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]

mailto:[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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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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Draft 2005 Salinas City Zoning Map

Link:http://www.cos-gr.com/ZoningCode/

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Draft 2005 Zoning Map

• Downtown

• Hwy 101 & John Interchange

• Subject

• Main Street

• SV Memorial Hospital

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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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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.

exclusive listing agent john mccormack jnm company · article 3. base districts commercial co-res...

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