use 1.00 1,045,440 10 240MX-Mixed Use 0.99 1,034,986 20 480MX-Mixed Use 0.49 512,266 24 576
Acres 24
Zone Max Height
Max FAR
Max SF Max DU/AC
Max DU
* Deadline for Public Comment – June 2, 2006
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Additional Information
Preliminary Title ReportEnvironmental ReportsDemolition EstimatesAvailable Upon Request
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Term SheetPARTIES
Seller: The Uni-Kool Partners, a California General PartnershipBuyer: To be determined
PROPERTIESApproximately 24 acres of land located at the SE corner of Abbott and John Streets, Salinas. Apns: 002-481-022 and 002-481-024
PRICE:Minimum Bid Price: $30,000,000. Purchase price payable in cash at close of escrow.
MINIMUM OPTION CONSIDERATION:Initial Deposit of a minimum of $250,000.00, upon execution of the option/purchase contract. The Initial Deposit shall be non- refundable upon expiration of the “Due Diligence” period and escrow holder shall be instructed to release as the Initial Option Payment to Seller. Option Payment shall be credited to purchase price as applicable funds at close of escrow.
MAXIMUM DUE DILIGENCE PERIOD:Six months (6) months from execution of contract.
MINIMUM ADDITIONAL OPTION PAYMENTS:Subject to acceptance of Buyer’s Due Diligence, a Non-refundable Option Payment of $500,000 shall be paid to Seller/Optionor. Option Payment shall be credited to purchase price as applicable funds at close of escrow
CLOSING:Escrow shall close subject to:a. Lease of cooler to the Mills Family (Lease terminates on 12/31/08)b. Thirty (30) days after approval of Specific Planc. Maximum COE Twelve (12) months from execution of the Option Agreement.Whichever, is the earlier.
CLOSING COSTS: Allocated as typical for Monterey County
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DisclaimerThe information contained herein has been given to us by the owner of the property or other sources we deem reliable. We have no reason to doubt its accuracy, but we do not guarantee it. All information should be verified prior to purchase.
For information, please contact our exclusive listing agent:
John McCormack
JNM Company
Commercial Real Estate
831 625-1414
JNM Company has been engaged as exclusive advisor to the Seller in connection with Seller’s solicitation of offers for the purchase of the Property located at John & Abbott Streets, Salinas, California (the “Property”). No person has been authorized to give any information or to make any representation or warranty, either express or implied, other than those contained in an executed purchase agreement subject to any disclaimer or limitations set forth therein, and if given or made in any other form, such information or representation should not be relied upon. While Seller has no reason to believe that the information provided herein, or in the Due Diligence Materials (as hereinafter defined), contain any material inaccuracies, neither Seller nor any of its respective officers, directors, shareholders, owners, employees, agents, members, managers, etc., make any representations or warranties, express or implied, as to the validity, accuracy or completeness of the information provided or to be provided except as may be set forth in an executed purchase agreement, subject to any disclaimers or limitations set forth therein. Without limiting the generality of the foregoing sentence, nothing herein shall be deemed to constitute a representation, warranty or promise by Seller nor any of its respective officers, directors, shareholders, owners, employees, agents, members, managers, etc., as to the future zoning or performance of the Property or any other matters set forth herein. Prospective purchasers are not to construe the contents of this Offering Memorandum, any Due Diligence Materials or any prior or subsequent communications from Seller or any of its respective officers, directors, shareholders, owners, employees, agents, members, managers, etc. as legal, tax or other advice. Prior to submitting an offer, prospective purchasers should consult with their own legal counsel and personal and tax advisors to determine the consequences of an investment in the Property and arrive at an independent evaluation of such investment.
A brokerage commission or finder’s fee of Two Percent (2%) shall be paid to any procuring broker/agent by seller upon close of escrow.