Subject Site
REQUEST FOR QUALIFICATIONS: HOTEL DEVELOPMENT OPPORTUNITY THE DEVELOPMENT OF A WATERFRONT HOTEL PROJECT AT OYSTER POINT FEBRUARY 2017
PREPARED ON BEHALF OF: CONTACT: Chris Kraus Miky Kuo Managing Director Director CBRE Hotels - Consulting CBRE Hotels - Consulting 101 California Street, 44th Floor 101 California Street, 44th Floor San Francisco, California 94111 San Francisco, California 94111 HOTEL DEVELOPMENT OPPORTUNITY | SOUTH SAN FRANCISCO, CA Tel: +1 415 652 4483 Tel: +1 415 772 0358 | 1 Email: [email protected] Email: [email protected] TABLE OF CONTENTS
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EXECUTIVE PROJECT & SITE SOUTH SAN LOCAL LODGING SUBMITTAL SUMMARY OVERVIEW FRANCISCO MARKET OVERVIEW REQUIREMENTS OVERVIEW
HOTEL DEVELOPMENT OPPORTUNITY | SOUTH SAN FRANCISCO, CA | 2 Subject Site
EXECUTIVE SUMMARY
HOTEL DEVELOPMENT OPPORTUNITY | SOUTH SAN FRANCISCO, CA | 3 EXECUTIVE SUMARY
AN EXCELLENT OPPORTUNITY TO DEVELOP A HIGH-QUALITY, perform all services necessary to successfully develop a hotel or WATERFRONT HOTEL ON OYSTER POINT IN SOUTH SAN hotels with up to 350 guestrooms (the “Hotel Project”). FRANCISCO, CALIFORNIA Following a review of qualifications submitted by interested The City of South San Francisco (the “City”), through itself or an Development Teams, the City plans to interview those parties it affiliate, seeks to solicit a statement of qualifications and determines are best-suited to successfully develop the Hotel preliminary project concept from qualified Development Teams to Project. Ultimately, the City will then select the most qualified build a high-quality, hotel or hotels, to be located at Oyster Point Development Teams to submit a formal development proposal. in South San Francisco, California.
. Partially entitled with program level CEQA clearance for up to 350 guestrooms on 4.7-acre site . Waterfront location, approximately 2.5 miles east of downtown South San Francisco and 10 miles south of San Francisco . Owned by the City and will be delivered vacant and graded in Q3 or Q4 2018 Subject Site . Offers unobstructed views of San Francisco, Oakland, San Francisco International Airport, and San Bruno Mountains . Site is part of Oyster Point Marina Redevelopment Project; a multi-phased development consisting of over 2.2 million square feet of office and R&D space, retail, and open space (to begin construction in 2017) . Located in close proximity to over 200 biotech companies, employing over 20,000 people
The proposed hotel or hotels is anticipated to represent an upper upscale or upscale hotel, offering the appropriate compliment of facilities and amenities to cater to the large concentration of transient commercial and leisure as well as corporate group demand in the local market area.
Through this Request for Qualifications (“RFQ”), the City seeks to identify highly-qualified, financially capable Development Teams able to enter into a long-term ground lease with the City and HOTEL DEVELOPMENT OPPORTUNITY | SOUTH SAN FRANCISCO, CA | 4 EXECUTIVE SUMMARY
Subject Site
San Francisco International Airport
HOTEL DEVELOPMENT OPPORTUNITY | SOUTH SAN FRANCISCO, CA | 5 EXECUTIVE SUMMARY
Golden Gate Bridge
Bay Bridge
Subject Site
San Francisco International Airport
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PROJECT & SITE OVERVIEW
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SITE DESCRIPTION: The development site represents a one of a kind waterfront location, offering views of the San Francisco and Oakland skylines to the north and east and San Francisco International Airport to the south. Competitive advantages of the site include:
Waterfront Views: With its irreplaceable waterfront location, the site offers unobstructed 270-degree waterfront views.
