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975 STEWART AVENUE GARDEN CITY, NY NYU LANGONE NET LEASED MEDICAL OFFICE BUILDING
975 STEWART AVENUEGARDEN CITY, NY
NYU LANGONE NET LEASED MEDICAL OFFICE BUILDING
975 STEWART AVENUEGARDEN CITY, NY
EXECUTIVE SUMMARY
THE NEIGHBORHOOD
CONTACT
DUE DILIGENCE
PROPERTY INFORMATION
FINANCIALS
DEBT GUIDANCE
INVESTMENT HIGHLIGHTS
GARDEN CITY
RETAIL MAP
TRANSPORTATION
ZONING - Y INDUSTRIAL
VARIANCE
TAX BILL
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FOR MORE INFORMATION, PLEASE CONTACT EXCLUSIVE AGENTS FOR QUESTION ABOUT FINANCING
DJ JOHNSTONPartner, Sr. Managing Director646 933 [email protected]
BEN EFRAIMOVSenior Director646 933 [email protected]
WILLIAM CHENGDirector646 933 [email protected]
STEVEN SPERANDIOPartner, Senior Managing Director646 933 [email protected]
MICHAEL MURPHYSenior Associate 646 933 [email protected]
BEN RECHLERAssociate 646 933 [email protected]
ANDREW WINWOODAssociate646 933 [email protected]
SAMUEL WHITNEYAssociate Director646 933 [email protected]
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INVESTMENT HIGHLIGHTS
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INVESTMENT HIGHLIGHTS AREA MAP
ASKING PRICE: $10,750,0005.25% IN-PLACE CAP | 18-20% IRR | $380 PER SF
• 30,200 SF medical office building located right off Meadowbrook State Parkway in Garden City, NY.
• Currently Net leased to NYU Langone Cardiology Group.
• Recent capital improvements were completed in 2019 with NYU Langone investingapproximately $1.1 million on improving interior space throughout and ownership added anew roof coating that has a 50 year roof life guaranty.
• Ownership has obtained a variance to add an additional 10,000 SF which can be builtadjacent to the building. This building is on an approximately 84,765 SF lot.
• Very close proximity to NYU Winthrop Hospital, Nassau University Medical Center, HofstraUniversity, Nassau Community College and Roosevelt Field Mall, which is the largest shoppingmall in Long Island.
FINANCIAL SUMMARY
Gross Annual Income $685,397
Vacancy & Credit Loss @ 3% $20,562
Effective Gross Income $664,835
Tenant RE Tax Reimbursement $207,689
Less Total Expenses $268,784
Net Operating Income $603,740
TAX MAP
LOT
19
MEADOWBROOK STATE PKWY
STEWART AVENUESO
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T975 STEWART AVE
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PROPERTY INFORMATION
Address 975 Stewart Avenue, Garden City, NY 11530
Location On the north side of Stewart Avenue between South Street and Merchants Concourse.
Section / Block / Lot 44 / 74 / 19Lot Dimensions 175' x 490' (approx.)Lot SF 84,765 SF (approx.)
BUILDING INFORMATIONBuilding SF 30,200 (approx.)Stories 1Medical RSF 30,200Building Class Professional Office Building
AVAILABLE AIR RIGHTSTotal Buildable SF 40,200 SF (approx.)Minus Existing Structure 30,200 SF (approx.)Available Air Rights 10,000 SF (approx.)
TAXES BUILDING PARKING LOT* TOTALSchool Taxes (20/21) $119,142 $3,211 $122,353General Taxes (20/21) $83,096 $2,240 $85,336Total Taxes (20/21) $202,238 $5,451 $207,689*Parking Lot taxes are shared between 2 other adjacent properties that utlizes the sameeasement to access rear parking lot.
