The City has received an offer to purchase for the former Police Department building located at 211 SW Walnut Street in Uptown. The property has been marketed broadly, including being listed on Xceligent, a widely used commercial real estate listing service used by nearly all regional commercial brokers. Staff countered the original offer and Steve and Tracey Grasso, the buyers, have accepted the following terms:
- Purchase Price: $700,000
- Earnest Money: $ 5,000
- 45 days to secure financing
- 60 days due diligence (buyers can walk away without any penalty within 60 days)
- 30 days to close after waiving their due diligence
- Earnest money becomes "hard" following waiver of due diligence. If they do not close after waiving their due diligence, the City shall retain earnest money
- Buyers may market building "for lease" prior to closing
- City to pay 3% commission to Iowa Realty Commercial, who represents the Grasso's. Estimated commission is $21,000
The Grassos are in the process of determing the best use, but anticipate at this time converting the building into three (3) separate units, most likely consisting of office with potentially one retail unit on the south end of the building.
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