Proximity to Demand Generators: The site will benefit from an excellent location in the City’s Biotech Cluster, the local area’s primary economic driver. Biotech companies anchoring local R&D and office developments include, but are not limited to, Genentech, Amgen, Thermo Fisher Scientific, Theravance, Inc., Subject Site Calico Life Sciences (Google), NGM Biopharmaceuticals, Inc., Pfizer/Rinat, Johnson & Johnson Innovation,JLABS,FivePrime Therapeutics, Inc., Sutro Biopharma, Portola Pharmaceuticals, Accessibility: The site is easily accessed from State Highways Inc., CLSA, and Exelixis, Inc. 101 and 280, the primary north/south routes serving the Bay Area. BART, Caltrain, and Ferry service also provide convenient Oyster Point Redevelopment Project: The proposed Hotel public transportation connectivity to the entire Bay Area. Project would be part of the Oyster Point Redevelopment Project. The Oyster Point Redevelopment Project is a multi- Proximity to San Francisco International Airport (SFO): The phased redevelopment of Oyster Point and will include over Subject Site is conveniently located less than five miles north, 2.25 million square feet of R&D and office space, the proposed via automobile, of San Francisco Airport. hotel development, retail, and public open space (based on 2011 estimates). In addition, 1,191 residential units have been Proximity to San Francisco: While the site’s location is ideal for proposed as part of the project area and are under commercial guests visiting local companies, the proposed consideration for approval. Hotel Project will also be well-positioned to capture overflow demand from San Francisco.
HOTEL DEVELOPMENT OPPORTUNITY | SOUTH SAN FRANCISCO, CA | 8 PROJECT & SITE OVERVIEW
OYSTER POINT REDEVELOPMENT PROJECT OVERVIEW: DESIGN GOALS: The vision of the Oyster Point Redevelopment Project is to The primary design goals are as follows: transform 80 acres of under utilized and under developed Bayfront land in South San Francisco into a sustainable mixed-use 1. Implement an environmentally sustainable design approach development that will include a state-of-the-art life science campus, a park and recreation destination, a vibrant marina 2. Create a variety of unique and interesting outdoor places and a environment, and a site that can accommodate commercial and strong pedestrian network hotel land uses. This vision will be achieved by implementing innovative sustainable design approaches, superior architecture, 3. Promote alternative transportation modes, to, from, and within and urban design. the site
Phase I of the redevelopment project is currently underway. 4. Integrate private and public spaces
The proposed redevelopment of Oyster Point is intended to 5. Provide for economically viable commercial uses through quality include: design and planning A new corporate campus which will include R&D and office 6. Provide a more desirable and usable public realm. buildings, structured parking, and accessory uses. A site to accommodate a future hotel or hotels, restaurant Additional details on the Oyster Point Specific Plan and Design Guidelines can be found at (Click on link): and/or retail near the new Ferry Terminal Public Open Space and Bay Trail Improvements Oyster Point Specific Plan Marina and Ferry Terminal serving amenities including parking, shuttle drop off areas, and waterside improvements. Subject Site 1,191 residential units have been proposed as part of the project area and are under consideration for approval.
Currently a Joint Powers Agreement exists between the City of South San Francisco and the San Mateo County Harbor District for maintenance and operations of the site and surrounding uses. The agreement is intended to be amended in the future. HOTEL DEVELOPMENT OPPORTUNITY | SOUTH SAN FRANCISCO, CA | 9 PROJECT & SITE OVERVIEW
Intended uses include retail, parking, open space, recreation, marina, office, commercial services and other potential public and private uses.
Subject Site
HOTEL DEVELOPMENT OPPORTUNITY | SOUTH SAN FRANCISCO, CA | 10 PROJECT & SITE OVERVIEW
Intended uses include retail, parking, open Subject Site space, recreation, marina, office, commercial services and other potential public and private uses.
