CATHEDRAL DISTRICT BUSINESS CENTER · 2020. 4. 22. · CATHEDRAL DISTRICT BUSINESS CENTER | 5...

INVESTMENT PACKAGE

CATHEDRAL DISTRICT BUSINESS CENTER823 S DETROIT AVE | TULSA, OK

CAPITAL MARKETS | INVESTMENT PROPERTIES

DISCLAIMER

CBRE © 2015 All Rights Reserved. All information included in this letter/proposal pertaining to CBRE—including but not limited to its operations, employees, technology and clients—are proprietary and confidential, and are supplied with the understanding that they will be held in confidence and not disclosed to third parties without the prior written consent of CBRE. This letter/proposal is intended solely as a preliminary expression of general intentions and is to be used for discussion purposes only. The parties intend that neither shall have any contractual obligations to the other with respect to the matters referred herein unless and until a definitive agreement has been fully executed and delivered by the parties. The parties agree that this letter/proposal is not intended to create any agreement or obligation by either party to negotiate a definitive lease/purchase and sale agreement and imposes no duty whatsoever on either party to continue negotiations, including without limitation any obligation to negotiate in good faith or in any way other than at arm’s length. Prior to delivery of a definitive executed agreement, and without any liability to the other party, either party may (1) propose different terms from those summarized herein, (2) enter into negotiations with other parties and/or (3) unilaterally terminate all negotiations with the other party hereto.

This valuation analysis or broker opinion of value is not an appraisal and has not been performed in accordance with the Uniform Standards of Professional Appraisal Practice. Neither you, nor any third parties, may rely on this analysis for any tax purposes, estate work, litigation, lending or any other matter other than your direct use in connection with a contemplated transaction.

01EXECUTIVE SUMMARY

02TEAM OVERVIEW

03ASSET OVERVIEW

AFFILIATED BUSINESS DISCLOSURE

CBRE, Inc. operates within a global family of companies with many subsidiaries and related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates, including CBRE Global Investors, Inc. or Trammell Crow Company, may have or represent clients who have competing interests in the same transaction. For example, Affiliates or their clients may have or express an interest in the property described in this Memorandum (the “Property”), and may be the successful bidder for the Property. Your receipt of this Memorandum constitutes your acknowledgement of that possibility and your agreement that neither CBRE, Inc. nor any Affiliate has an obligation to disclose to you such Affiliates’ interest or involvement in the sale or purchase of the Property. In all instances, however, CBRE, Inc. and its Affiliates will act in the best interest of their respective client(s), at arms’ length, not in concert, or in a manner detrimental to any third party. CBRE, Inc. and its Affiliates will conduct their respective businesses in a manner consistent with the law and all fiduciary duties owed to their respective client(s).

CONFIDENTIALITY AGREEMENT

Your receipt of this Memorandum constitutes your acknowledgement that (i) it is a confidential Memorandum solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property, (ii) you will hold it in the strictest confidence, (iii) you will not disclose it or its contents to any third party without the prior written authorization of the owner of the Property (“Owner”) or CBRE, Inc., and (iv) you will not use any part of this Memorandum in any manner detrimental to the Owner or CBRE, Inc.

If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return it to CBRE, Inc.

DISCLAIMER

This Memorandum contains select information pertaining to the Property and the Owner, and does not purport to be all-inclusive or contain all or part of the information which prospective investors may require to evaluate a purchase of the Property. The information contained in this Memorandum has been obtained from sources believed to be reliable, but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented “as is” without representation or warranty of any kind. Such information includes estimates based on forward-looking assumptions relating to the general economy, market conditions, competition and other factors which are subject to uncertainty and may not represent the current or future performance of the Property. All references to acreages, square footages, and other measurements are approximations. This Memorandum describes certain documents, including leases and other materials, in summary form. These summaries may not be complete nor accurate descriptions of the full agreements referenced. Additional information and an opportunity to inspect the Property may be made available to qualified prospective purchasers. You are advised to independently verify the accuracy and completeness of all summaries and information contained herein, to consult with independent legal and financial advisors, and carefully investigate the economics of this transaction and Property’s suitability for your needs. ANY RELIANCE ON THE CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK.

