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501 Vine Street, San Jose, CA

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501 Vine Street

San Jose, CA 95110-2725 - Downtown San Jose East Submarket

Property Type:Office Sub Type:- Status:Existing Year Built:-
Stories:1 Typical Floor:1,760 SF Building Size:1,760 SF
For Sale Price:For Sale Price/SF:-
Cap Rate:-
1,760 SF is available to occupy upon purchase.

Sale Notes:
Zoning: Downtown Commercial
General Plan: Public/Quasi Public
Vacant Office/House
Near public transit bus and light rail services

The property is currently vacant. There are no lease or other revenues generated by the property. There are five garage spaces, three enclosed and two open.

Method of Sale: The Successor Agency is soliciting offers from prospective buyers to purchase the property located at 501 Vine Street, San Jose, California. Prospective buyers shall have until 4:00 PM, November 1, 2016 to evaluate the Property and submit an offer to purchase. A prospective buyer must submit an offer to purchase the Property by executing a Purchase and Sale Agreements in the form provided and inserting the proposed purchase price into the Agreement. The Successor Agency approved form of Purchase and Sale Agreement is available at
Executed Purchase and Sale Agreements must be received by the Successor Agency no later than November 1, 2016 at 4:00 PM at 200 East Santa Clara Street, 13th floor, San Jose, California, 95113 or electronically to Richard Keit: Any changes to the form of the Purchase and Sale Agreements shall be cause for rejection of the offer to purchase.

Deposit: A deposit of ten percent (10%) of the purchase price shall be required as provided in the Purchase and Sale Agreements of the highest bidder. The deposit is due within 5 days of Oversight Board approval and is nonrefundable.

Property Condition: The Property shall be sold in an as-is condition.

Payment and closing costs: The purchase price shall be payable in cash at the close of escrow. Buyer and seller shall split equally all customary closing costs and fees. Title insurance shall be provided by First American Title Company.

Close of escrow: Close of escrow shall occur 30 days after Oversight Board approval. Close of escrow is estimated to occur on or before December 12, 2016.

Commissions: Successor Agency shall not be liable for any real estate commission or brokerage fee that may arise from the transfer of the Property.

Board Approval: All transactions have to be approved by the Successor Agency Board and
the Oversight Board.

Rejection of Offers: Successor Agency reserves the unqualified right to reject any and all

Real Property Taxes. The Property is currently not on the real property tax roll. Upon the transfer of the Property to a private party, the Property will be returned to the real property tax roll and real property taxes and assessments will be assessed on the Property. Potential buyers should consult with their legal and financial advisors to understand the implications related to the real property taxes and assessments on the Property.

San Jose Redevelopment Agency
Richard Keit
(408) 795-1849

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