HOTEL DEVELOPMENT OPPORTUNITY | SOUTH SAN FRANCISCO, CA | 11 PROJECT & SITE OVERVIEW
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HOTEL DEVELOPMENT OPPORTUNITY | SOUTH SAN FRANCISCO, CA | 13 PROJECT & SITE OVERVIEW
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DEVELOPMENT OPPORTUNITY OVERVIEW: SITE SPECIFICATIONS This Hotel Project is intended to benefit both the City of South San Francisco and the South San Francisco Biotech Cluster. To accomplish these objectives, Site Size Approximately 4.7 acres the City seeks a qualified Development Team to construct a project with up to Ownership Interest Leasehold Interest 350 guestrooms and such support amenities as food and beverage facilities, Site control date for meeting and event space, and recreational offerings, though the precise 3Q or 4Q 2018 programming and amenity mix will be determined by the Development Team. Development Team Upon entering into a development agreement and possibly a long-term Partially entitled with program level ground lease, the City expects that the selected Development Team will have Entitlement CEQA clearance for up to 350 primary responsibility for securing funding for predevelopment, necessary site guestrooms preparation, necessary infrastructure, vertical construction, and all other Subject to FAR Part 77 height expenses and activities necessary to make the project successful while Height complying with applicable regulations. restrictions (FAA regulation) 1.6 Base FAR FAR It is envisioned that the selected Development Team can have control of the 2.2 FAR with incentives site beginning sometime during the 3rd or 4th quarter of 2018. The Hotel Project site will be available as leveled and graded land, which comes with Reductions related for airport- an investment of $1 million (based on 2011 cost estimates).” Parking Requirements oriented hotels, Municipal Code Ch. 20.330.006 Resources (Click on link:)
. Oyster Point Specific Plan
. South San Francisco Municipal Code
. Oyster Point DDA (Disposition and Development Agreement) and DA (Development Agreement)
. Municipal Code Ch. 20.330.006 (Parking)
HOTEL DEVELOPMENT OPPORTUNITY | SOUTH SAN FRANCISCO, CA | 15 SOUTH SAN FRANCISCO OVERVIEW
HOTEL DEVELOPMENT OPPORTUNITY | SOUTH SAN FRANCISCO, CA | 16 SOUTH SAN FRANCISCO MARKET OVERVIEW
CITY OF SOUTH SAN FRANCISCO: South San Francisco is home to the world’s largest biotech South San Francisco is often referred to as the birthplace of center. The area’s geography, business climate, and biotechnology. The City is the center of the largest, fastest- infrastructure infuse the area with a culture of collaboration growing biotechnology cluster in the world. Located at the and entrepreneurial spirit unlike anywhere else. South San crossroads of San Francisco and Silicon Valley, South San Francisco offers venture capital next door, a network with the Francisco offers unprecedented access to a world of most talented people in Life Science, as well as the presence opportunity: of industry leading companies. The easy access to San Francisco International Airport helps facilitate client services all . UCSF, Stanford, and UC Berkeley over the world. . #1 Biotechnology Workforce in the World . Silicon Valley . Mission Bay . San Francisco Financial District . San Francisco International and Oakland International Airports
HOTEL DEVELOPMENT OPPORTUNITY | SOUTH SAN FRANCISCO, CA | 17 SOUTH SAN FRANCISCO MARKET OVERVIEW
. #1 city in the world for biotech lab space: . 211 existing biotech firms in one cluster offering a hub of collaboration and opportunity for partnership . 11 million SF . 20,000 jobs . #1 city in the world for patents . #1 city in the world for VC funding . #1 city in the world for biotech workforce . Room to grow: 6.5 million SF of R&D space under construction or approved for development in the next three years . Authentic downtown, stunning waterfront, family-friendly neighborhoods, rich cultural life . Convenient access to transit: Two BART stations, CalTrain, SF Ferry, and SFO Airport . Business friendly city government that has 40-year proven track record of serving biotech companies . Expert staff and consultants dedicated to expediting plan review and approval of new biotech projects . Fastest turnaround time for entitling and permitting biotech development
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. Existing Anchors . Under Construction . Genentech . The Cove at Oyster Point (884,000 square feet) . Amgen . Genesis Towers (700,000 square feet of R&D lab . Thermo Fisher Scientific space) . Theravance, Inc. . Verify Life Sciences (Google) (400,000 square feet) . Calico Life Sciences (Google) . Calico Life Sciences (Google) (35,000 square feet) . NGM Biopharmaceuticals, Inc. . Genentech Employee Center (66,000 square feet) . Pfizer/Rinat . Johnson & Johnson Innovation, JLABS . Fully Entitled / In Planning . Five Prime Therapeutics, Inc. . Landing at Oyster Point (2.25 million square feet . Sutro Biopharma mixed-use campus with Phase 1 of 508,000 square . Portola Pharmaceuticals, Inc. feet of R&D lab space starting construction in 2017) . CLSA . Genesis Towers (700,000 square feet of R&D lab . Exelixis, Inc. space) . Alexandria, 213 E. Grand Ave. (290,000 square feet or R&D lab space) . Biomed Realty, 475 Eccles (262,000 square feet R&D lab space) and Gateway of Pacific (1.3 million square feet biotech campus) An additional 6.5 million square feet . Genentech Expansion (600,000 square feet expansion of R&D and office space has been to its existing 6 million square foot world corporate headquarters campus) approved for development over the . Merck (294,000 square foot research and development facility serving as West Coast next three years! headquarters located at 213 E. Grand Ave.)