The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions at any time with or without notice to you. All offers, counteroffers, and negotiations shall be non-binding and neither CBRE, Inc. nor the Owner shall have any legal commitment or obligation except as set forth in a fully executed, definitive purchase and sale agreement delivered by the Owner.

© 2020 CBRE, Inc. All Rights Reserved.

ASSET OVERVIEW

4 | CATHEDRAL DISTRICT BUSINESS CENTER

First Presbyterian

ChurchBoulder Grill

Elote’Library

Post Office

Sherrif’s Office

Holy Family Cathedral

Foolish Things Coffee Co.

Centennial Park

Boston Avenue Church

First Methodist

Church

CATHEDRAL DISTRICT BUSINESS CENTER | 5

INVESTMENT SUMMARYThe Cathedral District Business Center (“CDBC”) is a four-story office building located at the Northeast corner of 8th Street and Detroit Avenue in Downtown Tulsa. The improvements total ±66,402 SF situated on ±1.033 acres of land, which includes ±124 total parking spaces (±98 surface and ±26 covered). The building is currently 25% occupied with four tenants and three full contiguous floors vacant.

The building has received over $1m in capital renovation in the past two years. New roof, new lobby, elevator cab refurbishments, gutted fourth floor with $500k in renovations with new restrooms, perimeter walls and LED lighting. Conveniently situated between 8th Street and 9th Street along Detroit Avenue, the CDBC features an attractive investment opportunity in a prime location, with inbound travel from US-64 via Detroit Avenue and outbound travel to US-75 via 8th Street and US-64 via Cincinnati Avenue.

INVESTMENT HIGHLIGHTS

• OPERATING EXPENSES: 2020 Base Year Operating Expenses estimated at $5.11 per square foot not including janitorial and increased utilities for full occupancy. Full service gross lease with landlord responsible for real estate taxes, insurance, ball park assessment, janitorial, common area maintenance, management and utilities. Landlord will maintain the roof, structure and HVAC equipment. Tenant is responsible for phone, cable and internet service.

• CASH FLOW: With the property at 25% occupancy, the asset provides an user with in-place cash flow as well as potential for yearly NOI growth.

• FUTURE INCOME GROWTH: Below market lease rates offer investor upside through potential income growth while serving as a hedge against inflation.

• EXCEPTIONAL LOCATION: Conveniently situated between 8th Street and 9th Street along Detroit Avenue in the eastern portion of the Cathedral District in downtown Tulsa. Access to highways is very attractive with inbound travel from US-64 via Detroit Avenue and outbound travel to US-75 via 8th Street and US-64 via Cincinnati Avenue.

• REPLACEMENT COST: At $87.35 psf, well below replacement costs.

• RENOVATION: The building has received over $1m in capital renovation in the past two years. New roof, new lobby, elevator cab refurbishments, gutted fourth floor with $500k in renovations with new restrooms, perimeter walls and LED lighting.

$/SF

LIST PRICE

$5,800,000 $87.35

PROPERTY OVERVIEW

LOCATIONCathedral District Business Center

823 South Detroit Avenue, Tulsa, OK

LAND AREA ±1.033 Acres (1.2 city block)

NET RENTABLE AREA ±66,402 SF

YEAR BUILT 1959 - CDBC - Renovated 2018

PARKING±124 total spaces (±98 surface and ±26 covered) (one per

430 SF)

ZONING CBD – Central Business District

ACQUISITION $5,800,000 Contract Price

REDEVELOPMENT $980,000 Tenant Improvements

TOTAL $6,780,000

POTENTIAL SBA BANK FINANCING MAY 1, 2020

LTV: 90%

LOAN: $6,102,000

EQUITY: $678,000

MONTHLY PAYMENT: $35,390

AMORTIZATION: 20 years

TERM: 10 years

LOAN FEES: 0.25%

INTEREST RATE: 3.5% or less


CATHEDRAL DISTRICT BUSINESS CENTER (CDBC)FINANCIAL OVERVIEW

BUILDING LAND Improvement Land TotalBldg. # Property SF SF Value PSF Value Value Value