STATION DISTANCE FROM PROPERTYTRAIN LINE Station Driving Distance
LIRR - Port Jefferson Branch Carle Place 1.8 Miles / 7 MinutesTravel times estimated by Google Maps
HIGHWAY DISTANCE FROM PROPERTYHIGHWAY DRIVE TIMEMeadowbrook State Parkway 1 MinuteTravel times estimated by Google Maps
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REVENUE
TENANT UNIT TYPE START EXP RSF INCREASES $ / SF MONTHLY ANNUAL
NYU Langone Cardiology Group Single Tenant Net Leased 9/1/10 8/31/25 30,200 3% $23 $57,116 $685,397
TOTAL 30,200 $23 $57,116 $685,397
ESTIMATED EXPENSES
Real Estate Taxes (20/21) Full Taxes $207,689
Landlord Insurance Owner Pays $18,500
Water & Sewer Pass Through --
Heating Fuel Pass Through --
Electric (Common) Pass Through --
Repairs & Maintenance $0.75 / SF $22,650
Management 3% of EGI $19,945
Total Exp. Ratio: 40% $268,784
FINANCIAL SUMMARY
Gross Annual Income $685,397
Vacancy & Credit Loss @ 3% $20,562
Effective Gross Income $664,835
Tenant RE Tax Reimbursement $207,689
Less Total Expenses $268,784
Net Operating Income $603,740
REQUEST LEASE
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DEBT GUIDANCE
LOW LEVERAGE OPTION YEAR-0 YEAR-1 YEAR-2 YEAR-3 YEAR-4 YEAR-5 YEAR-6 YEAR-7 YEAR-8 YEAR-9 YEAR-10
5-Year Levered Cashflows (4,495,180) 368,518 386,836 197,949 460,384 7,478,930
5-Year IRR 16.3%
5-Year EM 1.98x
10-Year Levered Cashflows (4,495,180) 368,518 386,836 197,949 460,384 1,312,771 471,307 494,615 518,623 543,351 8,917,444
10-Year IRR 15.3%
10-Year EM 3.04x
MAX LEVERAGE OPTION YEAR-0 YEAR-1 YEAR-2 YEAR-3 YEAR-4 YEAR-5 YEAR-6 YEAR-7 YEAR-8 YEAR-9 YEAR-10
5-Year Levered Cashflows (2,603,680) 171,570 189,888 106,364 249,658 5,318,203
5-Year IRR 19.9%
5-Year EM 2.32x
10-Year Levered Cashflows (2,603,680) 171,570 189,888 106,364 249,658 1,207,431 242,074 265,382 289,390 314,118 6,632,825
10-Year IRR 17.9%
10-Year EM 3.71x
Below is a focused debt guidance for acquisition financing that would be used to facilitate the purchase of 975 Stewart Avenue, Garden City, NY 11530.
Debt guidance assumes a new lease rate of $25 per SF, upon expiration of existing lease ($22 per SF), as well as $15 per SF of TI, and leasing costs of 6%.
LOW LEVERAGE MAX LEVERAGE
Lender Type Commercial Bank Debt Fund
Loan-to-Cost (Last $) 55.0% 70.0%
Initial Proceeds $5,800,000 $7,750,000
Future Funding (TIs / LCs) $906,000 $906,000
Total Loan Amount $6,706,000 $8,656,000
Loan Term 5 Years 5 Years
Amortization None None
Interest Only Full-Term I/O Full-Term I/O
Pricing L + 285-315 L + 435-465
LIBOR Floor 1.00% 1.00%
Interest Rate 3.85% - 4.15% 5.35-5.65%
Origination Fees 0.50% In / 0.25% Out 1.00% In / 0.50% Out
Prepayment Penalty 5/4/3/2/1 36 Months Min. Interest
Recourse Partial Recourse Non-Recourse
CLICK HERE TO CONTACT US FOR MORE INFORMATION ON DEBT GUIDANCE
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TRANSPORTATION
The subject property is an 18 minute ride from Jamaica and 41 minutes from Penn Station in Midtown Manhattan.
975 Stewart Avenue is conveniently located less than 2 miles of the Port Jefferson Long Island Railroad Branch at Carle Place station, 7 minute drive from the property.
Bus service is available along Stewart Avenue via Bus Route 16 with a stop within steps of the property, operat-ing between Roosevelt Field Mall and Rockville Center.
By car, there is easy access to NYC via the Meadowbrook State Parkway connecting to Interstate 495 – Long Island Expressway. The property is ideally situated right off the Meadow-brook State Parkway, connecting to most major thoroughfares in Nassau.
The three major metropolitan airports, John F. Kennedy (15 mi), LaGuardia (20.1 mi), and Newark (38.7 mi) are located in the immediate Metropolitan area.