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Subject Site
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Subject Site
Source: http://construction.ssf.net/
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San Francisco International Airport Ferry Service . Most visitors to South San Francisco traveling by air will fly into . Ferry service is offered from Oyster Point in South San Francisco to San Francisco International Airport (“SFO”), located directly to the San Francisco Ferry Building, Oakland Jack London Square, the south of South San Francisco. and Alameda Main Street. . SFO accommodates over 50 million passengers annually . Increased commuter service is expected with the redevelopment of . 2nd largest international airport in California Oyster Point. . 7th busiest airport in the U.S. . 21st busiest airport in the world San Francisco Bay Area Rapid Transit (“BART”) Vehicular Transportation . BART, a high-speed rail system South San Francisco is served primarily by State Highways 101 and transportation system 280 the primary north-south routes which serve the Bay Area and . Links 43 stations in the Counties Northern California. State Highway 101 connects to Interstate 80, of Alameda, Contra Costa, San which leads from San Francisco to Sacramento. Mateo, and San Francisco . BART serves approximately 129 South San Francisco is conveniently located approximately 10 miles million passengers annually south of San Francisco, 20 miles southwest of Oakland, and 40 miles northwest of San Jose. Caltrain . Rail system serving San Francisco, San Mateo, and Santa Clara Counties . Spans 77.4 miles and includes 32 stations from San Francisco to DISTANCE TO NEARBY MAJOR MARKETS Gilroy . Serves over 19 million passengers annually City Approx. Distance San Francisco, CA 10 Oakland, CA 20 The Hotel Project site is located adjacent to the Oyster Point Ferry Terminal, approximately 4 miles east of the South San Francisco San Jose, CA 40 BART station and 1.5 miles east of the South San Francisco Caltrain Sacramento, CA 100 station, facilitating easy access to such destinations as San Francisco, Los Angeles, CA 375 Oakland, San Jose, and these cities’ respective airports.
HOTEL DEVELOPMENT OPPORTUNITY | SOUTH SAN FRANCISCO, CA | 22 LOCAL LODGING MARKET OVERVIEW
HOTEL DEVELOPMENT OPPORTUNITY | SOUTH SAN FRANCISCO, CA | 23 SAN FRANCISCO MSA LODGING MARKET OVERVIEW
The outlook for the San Francisco MSA lodging industry is presentedinthetablebelowbasedonCBREHotel’sAmericasResearch Hotel Horizons® December – February 2017. The San Francisco MSA is inclusive of San Francisco, San Mateo County (including South San Francisco), and parts of Marin County.
. Second ranked market in U.S. with respect to RevPAR . Double-digit annual RevPAR growth from 2011 through 2014 San Francisco MSA National Ranking – 2016 (E) . RevPAR increased at 11.3% CAGR from 2011 through 2015 Occupancy – 2nd . Estimated occupancy of 84% in 2016 – near record high ADR – 2nd . Market operating at maximum capacity – restricting RevPAR RevPAR – 2nd growth . High barrier to entry market with limited availability of land
San Francisco MSA Lodging Market $275 90%
$250 85% 80% $225 75% $200 ADR 70% $175 RevPAR 65% Occ $150 60%
$125 55%
$100 50% '11 '12 '13 '14 '15 '16* '17* '18* '19* '20*
Footnotes 1 Source: CBRE Hotels’ Americas Research Hotel Horizons® December 2016 – February 2017 National Edition 2 The periods denoted by an asterisk indicate projected performance. HOTEL DEVELOPMENT OPPORTUNITY | SOUTH SAN FRANCISCO, CA | 24 SOUTH SAN FRANCISCO COMPETITIVE LODGING PERFORMANCE
The following section provides an overview of the South San Francisco hotel market, based on data from Smith Travel Research (“STR”). This data is intended to provide respondents with summary information pertaining to the South San Francisco market.
