Park Highlands Offering Memorandum 6.80 Acres ORTH, EVADA ASKIG $17,000,000 3 4 17 380 80PAR580 KH 87 85 1 9 5 780 980. DR. 5 R TU CA DE 160 3 101 4 17 380 80 580 87 85 1 9 5 780 980 84 92 24 2. DR ORTH 5 9 880 280 680 880 TO D BLV 24 2 84 S92 D TE LA 160 9 ALIATE STATIO RESIDETIAL PARCELS 880 3 280 680 880 101 4 17 80 580 87 85 1 9 5 E T GRAD TETO DR. FUTURE REVERE ITERCHAGE PARK HIGHLAD MASTER PLA 880 9 10 160 9 Y. KW LP IA 380 80 580 8 5 780 980 8 PARK HIGHLADS OFFERIG MEMORADUM 280 680 880 CE 24 2 5 92 84 780 980 380 D IGH COLLIERS ITERATIOAL P. 1 CO MM ER CE A 880 101 GR 280 680 880 ORTH FULLY ETITLED RESIDETIAL & COMMERCIAL LAD
Table of Contents > EXECUTIVE SUMMARY IVESTMET HIGHLIGHTS REGIOAL & LOCAL MAPS > ABOUT PARK HIGHLADS PARK HIGHLADS > PROPERTY IFORMATIO PARK HIGHLADS SUMMARY PARK HIGHLADS EAST PARK HIGHLADS EAST AERIALS PARK HIGHLADS WEST PARK HIGHLADS WEST AERIALS UTILITIES SALES COMPARABLES > OFFER SUBMITTALS > DISCLAIMER PRESETED BY: Michael Stuart Senior Vice President tel +1 702 735 5700 email michael.stuart@colliers.com PARK HIGHLADS OFFERIG MEMORADUM COLLIERS ITERATIOAL P. 2
Offering Memorandum > Executive Summary COLLIERS ITERATIOAL
PARK HIGHLADS Park Highlands 3 280 680 880 101 4 17 380 80 580 87 85 1 9 5 780 980 84 92 24 2 280 680 880 380 5 3 101 4 17 80 580 87 85 1 9 780 980 84 92 24 2 PARK HIGHLADS OFFERIG MEMORADUM 5 5 880 orth 5th Decatur 880 Aliante 160 Losee investment Highlights Colliers International is pleased to present for your consideration this unique opportunity to purchase 4 parcels totaling 6.80 gross acres with the entitlement to build up to 2,218 residential lots in orth Las Vegas, evada. This portfolio consists of partially developed super pad lots and 2 raw parcels which will be a future regional commercial site and a mixed use parcel. All of the properties are completely entitled. 9 COLLIERS ITERATIOAL P. 4
FORT APACHE ROAD DURAGO DRIVE CHARLESTO CAMPUS ST. ROSE SA MARTI HOSPITAL S RAIBOW BLVD SPRIG VALLEY HOSPITAL JOES BLVD DECATUR BLVD S DECATUR BLVD SIMMOS STREET MARTI LUTHER KIG JR BLVD MARYLAD PARKWAY 5TH STREET LOSSE ROAD EASTER AVE DOMIICA HOSPITAL SIEA CAMPUS CHEYEE CAMPUS S PECOS ROAD HOLLYWOOD BLVD DOMIICA HOSPITAL W PACIFIC AVE HEDERSO CAMPUS DURAGO DRIVE RACETRACK ROAD SIMMOS STREET 5TH STREET LOSSE ROAD EASTER AVE PARK HIGHLADS Park Highlands - 6.80 Acres Regional Map KYLE CAYO RD CLIFF SHADOWS DRIVE SUMMERLI DESERT FOOTHILLS DR RED ROCK BEAR S BEST PROVIDECE TOW CETER DRIVE W CHEYEE AVEUE HUALAPAI WAY 160 SEVERECE LAE DEER SPRIGS WAY W A ROAD SOUTHER HILLS HOSPITAL W LOE MOUTAI ROAD W ALEXADER ROAD DURAGO HILLS SU CITY HIGHLAD PALM FALLS VALLEY EAGLE CREST SURISE COLOY KYLE CAYO GATEWAY SIEA TPC AT CAYOS BADLADS PECCOLE RACH THE LAKES W WARM SPRIGS ROAD RHODES RACH S FORT APACHE D R SPRIG MOUTAI RACH TPC AT SUMMERLI AGEL PARK CAYO GATE 147 W DESERT I ROAD CCS FLAMIGO ROAD S DURAGO DR UIVERSITY MEDICAL CETER PARK HIGHLADS OFFERIG MEMORADUM 5 5 GRAD TETO DRIVE ELKHOR ROAD W CHARLESTO BLVD W SAHARA