FOOD GRADE MANUFACTURING DISTRIBUTION · FOOD GRADE MANUFACTURING AND DISTRIBUTION PLANT | 12041...

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SVN | Miller Commercial Real Estate | 206 E. Main Street, Salisbury, MD 21801 SALE BROCHURE FOOD GRADE MANUFACTURING AND DISTRIBUTION PLANT 12041 CORDOVA RD. CORDOVA, MD 21625 John McClellan, CCIM Senior Advisor 410.543.2440 [email protected] Henry Hanna, CCIM, SIOR Council Chair of Industrial Properties 410.543.2420 [email protected]

Transcript of FOOD GRADE MANUFACTURING DISTRIBUTION · FOOD GRADE MANUFACTURING AND DISTRIBUTION PLANT | 12041...

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SVN | Miller Commercial Real Estate | 206 E. Main Street, Salisbury, MD 21801 SALE BROCHURE

FOOD GRADEMANUFACTURINGANDDISTRIBUTIONPLANT12041 CORDOVA RD.CORDOVA, MD 21625

John McClellan, CCIMSenior [email protected]

Henry Hanna, CCIM, SIORCouncil Chair of Industrial [email protected]

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OFFERING SUMMARY

Sale Price: $950,000

Lot Size: 80.0 Acres

Building Size: 130,000

Zoning: Industrial

Former Allen Harim Foods poultry processing plant for sale. Located on the eastern shore of Maryland less than an hour'sdrive to the metro areas of DC and Baltimore. Ideal for manufacturing, processing, warehouse or other industrial uses.Loading areas, process rooms, office areas, free standing 10,000 SF vehicle maintenance facility. Permitted and operatingprocess wastewater treatment system in place. Two parcels consisting of 80 acres.

Office space is a 2-story separate building on the same land parcel as the plant. Features private wells with a small septicsystem. Property has two waste water ponds; one has a 10 million gallon capacity and the other a 3 million galloncapacity. Also included on the property is a sludge pond with a 1 million gallon capacity.

Plant features 7 dock-high doors, double doors allowing forklifts to drive in at ground level, 16-18' ceilings and a separatetruck maintenance facility.

PROPERTY OVERVIEW

PROPERTY HIGHLIGHTS

• Two Parcels Totalling 80 Acres

• 130,000 SF Manufacturing Facility

• Ideally Located To Serve Maryland, Delaware, and Metro Areas

• Includes Manufacturing, Warehouse & Office Space

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Executive Summary

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Facility Drone Photos

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Exterior Photos

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Exterior Photos

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Additional Photos

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Additional Photos

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Location Maps

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Site Plan

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TU

MOTOR

10057 S.F.±

10446 S.F.±

2379 S.F.±

2506 S.F.±

2745 S.F.±

5406 S.F.±

780 S.F.±

1414 S.F.±

1667 S.F.±

12647 S.F.±

3117 S.F.±

jreale
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FIRST FLOOR TOTAL AREA +/- 97,670 SF
jreale
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2ND FLOOR TOTAL AREA +/- 19,200 SF
jreale
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TOTAL FLOOR AREA +/- 116,870 SF
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Text Box
CORDOVA FACILITY
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SCALE : 1" = 60'

12060300

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Additional Photos

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POPULATION 10 MILES 20 MILES 30 MILES

Total population 35,294 117,047 236,926

Median age 41.6 42.4 42.0

Median age (male) 39.4 41.5 40.7

Median age (Female) 43.0 43.1 42.8

HOUSEHOLDS & INCOME 10 MILES 20 MILES 30 MILES

Total households 13,816 44,629 91,238

# of persons per HH 2.6 2.6 2.6

Average HH income $77,087 $82,648 $73,526

Average house value $359,007 $401,036 $344,873

* Demographic data derived from 2010 US Census

Demographics Map

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Talbot County is surrounded by the Chesapeake Bay with five river systems, agricultural fields and forested wetlands that provide a stable base for selected business growth. Talbot County targets aviation and marine services, agriculture, food production, expanding healthcare services, small manufacturing, test labs and technologies that monitor the environment as sectors for growth.