B1 823 S DetroitBasement 7,243Wallace Eng 5,563Scout 350Ability Resources 7,311Coding Dojo 3,971Ste 200 13,987Ste 300 13,987Ste 400 13,990

66,402 14,000 5,400,000.00$ 81.32$ $5,120,000.00 $280,000.00 $5,400,000.00

L1 822 S Elgin 5,000 100,000.00$ 20.00$ $100,000.00L2 315 E 9th 2,800 56,000.00$ 20.00$ $56,000.00L3 818 S Elgin 6,200 124,000.00$ 20.00$ $124,000.00L5 815 S Detroit 7,000 140,000.00$ 20.00$ $140,000.00L3 810 S Elgin 7,000 Leased Land

Land Total 42,000 $420,000.00 $420,000.00B & L TOTAL 5,820,000.00$ $5,820,000.00


POTENTIAL LAYOUT


1ST FLOOR PLAN


2ND FLOOR PLAN


3RD FLOOR PLAN


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SD1

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LIFE SAFETYSYMBOLS LEGEND

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BATTERY BACKED UP LIGHTFIXTURE, REFER ELECTRICAL

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Prin

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SHEET NUMBER

SHEET NAME

ISSUES / REVISIONS

ARCHITECT OF RECORD

810 SOUTH CINCINNATISECOND FLOORTULSA, OK 74119918.877.6000www.cyntergy.com

ISSUE DATE:

CHECKED BY:DRAWN BY:

PROJECT NO:

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THIS DOCUMENT IS

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1/8" = 1'-0"1 FOURTH FLOOR PLANN

1/4" = 1'-0"2 FOURTH FLOOR RESTROOM - ENLARGED

1/4" = 1'-0"5 WOMEN 401 - SOUTH 1/4" = 1'-0"6 WOMEN 401 - WEST

1/4" = 1'-0"3 WOMEN 401 - NORTH 1/4" = 1'-0"4 WOMEN 401 - EAST

10/17/2017 FOR CONSTRUCTION

4TH FLOOR PLAN


1

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B

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4,572 SFFILE STORAGE

265 SFLOCKED STORAGE

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(1) LAYER 5/8" GYPSUM BOARDPANELS EACH SIDETYPE X GYP BD FOR RATED WALLS

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Prin

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SHEET NUMBER

SHEET NAME

ISSUES / REVISIONS

810 SOUTH CINCINNATISECOND FLOORTULSA, OK 74119918.877.6000www.cyntergy.com

ISSUE DATE:

CHECKED BY:DRAWN BY:

PROJECT NO:

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THIS DOCUMENT IS

PRELIMINARYIN NATURE AND IS NOTA FINAL, SIGNED ANDSEALED DOCUMENT

1/8" = 1'-0"1 BASEMENT FLOOR PLAN N

PARTITION TYPE D

PARTITION TYPE E

TYPE STUDSPARTITION

WIDTHACOUSTIC

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PARTITION TYPE J

TYPE STUDS WIDTHJ1 1 1/2" METAL FURRING CHANNELS 2 1/8"

BASEMENT FLOOR PLAN


Exterior Exterior

Lobby Exterior


Suite 200 Suite 200

Suite 200 Suite 200


Suite 300

Suite 300Suite 300

Suite 300


Suite 400 Suite 400

Suite 400 Suite 400


© 2017 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified by either CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBREneither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take such steps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. TheInformation is protected by copyright and shall be fully enforced.