AVE TROPICAA AVEUE E W ARBY AV IVE BUFFALO DRIVE BLUE DIAMOD ROAD D WIDMILL L GOMER ROA PKWY MOUTAIS EDGE E DESERT SHORES MOUTAI S EDGE ELKHOR SPRIGS SUMMERLI PARKWAY WESTCLIFF DRIVE W WIGWAM AVE W CACTUS AV SILVERSTOE S BUFFALO DRIVE TEAYA WAY PAITED DESERT BUFFALO DRIVE BUFFALO DRIVE SPRIG VALLEY SPAISH TRAIL W SUSET ROAD EVADA TRAILS S RAIBOW BLVD RAIBOW BLVD 7 AD S JOES BLVD JOES BLVD 599 SMOKE RACH ROAD W LAKE MEAD BLVD VEGAS DRIVE W WASHIGTO DRIVE ALTA DRIVE HACIEDA AVE COROADO RACH IRO MOUTAI RACH UIO PACIFIC RR LOS PRADOS RACHO ALTA MIRA 9 589 502 5 DECATUR BLVD W RUSSELL RO W CACTUS AVE SHIECOCK HILLS AVE A ROAD CRAIG ROAD ORTH ORTH AIRPORT MUICIPAL RACHO DR VALLEY VIEW ROAD VALLEY VIEW ROAD SPRIG MOUTAI RD DEA MARTI DR W SILVERADO RACHBLVD SOUTHER HIGHLADS RED ROCK ATIOAL COSERVATIO AREA SOUTHER HIGHLADS PARKWAY PARK HIGHLADS COMMERCIAL PARCELS ALIATE BALI HAI 574 604 TOW SQUARE 604 EL DORADO 147 573 TROPICAA AVEUE SOUTH BLVD IDUSTRIAL ROAD CAMIO AL ORTE RACHO DEL ORTE THE STRIP WY PARADISE RD MC CARRA IT L AIRPORT WARM SPRIGS ROAD WIDMILL LAE KYLE CAYO RD RESIDETIAL PARCELS BERMUDA RD W CETEIAL PARKWAY D E PEBBLE ROAD E ST LOUIS AVE DESERT SPRIGS HOSPITAL 5 607 E SAHARA AVE MARYLAD PARKWAY BRUCE ST 607 FLAMIGO ROAD S EASTER AVEUE CCS FREMOT ST E DESERT I ROAD E RUSSELL ROAD PECOS ROAD BLVD S SADHILL ROAD SOUTHFORK DRAGO RIDGE ST. ROSE DEL WEBB SUMMERLI SILVERADO 146 SU CITY MACDOALD RACH RACH SURIDGE WEST CAYO MACDOALD HIGHLADS HEDERSO SEVE HILLS EXECUTIVE RIO SECCO AIRPORT St Rose Parkway LOSEE RD. SEVE HILLS DR VOLUTEER BLVD E EVAS AVE CC DESERT FOOTHILLS DR ULV BOULEVARD MALL SHADOW WASHBUR R CREEK RED ROCK BELMOT T S WA PECOS ROAD E CHEYEE AVEUE SUSET PARK UIO PACIFIC RR E CAREY AVE E LAKE MEAD BLVD DESERT PIES GREE VALLEY PARKWAY S LAMB BLVD CRAIG ROAD LAMB BLVD E SUSET ROAD GREE VALLEY EAGLE CREST ATHEM REVERE DEL WEBB S ATHEM CLIFF SHADOWS DRIVE BLVD WILDHORSE KYLE CAYO GATEWAY PROVIDECE UPRR LEGACY TOW CETER DRIVE 612 VALLE VERDE DR ELLIS BLVD E OWES AVEUE E WASHIGTO AVE DESERT ROSE E BOAZA ROAD E CHARLESTO BLVD 582 ARROYO GRADE B SURISE VISTA STEWART AVEUE LVD ELLIS AFB ROYAL LIKS STALLIO MOUTAI BOULDER HWY STEPHAIE STREET AMERICA PACIF W HORIZO RIDGE PKWY S HOLLYWOOD BLVD 5 E LAKE MEAD LOS FELIIZ ST VEGAS VALLEY DRIVE IC DR SEVERECE LAE GIBSO Rd. MOTOR SPEEDWAY BROADBET BLVD E SUSET ROAD EASTGATE RD 604 DEER SPRIGS WAY PABCO ROAD 582 ST. ROSE ELLIS AFB EAST DURAGO HILLS W CHEYEE AVEUE W A ROAD S WATER ST E VA WAGEE ST BLACK MOUTAI TUSCAY 564 5 CCS SUMMERLI GREEWAY RD CETER ST MISSIO DR E PARADISE HILLS DR COLLEGE DR 147 RIVE D RICHARDSO W LOE MOUTAI ROAD W ALEXADER ROAD SU CITY HIGHLAD WHITEY PALM RACH FALLS VALLEY TPC AT CAYOS BADLADS PECCOLE RACH THE LAKES SPRIG MOUTAI RACH TPC AT BURKHOLDER BLVD AGEL PARK CAYO GATE APEX IDUSTRIAL PARK E LAKE MEAD PARKWAY S MAGIC WAY REFLECTIO BAY LAKE PKWY THE FALLS 147 HEDERSO EQUESTRIA DR APPALOOSA RD FOOTHILLS DR LAKE WESTCLIFF RAILROAD DRIVE PASS CCS CHARLESTO CAMPUS ELKHOR SPRIGS DESERT