The primary competitive South San Francisco lodging market currently features 11 upper upscale, upscale, and upper midscale hotels totaling 1,830 guestrooms. The remainder of the lodging market consists of smaller economy and midscale properties. The primary competitive lodging supply is presented in the table below.
SOUTH SAN FRANCISCO COMPETITIVE LODGING SUPPLY Opening Hotel Rooms Date Chain Class Affiliation Residence Inn San Francisco Airport Oyster Point Waterfront 152 Mar-01 Upscale Marriott Courtyard San Francisco Airport Oyster Point Waterfront 198 Dec-00 Upscale Marriott Hampton Inn San Francisco Airport 100 Nov-99 Upper Midscale Hilton Four Point by Sheraton Hotel & Suites San Francisco Airport 101 Jul-01 Upscale Marriott Holiday Inn Express San Francisco Airport North 89 Dec-01 Upper Midscale InterContinental Holiday Inn San Francisco Airport 224 Apr-87 Upper Midscale InterContinental Embassy Suites San Francisco Airport 312 Aug-98 Upper Upscale Hilton Best Western Plus Grovesnor Airport Hotel 206 Jun-70 Upper Midscale Best Western Larkspur Landing San Francisco 111 Apr-99 Upscale Larkspur Landing Hilton Garden Inn San Francisco Airport North 169 Aug-99 Upscale Hilton Comfort Inn & Suites San Francisco Airport 168 Jun-86 Upper Midscale Choice Total 1,830 - - -
HOTEL DEVELOPMENT OPPORTUNITY | SOUTH SAN FRANCISCO, CA | 25 SOUTH SAN FRANCISCO COMPETITIVE LODGING PERFORMANCE
While the South San Francisco market, like nearly all markets across the United States, was affected by the national recession of 2009, average daily rate (“ADR”) in the local market has rebounded strongly since, exceeding pre-recessionary peak levels. As noted, occupancy has continued to increase in each individual year since 2009. Coupled with strong ADR growth over the past five years, the market has achieved double digit RevPAR growth between 2011 and 2015. The table provided below details the South San Francisco market’s occupancy and ADR performance for the years 2000 to 2015, as well as through year-to-date (“YTD”) November 2015 and 2016. As noted, the competitive lodging market is currently achieving record occupancy, ADR and RevPAR levels.
SOUTH SAN FRANCISCO HOTEL MARKET - UPPER UPSCALE, UPSCALE, & UPPER MIDSCALE HISTORICAL PERFORMANCE OF THE COMPETITIVE MARKET Annual Percent Occupied Percent Market Percent Percent Year Supply Change Rooms Change Occupancy ADR Change RevPAR Change 2000 543,120 - 380,014 - 79.7% $130.49 - $103.96 - 2001 667,585 22.9% 366,989 -3.4% 60.1% $114.70 -12.1% $68.92 -33.7% 2002 667,585 0.0% 412,332 12.4% 61.8% $87.84 -23.4% $54.26 -21.3% 2003 667,585 0.0% 441,273 7.0% 66.1% $79.21 -9.8% $52.36 -3.5% 2004 667,585 0.0% 481,107 9.0% 72.1% $81.34 2.7% $58.62 12.0% 2005 667,585 0.0% 505,362 5.0% 75.7% $86.55 6.4% $65.52 11.8% 2006 667,585 0.0% 505,362 0.0% 75.7% $99.51 15.0% $75.33 15.0% 2007 667,585 0.0% 512,705 1.5% 76.8% $112.17 12.7% $86.15 14.4% 2008 667,585 0.0% 520,716 1.6% 78.0% $118.28 5.4% $92.26 7.1% 2009 667,585 0.0% 486,669 -6.5% 72.9% $99.92 -15.5% $72.84 -21.0% 2010 667,585 0.0% 516,043 6.0% 77.3% $99.94 0.0% $77.25 6.1% 2011 667,585 0.0% 539,409 4.5% 80.8% $111.93 12.0% $90.44 17.1% 2012 667,585 0.0% 553,428 2.6% 82.9% $129.22 15.4% $107.12 18.4% 2013 667,585 0.0% 562,774 1.7% 84.3% $142.32 10.1% $119.98 12.0% 2014 667,950 0.1% 569,761 1.2% 85.3% $159.64 12.2% $136.17 13.5% 2015 667,950 0.0% 596,479 4.7% 89.3% $172.37 8.0% $153.93 13.0% CAGR/AVG. 1.4% - 3.1% - 76.2% 1.9% - 2.7% - YTD Nov '15 612,288 - 551,671 - 90.1% $175.64 - $158.25 - YTD Nov '16 612,288 0.0% 543,711 -1.4% 88.8% $180.54 2.8% $160.32 1.3% Source: Smith Travel Research
HOTEL DEVELOPMENT OPPORTUNITY | SOUTH SAN FRANCISCO, CA | 26 SOUTH SAN FRANCISCO COMPETITIVE LODGING MAP
HOTEL DEVELOPMENT OPPORTUNITY | SOUTH SAN FRANCISCO, CA | 27 SUBMITTAL REQUIREMENTS
HOTEL DEVELOPMENT OPPORTUNITY | SOUTH SAN FRANCISCO, CA | 28 SUBMITTAL REQUIREMENTS
This section summarizes the basic requirements for all submittals and provides an overall schedule for the preparation, review, and selection process.
