• Holman Bldg. on the Auction Block: No Credit Cards!

    Holman Bldg. 2008

    Holman Bldg. 2008

    Time’s growing short for prospective bidders to take part in the online auction of the Holman Building at 542 Lighthouse Ave in Pacific Grove. Initial non-binding offers (Indicative Bids) from prospective buyers are due a week from today, on Nov. 14.

    The Holman Building, a 115,000 square-foot retail and office building, along with the separate “Grand Central Station” building and the parking area in between the two, will go on the auction block on December 3, 2014.

    There is no starting bid as yet and it is unknown whether or not there is a minimum bid. The auction site states that the occupancy rate is 84 percent with a net operating income of more than $822,000, which comes from a combination of retail, restaurant, and office spaces. The major tenant at present is an antiques cooperative.

    The 1.37-acre site was the subject of an initiative on the Pacific Grove ballot in 2012, brought about when property owner Nader Agha and Presidian Hotels and Resorts and its Chairman and CEO, Drake Leddy, sought zoning changes in the C-1-T district which would have allowed a “boutique hotel” on the site.

    The Pacific Grove City Council voted to place a zoning amendment on the November 6, 2012 general election ballot which would have amended the C-1-T District in the Pacific Grove Municipal Code to allow for a maximum height of 75 feet and maximum site coverage of 90 percent. It was a long and sometimes emotional campaign season, with the Holman Building taking precedence over the presidential election, at least locally, that year.

    There were 9,647 registered voters in Pacific Grove at that time. 8049 ballots were cast (84.31 percent turnout) with 3204 people voting for the zoning change and 4485 voting against it. Countywide, voter turnout, considering it was a presidential election, was 75.11 percent.

    Turnout in the recent election, for example, hovered around 26 percent, though final figures are not in yet.

    Questions raised concerning the zoning change included parking availability, appearance, “gateways” to the property which would affect traffic, historical issues (the building dates from the 1920s), water supply, land use and more.

    The auction schedule is as follows (from the Auction.com website):

     November 19th, 2014 (Wednesday) – Selection Notification

    Executive Estates Real Estate Services shall notify investors that have been selected to participate in the Best and Final Auction. Investors, upon selection to best and final round, can now in good faith commit resources to fully review the non-negotiable Purchase and Sale Contract, an up to date Property Condition Assessment and Phase I report (to be provided), and conduct full due diligence on the asset including further inspections and deeper market diligence.

    November 24th-26th, 2014 (Wednesday) – Refundable Deposits Due

    Prospective purchasers are required to post a minimum deposit of $100,000 with Auction.com and register for the Best and Final Auction. New passwords will be provided and access will be restricted to selected prospective purchasers. Acceptable forms of Bid Deposits include cashier’s checks or money wires only. Please note that credit cards are not an acceptable form of bid deposits.

    December 3rd, 2014 (Wednesday) – Best and Final Auction

    Closed Auction occurs this day, available only to those parties identified as the Best and Final Auction participants. Winning bidder will be required to sign contract and post full “at risk” deposit per standard Auction.com requirements. Bid deposits are fully refundable to non-winning bidders.

     

    posted to Cedar Street Times on November 7, 2014

    Topics: Front PG News

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