SHORES SUMMERLI PARKWAY 5 GRAD TETO DRIVE ELKHOR ROAD W CHARLESTO BLVD W SAHARA AVE SILVERSTOE BUFFA TEAYA WAY PAITED DESERT BUFFALO DRIVE Local Map RAIBOW BLVD JOES BLVD 599 SMOKE RACH ROAD W LAKE MEAD BLVD VEGAS DRIVE W WASHIGTO DRIVE ALTA DRIVE IRO MOUTAI RACH LOS PRADOS RACHO ALTA MIRA 9 589 DECATUR BLVD A ROAD CRAIG ROAD ORTH AIRPORT MUICIPAL RESIDETIAL PARCELS PARK HIGHLADS COMMERCIAL PARCELS ALIATE ORTH RACHO DR VALLEY VIEW ROAD UIVERSITY MEDICAL CETER EL DORADO 574 147 ROAD MARTI LUTHER KIG JR BLVD CAMIO AL ORTE RACHO DEL ORTE E STRIP 573 W CETEIAL PARKWAY D WASHBUR R LOSEE RD. BRUCE ST E ST LOUIS AVE 5 607 CCS CHEYEE CAMPUS COLLIERS ITERATIOAL P. 5 E SAHARA AVE SHADOW CREEK E EVAS AVE BELMOT T S FREMOT ST ORTH PECOS ROAD E CHEYEE AVEUE PECOS ROAD BLVD E CAREY AVE S LAMB BLVD UIO PACIFIC RR E LAKE MEAD BLVD DESERT PIES CRAIG ROAD LAMB BLVD BLVD
Offering Memorandum > About Park Highlands COLLIERS ITERATIOAL
PARK HIGHLADS About Park Highlands HISTORY OF PARK HIGHLADS The 2,675 acre Park Highlands Master Plan was originally purchased from the Bureau of Land Management in 2006. The development will be the largest master-planned community in orth Las Vegas and when built out, will add nearly 16,000 homes to orth Las Vegas. The owner of the subject parcels paid over $550,000.00 per acre for the 6.80 acres. Subject Property The subject property consists of 4 different parcels throughout the Park Highland Development. The parcel range in size from 21-56 acres. There are two residential parcels, a mixed use parcel, and a 51.2 regional commercail parcel available. In all, the site can support up to 2,218 residential units. Aliante Master plan The master plan is bifurcated by the Aliante development. Aliante is a master planned community in orth Las Vegas, evada, created by orth Valley Enterprises an affiliate of American evada Company and Del Webb Communities, Inc. Located at Aliante Parkway and the northern beltway, the 1,905-acre community includes a mix of approximately 6,500 homes, commercial centers, shopping, dining, and the new Aliante Station Casino. 428 acres of the community are dedicated to recreational and public use, including Aliante Golf Club, three city parks including the 20-acre ature Discovery Park with a scenic lake a natural arroyo and a 24-mile interconnecting trail system. The Alliante community is almost sold out, with only one builder remaining PARK HIGHLADS OFFERIG MEMORADUM COLLIERS ITERATIOAL P. 7
Offering Memorandum > Property Information COLLIERS ITERATIOAL
PARK HIGHLADS Park Highlands Summary park highlands asset summary PARCEL UMBER LOCATIO ET ACRES GROSS ACRES UITS MASTER PLA ZOIG ALLOWABLE UITS AUAL TAXES 124-18-210-001 1.3 18.06 21.4 385.2 HDR UP TO 18 $14,521.57 124-18-210-002 1.4 52.47 56.6 452.8 MDR UP TO 8 $19,653.63 124-16-710-004 1.13 24.30 27.6 1,380 MU UP TO 50 $31,068.29 124-21-510-002 5.01 46.85 51.2 - REGIOAL COMMERCIAL - $59,899.12 TOTAL - 141.68 6.80 2,218 - - $125,142.61 PARK HIGHLADS OFFERIG MEMORADUM COLLIERS ITERATIOAL P. 9