Contact, Delivery, and Schedule All responses to this RFQ must be submitted on or before 5:00 P.M. PST on Friday, March 31, 2017 to the following address and contact:
One (1) electronic copy to both Chris Kraus and Miky Kuo. One hard copy to Miky Kuo.
Chris Kraus Miky Kuo Managing Director Director 101 California Street, 44th Floor 101 California Street, 44th Floor San Francisco, California 94111 San Francisco, California 94111 Tel: +1 415 652 4483 Tel: +1 415 772 0358 Email: [email protected] Email: [email protected]
Four (4) hard copies and one electronic copy to Ron Gerber.
Ron Gerber Economic Development and Housing Manager City of South San Francisco Economic & Community Development Department PO Box 711 South San Francisco, California 94083 Tel: +1 650 829 6620 Email: [email protected]
Late submittals and incomplete submittals may be rejected.
As soon as it is known, but no later than 5:00 PM on Friday, March 17, 2017, all potential proposers shall submit an email statement of their intent to submit a statement of qualifications to the City of South San Francisco. This notice of intent shall be emailed to Miky Kuo at the email address listed above.
To maintain an open process, we request that all questions be directed via e-mail to Miky Kuo and/or Chris Kraus at the email addresses listed above.
HOTEL DEVELOPMENT OPPORTUNITY | SOUTH SAN FRANCISCO, CA | 29 SUBMITTAL REQUIREMENTS
You are requested to provide a submittal of your firm’s qualifications to the City of South San Francisco. Your submittal should include the following:
. Summary of your firm’s qualifications, including, but not limited to summary of relevant hotel development experience, ownership experience, and operating experience.
. Overview of the proposed Development Team including roles, responsibilities, and experience.
. Provide financial information necessary to demonstrate that the Development Team will have the necessary financial standing, capacity, experience, and resources to undertake, finance, and deliver the project. Note that all materials submitted under this Section may be separately sealed and marked as “Confidential and Proprietary Commercial Information” at the proposer’s discretion.
. Provide a preliminary description of the concept and vision for the overall project with as much specificity as possible. This should include, but not necessarily be limited to, project size and configuration (number of rooms, floors, and total square feet), brand, amenities, and parking plan. Visual/architectural renderings could aid in conceptualizing the project, but are not required. The proposer should seek to demonstrate knowledge and a full understanding of the project’s exceptional potentials and competitive advantages. The Development Team may also use this section to describe its specific reasons, motivations, and goals for undertaking the project.
. Specifically address programming as it relates to meeting and event space (how much space for the number of guestrooms, the size of largest meeting room).
. Given the site size of 4.7-acres, comment on the optimal location and orientation of the proposed improvements on the site.
. Any additional information you feel would be helpful in the evaluation of your firm’s qualifications.
Content and Organization of Submittals Respondents to this RFQ are requested to supply all the information described herein, in a complete yet concise format. The City of South San Francisco expects submittals to provide enough information to allow staff and other advisors to evaluate and rank qualifications of the Development Teams.
We look forward to working with you on this exciting opportunity.
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Disclaimer
© 2017 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors, which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.
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