Overbid & Auction Announcement-Freeway Plaza 333-411 Wilkerson Ave 80 490 pi² Commerce de détail Immeuble Perris, CA 92570 7 459 144 $ CAD (92,67 $ CAD/pi²)

A buyer has been selected and the Purchase and Sale Agreement (“PSA”) has been fully executed. The property is currently under a non-contingent contract at $5,300,000. That prospective buyer will serve as the starting bid for an overbid and auction process and those potential bidders who are deemed a “Qualified Bidder” will be allowed to participate in that process. Interested parties that have executed an NDA will receive the pertinent documentation associated with the pending sale transaction including the executed PSA and bid procedures.

A summary of the process is as follows: To become a “Qualified Bidder,” interested parties must submit a “Qualified Bid” that meets all the following requirements:

1. A minimum Qualified Bid by a Qualified Bidder must be at least $5,406,000 (2% over the starting amount) and be submitted on a signed PSA that matches the exact same terms and conditions as the existing executed PSA.
2. A Qualified Bid must be received by 4:00 p.m. on Monday, June 15.
3. Major deal points in the current PSA are:
-Non-contingent (deposit becomes non-refundable upon Opening of Escrow)
-Deposit of $500,000
-Escrow to close five days from the auction award
4. To be deemed a Qualified Bidder, that potential bidder must provide sufficient proof of financial wherewithal, in the discretion of the Seller, and be prepared to submit the minimum deposit of $500,000 to participate in the auction. The deposit is non-refundable to the successful bidder. Deposits from non-successful bidders will be returned.
5. If there are one or more Qualified Bids then an auction will be timely arranged by virtual meeting for buyer and all Qualified Bidders.

This is a Core Value-Add 80,490 SF Neighborhood Retail Center Project is comprised of five (5) buildings; a large “anchor space”, in-line units that allow for flexibility in sizes for multiple tenants, and four (4) small freestanding buildings. Most tenants on Month-Month leases at low rates. Buyer has the opportunity to re-tenant and refurbish the Project. Exceptional Freeway Visibility & Accessibility on I-215 Freeway On/Off Ramp with Freeway Pylon Sign. 374 On-Site Parking Spaces (4.6:1,000 SF). Zoned “4th Street Gateway”: Retail, Office, Services, Multifamily Allowed by Right. High Traffic Counts: 111,982 CPD (I-215) & 21,678 CPD (4th St). 116,000 Residents with Avg HH Income of $101,711 (5-Mile Radius). Call for NDA & access to the Document Center.