PARK HIGHLADS Park Highlands East park highlands East The eastern portion of the development consists of 2 parcels totaling 78.8 acres. The WC of I- and Commerce is 27.6 acres, and is zoned Mixed Use (MU). This property is located on the orthwest corner of US and the future Revere Interchange. The location and access to the property are ideal for a mixed use residential and commercial site. The property is already entitled and can support up to 50 units per acre or 1,380 residential or multi-family units. Plans call for Revere to veer west and be connected to Grand Teton Drive to the north providing an express link to Aliante, Phase I of Park Highlands and Sun City Aliante. The SWC of I- and Commerce is 51.2 acres, and is zoned for a Regional Commercial Center. This outstanding property is a 51.2 acre parcel located directly south of I- at the Revere Street Exit. The location and access to the property are ideal. ot only does the parcel enjoy excellent visibility from the I- Beltway, the property has direct access to Revere Street, a six lane, 100-foot arterial serving north/south travel needs in the heart of Park Highlands. Plans call for Revere to veer west and be connected to Grand Teton Drive to the north providing an express link to Aliante, Phase I of Park Highlands and Sun City Aliante. Heading south, Revere Street connects with Commerce Street which intersects with all major east/west arterials such as Ann, Craig and Centennial Parkway. Dorrell Lane, an 80-foot, four lane collector runs along the entire southern border of the property. The Development Agreement with the City of orth Las Vegas has designated the parcel as RC/Regional Commercial. Because of its central location, the property has been identified as the central commercial gathering place for Park Highlands and all surrounding communities. The C-2 zoning classification on the parcel allows for a vast array of intense commercial uses up to and including casinos with a special use permit. PARK HIGHLADS OFFERIG MEMORADUM COLLIERS ITERATIOAL P. 10
PARK HIGHLADS Park Highlands East Aerials Property Aerials ORTH PARK HIGHLADS OFFERIG MEMORADUM COLLIERS ITERATIOAL P. 11
PARK HIGHLADS Park Highlands West park highlands west The western portion of Park Highlands has 2 parcels totaling 78 gross acres that have substantial improvements already in place. Utilities and access to both parcels are completed. The 2 parcels can support up to 838 units. The parcels have immediate access via Interstate with off-ramps on Decatur Blvd. and Aliante Parkway. Parcel 1.3 is a 21.4 net acre parcel that is approved for high density residential for up to 385 units. The property fronts on Decatur Road and has immediate access to US to the south. All utilities are already in the ground in Decatur and Park Highlands Blvd. Parcel 1.4 is a 56.6 net acre parcel that is approved for medium density residential and can support up to 452 residential units. The property fronts Park Highlands Blvd. All utilities are to the site. PARK HIGHLADS OFFERIG MEMORADUM COLLIERS ITERATIOAL P. 12
