For Sale By Sealed Bid

Medical Hill Garage

Prime Parking Garage in Pill Hill Area

Minimum Bid $5,500,000

I. Features

• Located at 426 29th Street • Close to Alta Bates Summit

Medical Center & other medical offices located at Pill Hill.

• Best commercial location for a medical office garage

• Close to major BART and AC Transit transfer points

• Easy Access to I-880 and I-980 • Access from 29th and 30th

streets • Modern design, excellent light

II. Available

• Land area of 1.09 Acres • 477 Parking spaces • Parking structure contains

143,600 square feet III. Co-Tenants & Nearby Anchors

• Alta Bates Summit Medical Center • Samuel Merritt University

IV. For Information Contact:

• Hamid Ghaemmaghami, CCIM/CPM • City of Oakland, Real Estate

Services 510-238-6364 • hgami@oaklandnet.com

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V. Site Description and Zoning The property is located between McClure and Summit streets, running across the block with frontage on 29th Street (±152 feet), and on 30th Street (±45 feet). The total site area is ±47,425 sf. The property is zoned S-1; Medical Center Zone, and the General Plan Designation includes both Community Commercial and Institutional designations.

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City of Oakland Planning zoning review dated 3/18/2009 concludes that the zoning classification and current use of the property are both consistent with the General Plan and the pattern of development in this vicinity. The S-1 zoning permits residential development densities consistent with R-80; High-Rise Apartment Residential Zone Regulations. This regulation has maximum permitted housing density of 145 units per acre with allowances for even greater density under certain conditions. VI. Improvements The Garage was built in 1985. The property is improved with a five level concrete parking structure encompassing approximately ±143,600 square feet and with 477 marked parking stalls. The vehicle entrances and exits are on the 29th Street and 30th Street frontages. Vehicle access to the upper levels is via a double helix ramp configuration. Pedestrian access is via stairwells and elevators located in towers at the north and south ends of the structure. Apart from a small storage room, restroom and janitorial closet on the main level, the entire floor area is devoted to parking. The floor area per stall at ±301 sf represents above average space efficiency for multi-level parking structures. This is in part due to the double helix ramp design. This density of stalls is

Subject

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generally considered more appropriate to monthly parking than to transient use where there is much greater turn-over. VII. North Side Entrance From 30th Street

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VIII. Aerial View

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LOCATION: 426 29th Street, Oakland CA ASSESSOR PARCEL #: 009-0699-038-07 MINIMUM BID: $5,500,000 REQUIRED DEPOSIT: $ 500,000 DESCRIPTION: Size: 47, 425 Square Feet Shape: Slightly irregular Topography: level at street grade

Zoning: S-1; Medical Center Zone Utilities: Bidder to verify independently Access: Available from street Improvements: Garage Structure Occupancy: Parking

LIMITATIONS AND INSPECTION

THIS PROPERTY IS BEING SOLD IN “AS IS” CONDITION. The successful buyer agrees that, as of close of escrow, it will be acquiring the property in an “as-is” condition with all faults and conditions then existing on the property, including any hazardous substances or hazardous waste that may be located on, under, or around the property, whether known or unknown, and successful bidder assumes all responsibilities for such faults and conditions. The City of Oakland makes no representation as to the potential use of this property. Buyer should check with the Planning Department regarding building restrictions, compliance and ultimate development, etc. The Planning Commission of the City of Oakland is instructed not to recommend for approval an application for zoning reclassification of each property for a period of two years from the date of sale by the City unless the application contains a statement in detail of the changes in circumstances which in the opinion of the Planning Commission does, in fact, justify a zoning reclassification. The right, title and interest in the property to be sold shall not exceed that vested in the City of Oakland and the sale of this property is subject to all matters of public record and any easements, claims of easements, or reservations whether or not of record and to exceptions that may be shown in the Preliminary Title Report. The City of Oakland does not assume any liability for possible encumbrances of any kind on this property. If buyer desires title insurance, it is to be obtained at buyer’s sole expense. Prospective bidders should consult local title companies if more complete information regarding the title of this property is required. No warranty is made by the City of Oakland relative to the ground locations, property lines or the accuracy of the public records and/or the assessor’s parcel maps related to this property. Should the successful buyer desire a survey of the property, this may be accomplished by an independent survey at the buyer’s sole expense. The property is not assessed for taxes while vested in the City. It will, however, be assessed after transfer into private ownership. The sale of the property is exempt from CEQA. Buyer should be aware that if buyer seeks some form of approval or permit for development subsequent to buyer’s purchase of this property, the local

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agency might require an environmental document and/or environmental analysis before giving its approval or permit. This property may be situated within the Special Studies Zone as to designated under the Alquist-Priolo Special Studies Zones Act, Sections 2621-2625, inclusive of the California Public Resource Code. As such, approval of any future construction or development of any structure for human occupancy on this property may be subject to the findings contained in a geologic report prepared by a geologist registered in the State of California. No representations on this subject are made by the City of Oakland, and any prospective buyer should make their own inquiry or investigation onto the potential effect of this Act on this property. The City of Oakland reserves the right to reject any and all offers and waive any informality or irregularity in any offer or to accept any offer deemed in the best interest of the City.