Located just east of the I-95 corridor on Maryland’s Eastern Shore, Talbot County offers a strategic location within 70 miles of Washington, D.C. and has access to more than 90 federal labs and research facilities within a 90-mile radius. The area is commuting distance to the Annapolis/Baltimore/Washington, D.C. corridor and the Mid-Atlantic market.

Seven industrial parks offer secure sites ready for the development process with infrastructure capacity and access to major roadways. Talbot County offers the lowest real property

tax rate in the state and the second lowest income tax rate as incentives for a competitive advantage.

Recent projects include completion of a new headquarters for Quality Health Strategies, an expansion of Aphena Pharma Solutions and an investment by EAG Laboratories. The Office of Economic Development is available to assist you with your business retention, relocation and expansion projects.

Washington, DC

New York

EastonWashington, DC

Baltimore

Talbot County is located east of Washington, D.C. on the Delmarva Peninsula, and is surrounded by over 600 miles of shoreline.

LOCATIONDriving distance from Easton: Miles Kilometers

Atlanta, Georgia 687 1,105Baltimore, Maryland 59 95Boston, Massachusetts 408 657Chicago, Illinois 744 1,197New York, New York 197 318Philadelphia, Pennsylvania 109 175Pittsburgh, Pennsylvania 281 451Richmond, Virginia 168 271Washington, DC 71 114

CLIMATE AND GEOGRAPHY1

Yearly Precipitation (inches) 46.8Yearly Snowfall (inches) 14.7Summer Temperature (ºF) 76.7Winter Temperature (ºF) 38.4Days Below Freezing 67.1Land Area (square miles) 258.6Water Area (square miles) 67.7Shoreline (miles) 605Elevation (feet) sea level to 78

POPULATION2,3

Talbot County Upper Households Population Eastern Shore* Maryland

2000 14,307 33,812 199,406 5,296,4862010 16,157 37,782 224,771 5,773,5522020** 18,000 40,850 241,700 6,224,550

*Caroline, Cecil, Dorchester, Kent and Talbot counties**Projections

Selected places population (2010): Easton 15,945; Trappe 1,077; St. Michaels 1,029; Tilghman Island 784; Oxford 651

POPULATION DISTRIBUTION2,3 (2015)

Age Number Percent

Under 5 1,755 4.75 - 19 5,846 15.620 - 44 9,092 24.245 - 64 10,627 28.365 and over 10,192 27.2Total 37,512 100.0Median age 49.6 years

Brief Economic FactsTA L B O T C O U N T Y, M A R Y L A N D

2016.2

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LABOR AVAILABILITY3,4,5 (BY PLACE OF RESIDENCE) Labor Mkt.Civilian Labor Force (2015 avg.) County Area*

Total civilian labor force 19,244 79,248 Employment 18,266 74,901 Unemployment 978 4,347 Unemployment rate 5.1% 5.5%Residents commuting outside the Number Percentcounty to work (2010-2014) 4,967 28.5%Employment in selected occupations (2010-2014) Management, business, science and arts 6,597 37.4% Service 3,850 21.8% Sales and office 4,197 23.8% Production, transp. and material moving 1,244 7.0%* Talbot, Caroline, Dorchester and Queen Anne’s counties

MAJOR EMPLOYERS6,7 (2015*)

Employer Product/Service Employment

University of Maryland Shore Medical Center at Easton

Medical services 1,641

Genesis HealthCare / The Pines

Nursing care 250

Bayleigh Chase Nursing care 220Walmart Consumer goods 205Quality Health Strategies Health care improvement 185Shore Bancshares Financial holding company 177EAG Laboratories Environmental testing 160Chesapeake Building Components

Component building products

156

Aphena Pharma Solutions Pharmaceutical packaging 150Target Consumer goods 150APG Media of Chesapeake Newspaper publishing 135Inn at Perry Cabin by Belmond