PARK HIGHLADS Park Highlands West Aerials Property Aerials looking north looking south ORTH ORTH looking west looking east ORTH ORTH PARK HIGHLADS OFFERIG MEMORADUM COLLIERS ITERATIOAL P. 13
PARK HIGHLADS Park Highlands West - Utilities PARK HIGHLADS OFFERIG MEMORADUM COLLIERS ITERATIOAL P. 14
HUALAPAI WAY FORT APACHE ROAD DURAGO DRIVE CHARLESTO CAMPUS ST. ROSE SA MARTI HOSPITAL S RAIBOW BLVD SPRIG VALLEY HOSPITAL JOES BLVD DECATUR BLVD S DECATUR BLVD SIMMOS STREET MARTI LUTHER KIG JR BLVD MARYLAD PARKWAY 5TH STREET LOSSE ROAD EASTER AVE DOMIICA HOSPITAL SIEA CAMPUS CHEYEE CAMPUS S PECOS ROAD S SADHILL ROAD HOLLYWOOD BLVD DOMIICA HOSPITAL W PACIFIC AVE HEDERSO CAMPUS RACETRACK ROAD PARK HIGHLADS Sale Comparables IRO 7 RED ROCK ATIOAL COSERVATIO AREA Comparable Sales CLIFF SHADOWS DRIVE SUMMERLI DESERT FOOTHILLS DR RED ROCK BEAR S BEST PAIUTE GOLF RESORT PROVIDECE TOW CETER DRIVE 160 SEVERECE LAE DEER SPRIGS WAY W CHEYEE AVEUE W A ROAD W LOE MOUTAI ROAD W ALEXADER ROAD DURAGO HILLS SU CITY HIGHLAD PALM FALLS VALLEY EAGLE CREST SURISE COLOY KYLE CAYO GATEWAY SIEA 8 TPC AT CAYOS BADLADS PECCOLE RACH SOUTHER HILLS HOSPITAL W WARM SPRIGS ROAD THE LAKES RHODES RACH S FORT APACHE RD SPRIG MOUTAI RACH TPC AT SUMMERLI AGEL PARK CAYO GATE W DESERT I ROAD FLAMIGO ROAD 147 TROPICAA AVEUE W ARBY AVE S DURAGO DRIVE 5 2 3 DESERT SHORES W CHARLESTO BLVD CCS 5 W SAHARA AVE WIDMILL L BUFFALO DRIVE BLUE DIAMOD ROAD GOMER ROAD MOUTAIS EDGE PKWY W CACTUS AVE ELKHOR SPRIGS SUMMERLI PARKWAY WESTCLIFF DRIVE W WIGWAM AVE SILVERSTOE S BUFFALO DRIVE TEAYA WAY PAITED DESERT BUFFALO DRIVE SPAISH TRAIL MOUTAI S ORTH 7 EDGE 6 BUFFALO DRIVE SPRIG VALLEY W SUSET ROAD EVADA TRAILS ELKHOR ROAD 5 S RAIBOW BLVD GRAD TETO DRIVE RAIBOW BLVD S JOES BLVD JOES BLVD 599 SMOKE RACH ROAD W LAKE MEAD BLVD W WASHIGTO DRIVE ALTA DRIVE HACIEDA AVE VEGAS DRIVE COROADO RACH MOUTAI RACH LOS PRADOS RACHO ALTA MIRA 9 589 502 5 UIO PACIFIC RR W CACTUS AVE SHIECOCK HILLS AVE DECATUR BLVD W RUSSELL ROAD 1 9 A ROAD CRAIG ROAD ORTH AIRPORT SPRIG MOUTAI RD RACHO DR MUICIPAL VALLEY VIEW ROAD W SILVERADO RACH BLVD SOUTHER HIGHLADS UIVERSITY MEDICAL CETER DEA MARTI DR SOUTHER HIGHLADS PARKWAY ALIATE ORTH BALI HAI 574 604 TOW SQUARE 604 EL DORADO RACHO DEL ORTE 147 TROPICAA AVEUE SOUTH BLVD IDUSTRIAL ROAD WARM SPRIGS ROAD WIDMILL LAE THE STRIP WY PARK HIGHLADS PARADISE RD CAMIO AL ORTE BERMUDA RD 573 MC CARRA IT L AIRPORT # BUYER LOCATIO ACREAGE PRICE P/AC COE DATE 1 AGELO, GORDO PARK HIGH 91.50 $11,000,000 $120,218 12/2010 2 PULTE HOMES MTS EDGE 33.83 $5,712,000 $168,000 5/2010 3 RICHMOD/PULTE MTS EDGE.54 $14,3550,000 $0,000 12/2010 4 KB HOME/RYLAD HEDERSO 37.19 $6,750,000 $181,500 9/2010 5 LEAR MTS EDGE 20.00 $3,925,000 $202,947 7/2010 6 KB HOMES MTS EDGE 65 $9,500,000 $144,311 6/2010 7 WILLIAM LYOS MTS EDGE 25 $3,370,600 $134,824 6/2010 8 AGELO GORDO SUMMERLI 45 $9,000,000 $200,000 8/2010 9 LIGHTSTOE PARK HIGH 105 $8,000,000 $77,000 