Layout ID:L05 MapId:4603155

CATHEDRAL DISTRICTT U L S A ,

O K L A H O M A


TENANT INFORMATION

WALLACE ENGINEERING

LINE OF BUSINESS: In simple terms, Wallace Engineering is a structural and civil engineering consulting firm. In reality, they are so much more than that.Wallace Engineering believes that the art of engineering means helping their clients succeed through the artful application of engineering principles. They want to redefine your expectations of structural and civil consultants by breaking the mold of how you think, plan and execute your projects. They are committed to being a seamless part of your design team.Wallace Engineering has extensive expertise in the design of new buildings as well as in the evaluation, renovation and repair of existing structures. Their capabilities include structural design, forensic analysis, disaster response, special inspections, cost estimating, systems evaluation and construction administration.Their civil services include general and building site development projects, water and wastewater projects, utility designs and relocations, flood control, stormwater management/design, streets and highways for cities and state agencies. They also complete both design and inspection services for roadways, bridges and dams.

ABILITY RESOURCES

LINE OF BUSINESS: Ability Resources’ mission is to assist people with disabilities in attaining and maintaining their personal independence through advocacy, education and service. One way this can be achieved is in the creation of an environment in which people with disabilities can exercise their rights to control and direct their own lives.

CODING DOJO

LINE OF BUSINESS: Coding Dojo strives for teaching their students the most up-to-date programming technologies through effective methods. Their dynamic curriculum has been refined and optimized over the last ten years by their founding members-a team of seasoned software developers and tech executives

MARKET OVERVIEW

PLATT COLLEGE | 23

$15.89 PSFAVERAGE ASKING RATES

29,183,439 SF TOTAL OFFICE MARKET

POPULATION

411,4902019 POPULATION

CITY OF TULSA | MARKET OVERVIEW

OFFICE MARKET

Source: CBRE RESEARCH

48.8%MALE

51.2%FEMALE

36.4AVERAGE

AGE

20.8%BACHELORS

$45,943MEDIAN HH

INCOME

14.1%AVERAGE VACANCY


TULSA MARKET OVERVIEW

Tulsa has a colorful and prominent history, starting with the oil boom in the 1900s that brought oil barons to the city, being the birthplace of Route 66 and its now deep roots in aerospace. Oil was discovered just south of Tulsa in 1905 at Red Fork in 1901, and again at the Glenn Pool in 1905. At one time, Tulsa was the largest oil-producing center globally with more than 400 oil companies calling Tulsa home. As the industry grew, a wide variety of historic art deco buildings were constructed in what is now Downtown Tulsa. By 1923, Tulsa had established its reputation as “Oil Capital of the World”.

Since that time, a multitude of industries have found success in Tulsa: manufacturing, aerospace, and transportation, to name a few. Because of the area’s low cost of doing business (11% below national average) and skilled workforce, Tulsa is an ideal location for business growth. Tulsa continues to foster a more diverse economic portfolio with a range of profitable industries, and an ever-expanding array of living and entertainment opportunities.

The Tulsa MSA comprises seven counties: Creek, Okmulgee, Osage, Pawnee, Rogers, Tulsa and Wagoner, whose aggregate population is estimated to be 993,797. The population is forecasted to eclipse the 1-million threshold by the release of the 2020 census results. The gross product or value of all goods and services produced in the seven-county MSA is estimated to be $45.8 billion as of 2019. Tulsa is centrally located in the United States with a transportation system that maintains connectivity with the rest of the world. Some of the nation’s largest companies in key industry sectors including aerospace, energy, healthcare, technology, manufacturing, transportation, and logistics make their home in Tulsa due to its location, pro-business environment and insulation from many effects of the recent national recession.

Tulsa’s major industries include aerospace, healthcare, energy, machinery and electrical equipment manufacturing and transportation. Over 200 aerospace companies employ more than 10,000 employees in Tulsa, making the region an industry leader in North America. The American Airlines Maintenance Repair and Overhaul Division has called Tulsa home for over 74 years and remains one of Tulsa’s top employers. American Airlines’ 3.3 million square-foot Maintenance & Engineering Center is the largest of its kind in the world. In late 2019, American Airlines added to their Tulsa employee count with the announcement of 400 new jobs at the Tech Ops maintenance center. American Airlines has 15,000 Tech Ops

employees world-wide, with nearly 5,600 of them located in Tulsa. In addition to American Airlines, there are a multitude of aviation-related companies in Tulsa, from Lufthansa, NORDAM, and Spirit Aerosystems, to name a few.