TRANSPORTATION
34th ST - PENN STATION41 Minutes
1 2 3 A C E
LIRR, AMTRACK, NJ TRANSIT
ATLANTIC AVE - BARCLAYS38 Minutes
2 3 4 5 B D N Q R
LIRR
JAMAICA – SUTPHIN BLVD18 Minutes
E J Z
LIRR
CARLE PLACE
1.8 Miles / 7 Minute Drive
PORT JEFFERSON LIRR
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Garden City is an incorporated village in Nassau County, New York, United States, in the town of Hempstead. It was founded by multi-millionaire Alexander Turney Stewart in 1869. One of America’s earliest planned villages, Garden City was developed with wide avenues, hundreds of trees and shrubs, well-built homes on spacious lots. The village is located mostly in the Town of Hempstead with a small portion in the Town of North Hempstead. The Garden City name is applied to several other unincorporated, nearby jurisdictions, as well. In the region, hamlets such as Garden City South, Garden City Park, and East Garden City are located next to the incorporated village of Garden City, but are not themselves part of it. Roosevelt Field, the shopping center and raceway built on the former airfield from which Charles Lindbergh took off on his landmark 1927 transatlantic flight in the Spirit
of St. Louis, is located in East Garden City. Adelphi University’s main campus is in Garden City. Approximately 40% of the 21,800 residents of Garden City identified themselves of being of Irish descent. The median income for a household in the village is approximately $112,854, and the median income for a family is about $131,717. There are four Long Island Rail Road (LIRR) train stations in the village. The stops are Stewart Manor, Nassau Boulevard, Garden City and Country Life Press on the LIRR Hempstead Branch. There are additional stops on the LIRR Main Line just over the Garden City border at New Hyde Park, Merillon Avenue, and Mineola. Additionally, several bus lines traverse the village provided by NICE bus (formerly MTA Long Island bus). Today, Garden City remains to be one of the most desirable residential communities in the country.
GARDEN CITY
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TRANSPORTATION RETAIL MAPRESTAURANTS
1 McDonald's
2 Moe's Southwest Grill
3 Buffalo Wild Wings
4 Applebee's
5 Chili's Grill & Bar
6 Famous Dave's Bar-B-Que
7 The Cheesecake Factory
8 California Pizza Kitchen
9 Olive Garden
10 Ruby Tuesday
11 Shake Shack
12 Wendy's
LIFESTYLE
1 LA Fitness
2 United States Post Office
3 Lowe's Home Improvement
4 Target
5 Home Depot
6 Fairway Market
7 Walmart
8 Costco
9 Best Buy
10 Trader Joe's
11 Hilton Garden Inn
12 Courtyard by Marriott
13 Nassau Community College
ROOSEVELT FIELD SHOPPING MALL
1 Roosevelt Field Shopping Mall
2 AMC Roosevelt Field
3 Nordstrom
4 Bloomingdale's
5 Neiman Marcus
6 Dick's Sporting Goods
7 JCPenney
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ZONING - Y INDUSTRIAL DISTRICT§ 219. APPLICABILITYIn an Industrial District, the following regulations shall apply.
§ 220. PERMITTED USES; PROHIBITED USES.[EFFECTIVE 8-4-1975; 3-17-1983; 3-9-2004]A building may be erected, altered or used and a lot or premises maybe used for any lawful purpose, except that the following are herebyprohibited:• Abattoir• Acetylene manufacture• Acid manufacture• Ammonia, bleaching powder or chlorine manufacture• Arsenal• Asphalt manufacture, refining, mixing or treating• Candle manufacture• Celluloid manufacture• Coke ovens• Creosote treatment or manufacture• Disinfectants manufacture• Distillation of bones, coal or wood• Dyestuff manufacture• Emery cloth and sandpaper manufacture• Exterminator and insect poison manufacture• Fat rendering• Fertilizer manufacture• Fireworks or explosives manufacture or storage• Garages, etc.: the use of any public garage, minor garage, battery
service station, tire service station or a combination thereof; motorvehicle repair shop, whether or not operated in connection with newor used motor vehicle sales, unless approved as a special exceptionby the Town Board
• Glue, size or gelatin manufacture• Junkyards• Lampblack manufacture• Manufacture of poisons• Match manufacture• Oilcloth or linoleum manufacture• Oiled or rubber goods manufacture• Ore reduction• Paint, oil, shellac, turpentine or varnish manufacture
• Petroleum refining• Plating works• Potash works• Printing ink manufacture• Pyroxylin manufacture• Rubber, caoutchouc or gutta percha manufacture or treatment• Salt works• Sauerkraut manufacture• Shoeblacking manufacture• Single-family dwelling, two-family dwelling, multiple-family dwelling• Sleeping units, accommodations or facilities, including hotels, motels,
lodging house, boardinghouse, auto court except those permittedby special use by § 272
• Smelters• Soap manufacture• Soda and compound manufacture• Stockyard• Stove polish manufacture• Sulfuric, nitric or hydrochloric acid manufacture• Tallow, grease or lard manufacture or refining• Tanning, curing or storage of leather, rawhide or skins• Tar distillation or manufacture• Tar roofing and waterproof manufacture• Vinegar manufacture• Wool pulling or scouring• Yeast plantAny use which may be determined by the Board of Appeals to benoxious or offensive by reason of the emission of odor, dust, fumes,smoke, gas, vibration or noise
221. SPECIAL EXCEPTIONS.Premises may be used for a place of amusement only when permittedas a special exception by the Board of Appeals.