7/2011 W CETEIAL PARKWAY E PEBBLE ROAD St Rose Parkway E ST LOUIS AVE E SAHARA AVE MARYLAD PARKWAY HEDERSO EXECUTIVE AIRPORT WASHBUR RD LOSEE RD. DESERT SPRIGS HOSPITAL 146 BRUCE ST 5 607 FLAMIGO ROAD SEVE HILLS DR 607 E EVAS AVE S EASTER AVEUE FREMOT ST ST. ROSE CCS E CHEYEE AVEUE CC ULV SILVERADO RACH BOULEVARD MALL ISPIRADA SHADOW CREEK E RUSSELL ROAD SUSET PARK BELMOT ST SOUTHFORK SEVE HILLS PECOS ROAD PECOS ROAD E DESERT I ROAD UIO PACIFIC RR BLVD E CAREY AVE E LAKE MEAD BLVD GREE VALLEY SURIDGE RIO SECCO DESERT PIES E SUSET ROAD GREE VALLEY PARKWAY S LAMB BLVD CRAIG ROAD ATHEM REVERE DEL WEBB S ATHEM LAMB BLVD WILDHORSE UPRR LEGACY 612 VALLE VERDE DR ELLIS BLVD DEL WEBB SU CITY WEST CAYO E OWES AVEUE E WASHIGTO AVE DESERT ROSE 582 ARROYO GRADE BLVD E BOAZA ROAD WHITEY RACH ELLIS AFB SURISE VISTA STEWART AVEUE E CHARLESTO BLVD ROYAL LIKS STALLIO MOUTAI BOULDER HWY STEPHAIE STREET AMERICA PACIFIC DR W HORIZO RIDGE PKWY DRAGO RIDGE VEGAS VALLEY DRIVE S HOLLYWOOD BLVD GIBSO Rd. 5 BROADBET BLVD E LAKE MEAD BLVD LOS FELIIZ ST E SUSET ROAD EASTGATE RD MACDOALD RACH MACDOALD HIGHLADS MOTOR SPEEDWAY 604 EAST 4 582 ST. ROSE ELLIS AFB PABCO ROAD E VA WAGEE ST 5 S WATER ST BLACK MOUTAI GREEWAY RD E PARADISE HILLS DR TUSCAY MISSIO DR 564 CETER ST CCS COLLEGE DR 147 RICHARDSO DRIVE BURKHOLDER BLVD E LAKE MEAD PARKWAY APEX IDUSTRIAL PARK S MAGIC WAY REFLECTIO BAY LAKE PKWY THE FALLS HEDERSO EQUESTRIA DR APPALOOSA RD FOOTHILLS DR 147 LAKE RAILROAD PASS PARK HIGHLADS OFFERIG MEMORADUM COLLIERS ITERATIOAL P.
Offering Memorandum > Offer Submittals COLLIERS ITERATIOAL
PARK HIGHLADS Offer Submittals offer submittals Colliers International ( Colliers ) has been retained for the disposition of certain land and real property assets and improvements (hereafter Property or Properties ). The Properties will be sold AS IS / WHERE IS. Any offers should be addressed to the attention of: Colliers International Michael Stuart RE: American West - Park Highlands 3960 Howard Hughes Pkwy, #0 Las Vegas, V 89169 702-735-5700 michael.stuart@colliers.com terms Asking $17,000,000 All offers shall be submitted with the following terms: Earnest money deposit shall be equal to 2% of total purchase price Feasibility no later than 30 days from opening of escrow At the end of the feasibility period, deposit shall be increased to 10% of the purchase price and shall be considered non-refundable. Close of escrow shall be 45 days from the opening of escrow Buyer must provide source of equity and capacity to close escrow Buyer and Seller to split closing costs as is customary in the marketplace for the subject product type Outside brokerage fee of 2% of the total purchase price (if any) A Bid Form will be provided for all offers per request PARK HIGHLADS OFFERIG MEMORADUM COLLIERS ITERATIOAL P. 17