Despite volatile oil and gas prices throughout 2019, the energy industry remains as a major employment sector in Tulsa, with three Fortune 500 companies headquarted in Tulsa. ONEOK, which is #256 on the Fortune 500 list, is a leader in gathering, processing, storage and transportation of natural gas in the U.S. They are also one of the nation’s largest distributors of natural gas serving more than two million customers in the Midwest. Mid-sized exploration companies have found success in Tulsa as well. WPX Energy, another Tulsa-based oil and gas company, announced they are building a new $100 million, 260,000-sq. ft. company headquarters in the Greenwood District. The 11-story building is expected to be completed in 2020.

Despite Tulsa’s success in the energy and aerospace industries, the city has also taken strides to diversify the local economy and attract new businesses and industries. In 2018, the Italian paper products manufacturer Sofidel Group, began construction on a facility in Rogers county as a part of their $360 million capital investment in Northeastern Oklahoma. Greenheck Group, an air conditioning equipment company from Wisconsin, announced the company will invest $100 million into expanding their footprint in Tulsa. In 2019, Alabama-based beverage maker Milo’s Tea began construction on a new distribution center that will add 110 jobs to Tulsa in the company’s first out-of-state expansion.

Healthcare has become one of Tulsa’s major growth sectors with more than nine major medical facilities providing state-of-the-art services for Northeast Oklahoma as well as portions of surrounding states. Tulsa is home to two medical schools – The University of Oklahoma’s College of Medicine and the Oklahoma State University College of Osteopathic Medicine. Tulsa is also home to one of five locations for the Cancer Treatment Centers of America. St. John’s Medical system has established partnerships with MD Anderson Cancer Center, while St. Francis was awarded a partnership with St. Jude’s Children’s Hospital for cancer treatment. With a large population of baby boomers reaching the age of retirement in the coming years, the healthcare industry is positioned for further growth in the years ahead.