§ 222. FRONT YARDS.[EFFECTIVE 7-29-1974; 4-11-1993]A. There shall be a front yard depth of not less than 20 ft on each street.B. Notwithstanding the foregoing, a roof, mansard, awning or similar
projection not exceeding 24 inches into the required front yardsetback shall be a permitted encroachment.
§ 223. REAR YARDS.There shall be a rear yard of at least 10 feet, provided that if a buildingis used in whole or in part as a dwelling, there shall be a rear yard, thedepth of which shall be at least 15 feet. In case of a building over 40 feethigh, the depth shall be increased five feet for each 12 feet or portionthereof by which the building exceeds 40 feet in height.
§ 224. HEIGHT; FLOOR AREA RATIO; EXISTING USES.[EFFECTIVE 4-29-1989]No building shall exceed six stories in height, but in no event shall itexceed a maximum of 75 feet. Elevator shafts and heating, ventilatingand air-conditioning units shall be permitted above the top of the roofbut shall not cover more than 20% of the roof area and shall not behigher than 15 feet above the roofline.A. Floor area ratio requirement. The maximum floor area ratio shall be
zero and four-tenths (0.4) for all uses within this district, unless agreater floor area ratio is authorized as a special exception by theBoard of Appeals under Article XXVII. [Effective 8-5-1989]
B. Nonconforming and existing structures and uses. Notwithstandingany other provision to the contrary, legal nonconforming uses inexistence on the effective date of this subsection not in compliancewith the applicable height and floor area ratio requirements of thissection shall not be required to comply with the same as a conditionfor the continuation of the existing legal nonconforming use or otheruse permitted in this article, provided that the structure containingsuch legal nonconforming use or other use permitted in this articleis not enlarged nor the floor area of such structure increased. Anychange of the legal nonconforming use shall comply with § 319Aherein. Any enlargement of a structure or any increase in thefloor areaof such structure in which a legal nonconforming use is contained,or in which a change of legal nonconforming use is proposed, mustcomply in all respects with this section and § 319A herein, and shallbe treated as a new application under the Building Zone Ordinance.
225. FENCES.No fence or wall more than six feet in height may be erected without apermit and except when authorized by the Board of Appeals pursuantto Article XXVII hereof.