Disclaimer Colliers International has been engaged as exclusive representative in connection with Seller s solicitation of offers for the purchase of a portfolio of assets described in the Offering Memorandum. This Confidential Offering Memorandum shall govern said solicitation and potential sale, as it may be modified or supplemented and the definitive purchase agreement(s) governing the sale of the Assets ( Purchase Agreement(s) ). Prospective purchasers are advised that as part of the solicitation process, Seller will be evaluating a number of factors including the current financial qualifications of prospective purchasers. Prospective purchasers are further advised that the Seller expressly reserves the right in its sole and absolute discretion to evaluate the terms and conditions of any offer and to reject for any reason, or no reason, any offer without providing a reason therefore. Further, Seller reserves the right to terminate the solicitation process at any time prior to final execution of the Purchase Agreement(s) and to negotiate with any prospective purchaser individually or simultaneously with other prospective purchasers. This offering does not constitute a solicitation or an offer for the purchase of the Property or any portions thereof, nor a solicitation or offer to sell the Property or any portions thereof. Colliers International shall not incur any obligation or liability on account of this offering or any submission made in connection with this offering or any other reason. Condition of the Property Bids are invited for the Property on an As Is, Where Is basis, without representations or warranties of any kind, nature or description by Colliers International. Permits and Approvals Bidders should consult with local zoning and land use authorities regarding permitted uses and development of the Property. The Property will be conveyed subject to all local zoning and land use laws, regulations, ordinances, and procedures. Contingencies All bids should be submitted with a reasonable contingency period not to exceed 30 days. Expenses The Owners shall not be liable for any costs or expenses incurred by any bidder in responding to this offering, in connection with the Property or under any other circumstances. All costs and expenses incurred by each bidder in connection with this offering or the Property will be borne by the buyer, including, without limiting the foregoing, all costs and expenses in connection with: surveys, reports, studies, research and other due diligence work, preparation of each bid, and advice and representation of legal counsel. Brokers Bids shall be accepted from principals only. If Buyer is represented by a brokerage firm, a commission in the amount of 2% will be paid from proceeds of the sale to Buyer s broker at the close of escrow. o finder s fees or other compensation will be payable by the Owners or Colliers International in connection with the selection of a bidder or the disposition of the Property. Submission of a bid by a bidder in response to this offering constitutes an undertaking by the bidder to hold harmless and indemnify and defend the Owners and Colliers International from and against any and all