OFFICIAL NOTICE OF SALE NOTICE IS HEREBY GIVEN that sealed bids will be received by the Real Estate Services Division on behalf of the City of Oakland (the "City"), 250 Frank Ogawa Plaza Room 4314, Oakland, California on WEDNESDAY, MARCH 31, 2010 AT 3:00 P. M., for the purchase of The Medical Hill Garage located at 426 29th Street in Oakland, California (the "Property") under the following terms and conditions: Terms: THIS TRANSACTION WILL BE AN ALL CASH SALE. Deposit: The bidder making the highest sealed bid for the property shall, upon making the highest bid, deliver to the City of Oakland by cash, cashier's check or a money order, a deposit of not less than ten percent (10%) of the minimum bid price for the property. Any successful bidder's failure or refusal to complete the purchase of any property as required by this Notice of Sale shall result in a forfeiture of the respective deposit to the City of Oakland. The successful bidder, upon making the mandatory deposit, will be required to sign a Purchase and Sales Agreement containing provisions for forfeiture of deposit and/or bonds for breach of any conditions set forth in this Notice of Sale and/or the Purchase and Sales Agreement. Forfeiture of Deposit: The deposit shall be nonrefundable in the event of the successful bidder’s failure or refusal to complete the purchase of any property as required by this Notice of Sale. The balance of the amount between the highest sealed bid and the required deposit for the property shall be payable to the City of Oakland by cash, cashier's check or money order, and delivered to the Manager of Real Estate Services or the delegated representative within 14 days after acceptance of the bid and approval of the sale to the successful bidder by the Oakland City Council. The successful bidder shall pay all recording fees, documentary transfer and sales taxes including, if any, personal property sale taxes as required by law. Second Highest Bid: In the event that the high bidder defaults in completion of the sale, the City may, at its sole discretion, offer the property to the second highest

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bidder. If the second high bidder accepts the option, the deposit requirement and the terms of the purchase shall be the same as stated in this notice of sale. All sales are subject to the approval of the Oakland City Council. If the sale is not approved, the deposit money will be refunded without interest. The City Council reserves the right to reject any and all bids without stated cause. The Subject property shall be sold in "as-is" condition. The successful high bidder agrees that, as of close of escrow, it will be acquiring the property in an “as-is” condition with all faults and conditions then existing on the property, including any hazardous substances or hazardous waste that may be located on, under, or around the property, whether known or unknown, and successful bidder assumes all responsibilities for such faults and conditions. The Planning Commission of the City of Oakland is instructed not to recommend for approval an application for zoning reclassification of each property for a period of two years from the date of sale by the City unless the application contains a statement in detail of the changes in circumstances which in the opinion of the Planning Commission does, in fact, justify a zoning reclassification. The right, title and interest in the property to be sold shall not exceed that vested in the City of Oakland and the sale is subject to all title exceptions and reservations whether or not of record. The City of Oakland does not assume any liability for possible encumbrances on the property. The successful bidder may obtain a policy of title insurance at their own expense. The instrument of transfer of title for the property shall be a Quitclaim Deed delivered to the successful bidder, upon payment to the City of the entire amount of the highest bid for the property. Should the successful bidder desire a survey of the property, this may be accomplished by an independent survey at the bidder’s expense. No warranty is made by the City of Oakland relative to the ground locations or property line. The City of Oakland makes no representation as to the potential use of this property. The successful bidder shall be responsible for checking and complying with local building codes and ordinance. The successful bidder is responsible for their own due diligence related to the property. The property is not assessed for real property taxes while vested in the City of Oakland. It will, however, be assessed for real property taxes after transfer into private ownership. Questions concerning the properties should be addressed to: City Of Oakland - Real Estate Division 250 Frank H. Ogawa Plaza, Ste. 4314 Oakland, California 94612 Tel (510) 238-3541 Fax (510) 238-2240