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GENERAL TAXES (BUILDING) SCHOOL TAXES (BUILDING)
TAX LEVY DESCRIPTIONTAX
DISTRICT #TAXABLE
VALUETAX RATE PER $100
TAX DOLLAR AMOUNT
NASSAU COUNTY TAXES11C - County General Fund 48 23994 5.262 $1,262.56
11D - Disputed Assessment Fund 48 23994 27.057 $6,492.06
11E - County Environmental Bond 48 23994 1.142 $274.01
11F - Fire Prevention 48 23994 1.958 $469.80
11N - Nassau Community College 48 23994 5.49 $1,317.27
11P - County Police Headquarters 48 23994 29.894 $7,172.77
11R - New York State property tax refund fund 48 23994 0 0
11W - STORM WATER RESOURCES ZONE OF ASSESSMENT 48 23994 1.333 $319.84
1204 - SEWER COLL & DISPOSAL ZONE OF ASSESSMENT 48 23994 33.518 $8,042.31
13 - County Police 48 23994 88.305 $21,187.90
THE TOTAL OF YOUR NASSAU COUNTY TAXES: $46,538.52
TOWN OF HEMPSTEAD TAXES11T - Town General Fund 48 23994 6.577 $1,578.09
125 - Roosevelt Field Water District 48 23994 0.409 $98.14
12H - Town Highway 48 23994 22.545 $5,409.45
12T - Town Building Dept, Zoning & Appeals, Unincorporated Area 48 23994 1.358 $325.84
136 - Uniondale Public Parking District 48 23992 0.129 $30.95
147 - Town of Hempstead Lighting District 48 23994 5.088 $1,220.81
183 - East Garden City Fire Protection District 48 23994 4.123 $989.27
1L - Town of Hempstead Refuse and Garbage District 48 23994 49.075 $11,775.06
1V - Town of Hempstead Park District 48 23994 22.881 $5,490.07
1X - Town of Hempstead Refuse Disposal District 48 23994 22.387 $5,371.54
THE TOTAL OF YOUR TOWN TAXES: $32,289.22
SPECIAL DISTRICT TAXES135 - Uniondale Library District 48 23994 17.789 $4,268.29
THE TOTAL OF YOUR SPECIAL DISTRICT TAXES: $4,268.29
TOTAL 346.32 $83,096.03 1st HALF $41,548.02 2nd HALF $41,548.01 *Retrieved from lrv.nassaucountyny.gov for Section 44 / Block 74 / Lot 19
TAX LEVY DESCRIPTIONTAXABLE
VALUETAX RATE PER $100
TAX DOLLAR AMOUNT
Net School Tax 23994 496.55 $119,142.21
Net Library Tax
Net Recreation Tax
Combined School Taxes $119,142.21
Total School Taxes $119,142.21 1st Half Taxes $59,571.11 2nd Half Taxes $59,571.10
CODE DESCRIPTIONEXEMPT AMOUNT
SAVING DUE TO EXEMPTION
EXEMPTION DESCRIPTION TAX RATETAXABLE
VALUENon-Exempt 496.55 23994*Retrieved from lrv.nassaucountyny.gov for Section 44 / Block 74 / Lot 19
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GENERAL TAXES (PARKING LOT) SCHOOL TAXES (PARKING LOT)
TAX LEVY DESCRIPTIONTAX
DISTRICT #TAXABLE
VALUETAX RATE PER $100
TAX DOLLAR AMOUNT
NASSAU COUNTY TAXES11C - County General Fund 48 1940 5.262 $102.08
11D - Disputed Assessment Fund 48 1940 27.057 $524.91
11E - County Environmental Bond 48 1940 1.142 $22.15
11F - Fire Prevention 48 1940 1.958 $37.99
11N - Nassau Community College 48 1940 5.49 $106.51
11P - County Police Headquarters 48 1940 29.894 $579.94
11R - New York State property tax refund fund 48 1940 0 0
11W - STORM WATER RESOURCES ZONE OF ASSESSMENT 48 1940 1.333 $25.86
1204 - SEWER COLL & DISPOSAL ZONE OF ASSESSMENT 48 1940 33.518 $650.25
13 - County Police 48 1940 88.305 $1,713.12
THE TOTAL OF YOUR NASSAU COUNTY TAXES: $3,762.81
TOWN OF HEMPSTEAD TAXES11T - Town General Fund 48 1940 6.577 $127.59
125 - Roosevelt Field Water District 48 1939 0.409 $7.93
12H - Town Highway 48 1940 22.545 $437.37
12T - Town Building Dept, Zoning & Appeals, Unincorporated Area 48 1940 1.358 $26.35
136 - Uniondale Public Parking District 48 1938 0.129 $2.50
147 - Town of Hempstead Lighting District 48 1940 5.088 $98.71
183 - East Garden City Fire Protection District 48 1940 4.123 $79.99
1L - Town of Hempstead Refuse and Garbage District 48 1940 49.075 $952.06
1V - Town of Hempstead Park District 48 1940 22.881 $443.89
1X - Town of Hempstead Refuse Disposal District 48 1940 22.387 $434.31
THE TOTAL OF YOUR TOWN TAXES: $2,610.70
SPECIAL DISTRICT TAXES135 - Uniondale Library District 48 1940 17.789 $345.11
THE TOTAL OF YOUR SPECIAL DISTRICT TAXES: $345.11
TOTAL 346.32 $6,718.62 1st HALF $3,359.31 2nd HALF $3,359.31 *Retrieved from lrv.nassaucountyny.gov for Section 44 / Block 74 / Lot 18
TAX LEVY DESCRIPTIONTAXABLE
VALUETAX RATE PER $100
TAX DOLLAR AMOUNT
Net School Tax 1940 496.55 $9,633.07
Net Library Tax
Net Recreation Tax
Combined School Taxes $9,633.07
Total School Taxes $9,633.07 1st Half Taxes $4,816.54 2nd Half Taxes $4,816.53
CODE DESCRIPTIONEXEMPT AMOUNT
SAVING DUE TO EXEMPTION
EXEMPTION DESCRIPTION TAX RATETAXABLE
VALUENon-Exempt 496.55 1940*Retrieved from lrv.nassaucountyny.gov for Section 44 / Block 74 / Lot 19