expenses, damages or liability (including, without limiting the foregoing, attorneys fees and disbursements) arising out of any claim for such fees, commissions or other compensation made in connection with such bidder s response to this offering, selection or non-selection there under or execution (or non-execution) of a Purchase and Sale Agreement. While the Owners and Colliers International have no reason to believe that the information provided herein, or in any other Information provided, contains any material inaccuracies or omissions, neither the Owners, Colliers International, nor their affiliates, nor any of their respective officers, directors, shareholders, owners, employees, contractors, representatives, counsel, advisors, or agents make any representations or warranties, express or implied, as to the accuracy or completeness of the Information, including, without limitation, any financial projections, appraisals and Information as to engineering or environmental matters, or as to the future performance of the Assets. Without limiting the foregoing, prospective purchasers should realize that any financial projections are estimates only, and are based on assumptions and factors that may change in the future. Accordingly, any such projections, as well as any such appraisals, should not and may not be relied upon. Prospective purchasers should make their own projections, conduct their own appraisals and form their own conclusions without reliance upon the material contained herein or any other Information and should conduct their own due diligence, including engineering and environmental inspections, to determine the condition of the Assets and the existence of any potentially hazardous material located at the property sites or used in the construction or maintenance of the building(s) at such sites. The information furnished has been obtained from sources we deem reliable and is submitted subject to errors, omissions and changes. Although Colliers International has no reason to doubt its accuracy, we do not guarantee it. The recipient prior to any purchase, exchange or execution of legal documents should verify all information. Acquisition of the Assets described herein involves a high degree of risk and is suitable only for persons and entities of substantial financial means who have no need for liquidity and who can hold the Assets indefinitely and bear the partial or entire loss of the value of such Assets. BY ACCEPTIG THIS COPY OF THIS COFIDETIAL OFFERIG MEMORADUM, THE RECIPIET (1) AGREES OT TO COPY, DISTRIBUTE, DISCUSS OR OTHERWISE DISCLOSE THIS COFIDETIAL OFFERIG MEMORADUM OR THE COTETS HEREOF OR AY OTHER RELATED IFORMATIO PROVIDED BY GULF ATIOAL ( SELLER ), OR BY COLLIERS ITERATIOAL, TO AY PERSO, OTHER THA EMPLOYEES OR AGETS OF RECIPIET EVALUATIG THIS IVESTMET OPPORTUITY O BEHALF OF RECIPIET, WITHOUT THE PRIOR WRITTE COSET OF SELLER, AD (2) COFIRMS THAT IT IS A QUALIFIED PURCHASER. PARK HIGHLADS OFFERIG MEMORADUM COLLIERS ITERATIOAL P. 18