Restaurant and lodging 134

Lowe’s Home improvement prods. 134Giant Food Groceries 127Chesapeake Center Services for the disabled 125United Parcel Service (UPS) Mail and package delivery 122McDonald's Restaurants 119Acme Markets Groceries 116Comfort Keepers Home health care services 116YMCA of Talbot County Recreation, sports centers 115Tidewater Inn Lodging and restaurant 100Harbourtowne Golf resort, restaurant and

conference center89

Excludes post offices, state and local governments * Revised

EMPLOYMENT4 (2015, BY PLACE OF WORK)

Estab- Annual Avg. Emp. Avg. Wkly.Industry lishments Empl. % Wage

Federal government 18 212 1.1 $1,226State government 8 227 1.2 868Local government 19 1,416 7.5 923Private sector 1,512 16,910 90.1 747 Natural resources and 18 80 0.4 743 mining Construction 188 848 4.5 898 Manufacturing 33 1,050 5.6 782 Trade, transportation 318 3,322 17.7 628 Information 8 112 0.6 1,017 Financial activities 132 938 5.0 1,211 Professional and business 265 2,744 14.6 855 services Education and health 168 3,904 20.8 919 services Leisure and hospitality 176 3,093 16.5 388 Other services 206 819 4.4 636Total 1,557 18,765 100.0 767 Includes civilian employment only

HOURLY WAGE RATES4 (2015)

Selected Occupations Median Entry Experienced

Accountants $29.00 $19.00 $36.75Bookkeeping/accounting clerks 18.75 13.75 22.50Computer systems analysts 42.25 29.25 54.75Computer user support specialists 20.50 12.75 24.25Customer service representatives 12.25 9.00 15.75Electrical engineers 38.00 29.00 45.00Freight, stock and material 12.25 9.75 14.75movers, hand Industrial truck operators 17.50 12.00 20.25Inspectors, testers, sorters 14.50 10.50 18.75Machinists 17.25 13.25 19.75Maintenance and repair workers, 16.50 11.00 20.00generalNetwork administrators 32.00 20.50 47.50Packaging/filling machine operators 12.25 10.25 13.50Packers and packagers, hand 10.00 8.75 11.25Secretaries 16.25 11.25 18.75Shipping/receiving clerks 16.00 12.25 18.00Team assemblers 12.25 9.50 14.75Wages are an estimate of what workers might expect to receive on the Upper Eastern Shore (Caroline, Dorchester, Kent, Queen Anne’s and Talbot counties) and may vary by industry, employer and locality

TA L B O T C O U N T Y, M A R Y L A N DBrief Economic Facts

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SCHOOLS AND COLLEGES3,8 Educational Attainment - age 25 & over (2010-2014)

High school graduate or higher 88.3% Bachelor’s degree or higher 33.4%Public Schools Number: 5 elementary; 1 middle/combined, 2 high Enrollment: 4,625 (Sept. 2015) Cost per pupil: $12,034 (2013-2014) Students per teacher: 14.1 (Oct. 2015) High school career / tech enrollment: 699 (2015) High school graduates: 294 (July 2015)Talbot County Public Schools provides a laptop computer to every high school studentNonpublic Schools Number: 11 (Sept. 2015)Higher Education (2015) Enrollment Degrees

2-year institution Chesapeake College* 2,267 272Several major universities are located in the region, including Salisbury University, University of Maryland Eastern Shore, Washington College, and the recently accredited University of Maryland Center for Environmental Science.* Located in adjacent Queen Anne’s County; coursework is offered at the

Center for Allied Health in Easton and other locations in the region.