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B6 REAL ESTATE ADVISORS1040 Avenue of the Americas, 8th FloorNew York, NY 10018B6REALESTATEADVISORS.COM
FOR MORE INFORMATION, PLEASE CONTACT ONE THE FOLLOWING INDIVIDUALS CAPITAL ADVISORY TEAM
DJ JOHNSTONPartner, Sr. Managing Director646 933 [email protected]
BEN EFRAIMOVSenior Director646 933 [email protected]
WILLIAM CHENGDirector646 933 [email protected]
STEVEN SPERANDIOPartner, Senior Managing Director646 933 [email protected]
MICHAEL MURPHYSenior Associate 646 933 [email protected]
BEN RECHLERAssociate 646 933 [email protected]
ANDREW WINWOODAssociate646 933 [email protected]
SAMUEL WHITNEYAssociate Director646 933 [email protected]
CONFIDENTIALITY & CONDITIONS
The information contained in this offering memorandum (“Offering Memorandum”) is proprietary and strictly confidential. This Offering Memorandum was prepared by and is the property of B6 Real Estate Advisors LLC (“B6”) and has been reviewed by the owner (the “Owner”) of the Property. It is furnished solely for the purpose of review by a prospective purchaser of the Property and is not to be used for any other purposes or made available to any person without the express written consent of the Owner or B6. By accepting this Offering Memorandum, the party in possession hereof agrees to return it to B6 immediately upon request of B6 or Owner. No portion of this Offering Memorandum may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of B6 and Owner. Each prospective purchaser and/or broker proceeds at his, her or its own risk.
You have the obligation to keep this Offering Memorandum, and any various papers, documents, legal instruments, studies, leases, brochures, computer output, and other materials concerning the Property (all of the aforementioned information is collectively referred to as “Evaluation Material”) confidential. Certain Evaluation Materials, including the leases, are described in summary form. The summaries do not purport to be complete nor accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents.
The information in this Offering Memorandum has been compiled from sources deemed to be reliable and does not purport to be all-inclusive or to contain all of the information which a prospective purchaser may desire. Neither B6 nor the Owner makes any representation or warranty whatsoever regarding the accuracy, veracity, or completeness of the information provided herein and each of Owner and B6 (and their agents, advisors and representatives) expressly disclaim any and all liability for representations or warranties, express or implied, contained in this Offering Memorandum or the Evaluation Material or for omissions therefrom.
Financial projections and information contained herein and in any Evaluation Material, shall not be relied upon, are provided for general reference purposes only, and are based on assumptions relating to (and subject to) the general economy, market conditions, competition, and other factors beyond control and, therefore, are subject to material change, volatility or variation. A prospective purchaser must make its own independent investigations, projections, and conclusions regarding the acquisition of the Property. This includes legal, tax, environmental, engineering and other as deemed necessary relative to a purchase of the Property. This Offering Memorandum does not constitute an offer to accept any investment proposal but is merely a solicitation of interest with respect to the investment described herein. This Offering Memorandum does not constitute an offer of securities.
The Owner expressly reserves the right, at its sole discretion, to reject any offer to purchase the Property or to terminate any negotiations with any party, at any time, with or without written notice. The Owner and B6 reserve the right to negotiate with one or more prospective purchasers at any time. This Offering Memorandum is subject to errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement or advice as to the value of the Property by B6. Only a fully-executed real estate purchase agreement, approved by the Owner, and executed and delivered to Owner and a prospective purchaser shall bind the property. In no event shall a prospective purchaser have any claims against the Owner or B6 or any of their affiliates, officers, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.
The terms and conditions set forth above apply to this Offering Memorandum in its entirety.