SIGNIFICANT TULSA EMPLOYERS

COMPANY # EMPLOYEES

Aaon 1,178

AEP/PSO 1,200

American Airlines Maint. Base 6,750

AT&T 2,600

Baker Hughes 1,738

Bank of Oklahoma 3,250

Blue Cross/Blue Shield 1,250

Broken Arrow Public Schools 2,500

City of Tulsa 4,200

DirecTV 1,500

Dollar Thrifty Automotive 1,000

Farmers Insurance Group 1,750

Girling Health Care Inc. 1,500

Hard Rock Hotel & Casino 1,000

Hillcrest Healthcare System 4,250

HP Enterprise Services 1,000

IBM 1,250

Jenks Public Schools 1,750

Mazzio’s 2,250

Nordam Group 1,437

ONEOK* 4,077

COMPANY # EMPLOYEES

OSU Medical Center 1,250

Owasso Public Schools 1,250

QuikTrip 1,500

Reasor’s 2,500

River Spirit Casino 1,000

Saint Francis Health System 5,500

Spirit AeroSystems 1,750

St. John Medical Center 6,250

State Farm 1,300

Triad Hospitals, SouthCrest 1,100

Tulsa Community College 2,500

Tulsa County 2,000

Tulsa Public Schools 6,250

U.S. Postal Service 9,000

Union Public Schools 2,250

University of Tulsa 1,200

WalMart/Sam’s Club 1,000

Warehouse Market 1,000

Warren Clinic 1,000

Whirlpool Corporation 1,100

Williams Companies 1,250

TULSA MARKET OVERVIEW


ONE-MILE RADIUS THREE-MILE RADIUS FIVE-MILE RADIUSP

OP

ULA

TIO

N

2019 POPULATION - CURRENT YEAR ESTIMATE 10,447 77,641 171,120

2024 POPULATION - FIVE YEAR PROJECTION 11,138 79,360 174,433

2010 POPULATION - CENSUS 9,657 75,945 166,945

2000 POPULATION - CENSUS 9,784 79,341 175,430

2010-2019 ANNUAL POPULATION GROWTH RATE 0.85% 0.24% 0.27%

2019-2024 ANNUAL POPULATION GROWTH RATE 1.29% 0.44% 0.38%

HO

US

EH

OLD

S

2019 HOUSEHOLDS - CURRENT YEAR ESTIMATE 4,929 33,549 73,199

2024 HOUSEHOLDS - FIVE YEAR PROJECTION 5,415 34,396 74,596

2010 HOUSEHOLDS - CENSUS 4,409 33,001 72,035

2000 HOUSEHOLDS - CENSUS 4,607 34,352 76,093

2010-2019 ANNUAL HOUSEHOLD GROWTH RATE 1.21% 0.18% 0.17%

2019-2024 ANNUAL HOUSEHOLD GROWTH RATE 1.90% 0.50% 0.38%

2019 AVERAGE HOUSEHOLD SIZE 1.59 2.18 2.27

INC

OM

E

2019 AVERAGE HOUSEHOLD INCOME $62,921 $69,669 $64,816

2024 AVERAGE HOUSEHOLD INCOME $68,508 $76,968 $72,877

2019 MEDIAN HOUSEHOLD INCOME $38,229 $39,692 $40,745

2024 MEDIAN HOUSEHOLD INCOME $40,591 $43,956 $45,705

2019 PER CAPITA INCOME $30,588 $30,335 $27,849

2024 PER CAPITA INCOME $34,109 $33,589 $31,294

HO

US

ING

2019 HOUSING UNITS 6,107 39,614 85,326

2019 VACANT HOUSING UNITS 1,178 6,065 12,127

2019 OCCUPIED HOUSING UNITS 4,929 33,549 73,199

2019 OWNER OCCUPIED HOUSING UNITS 1,107 15,756 37,590

2019 RENTER OCCUPIED HOUSING UNITS 3,822 17,793 35,609

DEMOGRAPHICS

40,285 SFNET ABSORPTION

14.1%VACANCY RATE

$15.89/SF AVGASKNG RATE

182,448 SFCONSTRUCTION

TULSA OFFICEHIGHLIGHTS

JOB GROWTH PRODUCES MIXED RESULTS FOR OFFICE-USING EMPLOYMENT

Despite a healthy unemployment rate of 3.1%, the Tulsa metropolitan area’s recent employment gains have not translated into growth for all office market sectors. According to the Bureau of Labor Statistics, Financial Activities sector employment declined by 0.4% year-over-year. The Professional & Business Services sector turned in a stronger performance with year-over-year growth of 1.2%.

ABSORPTION DIP CAUSES UPTICK IN VACANCIES

Net absorption fell into negative territory for the first time this year, with 40,285 sq. ft. of negative absorption posted during Q3 2019. A great deal of the office space being added to the market is from companies in the oil and gas industry, who continue to downsize as a result of weak oil prices as well as technological advances in the industry . The softened demand for office space caused the market-wide vacancy rate to rise by 20 basis points, ending Q3 2019 at 14.1%. SALES & LEASING ACTIVITY

Investment sales dipped compared to the first two quarters of 2019 with Q3 2019 sales amounting to $3.6 million. There was one user sale of note in South submarket; the Southwestern Power Administration purchased the 50,672-sq. ft. office property at 6655 S. Lewis Ave. for $7.1 million in August 2019. On the leasing side, there were 62 leases signed for 142,173 sq. ft., when factoring in new leases and renewals.

DOWNTOWN DEVELOPMENT CONTINUES

Office construction remained largely driven by the CBD, with the 100,000 sq. ft. Vast Bank Building set for delivery in Q1 2020. The early stages of construction are also underway for the new 245,000 sq. ft. WPX Energy headquarters which is expected to be complete in 2022. According to the Tulsa Chamber of Commerce, Downtown Tulsa currently has more than $500 million in public and private investment on tap for the years ahead.

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PREPARED BY

BOB PIELSTICKER, SIORFirst Vice President+1 918 392 [email protected]

MATT REESE, CCIMSenior Associate+1 918 392 [email protected]

DYLAN SEIBERTAssociate+1 918 392 [email protected]

© 2020 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. You should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk.

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