TAX RATES9

Talbot Co. Maryland

Corporate Income Tax (2016) none 8.25% Base – federal taxable income

Personal Income Tax (2016) 2.40% 2.0%-5.75% * Base – federal adjusted gross income

*Graduated rate peaking at 5.75% on taxable income over $300,000

Sales & Use Tax (2016) none 6.0% Exempt – sales for resale; manufacturer’s purchase of raw materials;

manufacturing machinery and equipment; purchases of materials and equipment used in R&D and testing of finished products; purchases of computer programs for reproduction or incorporation into another computer program for resale

Real Property Tax (FY 17) $0.5471 $0.112 Effective rate per $100 of assessed value In an incorporated area, the county rate will vary and a municipal

rate will also apply

Business Personal Property Tax (FY 17) none none No county personal property tax on ordinary business property $1.3677/$100 applicable to utility operating property only In an incorporated area, a municipal rate may apply; municipal

exemptions may be available

Major Tax Credits Available Job Creation, R&D, Biotechnology and Cybersecurity Investment, Environmental Businesses

BUSINESS AND INDUSTRIAL PROPERTY6

Talbot County offers seven business parks and five major commercial shopping centers. All major commercial and industrial parks are located in the Town of Easton. The Town of Easton provides for water and sewer capacity, high-speed internet, cable, electric and natural gas. The business parks are immediately accessible to U.S. Route 50 with links to Routes 301 and 13 for north/south transport and I-97 and I-95 for access to Mid-Atlantic markets. The Easton Technology Center is located adjacent to the Easton Airport and offers Class A office space on two to three-acre sites with bundled parcels available up to 60 acres. Trappe, located on U.S. Route 50 in the southern area of the county, is poised for commercial infill and industrial development.

Market Profile Data (2015) Low High Average

Land – cost per acre Industrial $80,000 $180,000 $150,000 Office $40,000 $500,000 * $200,000*With frontage on U.S. 50

Rental Rates – per square foot Warehouse / Industrial $5.00 $10.00 $7.50 Flex / R&D / Technology $6.00 $10.00 $8.00 Class A Office $10.00 $20.00 $15.00

HOUSING2,3,10 Occupied Units (2010-2014) 16,140 (70.0% owner occupied) MedianHousing Transactions (2015) Units Selling Price

All arms-length transactions 491 $290,000 All multiple-listed properties* 624 $280,513*Excludes auctions and FSBO

INCOME3 (2010-2014)

Percent HouseholdsDistribution Talbot Co. Maryland U.S.

Under $25,000 19.9 15.4 23.2$25,000 - $49,999 22.2 17.9 23.7$50,000 - $74,999 20.0 17.2 17.8$75,000 - $99,999 10.7 13.4 12.2$100,000 - $149,999 14.5 18.1 13.0$150,000 - $199,999 5.3 8.9 5.1$200,000 and over 7.3 9.1 5.0Median household $58,495 $74,149 $53,482Average household $86,583 $97,135 $74,596Per capita $37,661 $36,670 $28,555Total income (millions) $1,397 $209,422 $8,668,940

TA L B O T C O U N T Y, M A R Y L A N DBrief Economic Facts

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TRANSPORTATIONHighways: U.S. 50.Rail: Rail sidings are not currently available in Talbot County; however, the Maryland & Delaware Railroad operates feeder lines out of Centreville and Federalsburg which connect to Norfolk Southern in DelawareTruck: 104 local and long-distance trucking establishments are located on the Upper Eastern Shore Water: Served by the Port of Baltimore, 50’ channel; a leading U.S. automobile and break-bulk port; the Mid-Shore region is also served by the Port of Seaford, Delaware on the Nanticoke River with barge off-loading capabilities for grain and aggregate Air: Served by Baltimore/Washington International Thurgood Marshall Airport (BWI) and Ronald Reagan Washington National Airport; Easton Airport offers charter service to Washington, D.C. and Baltimore, shuttle service to BWI and Amtrak, general aviation services (4000’ and 5500’ runways); state-of-the-art fueling system and recently completed control tower are part of a $15 million improvement project

RECREATION AND CULTURERecreation: Talbot County Community Center provides sports fields, indoor ball court, and a professional size ice rink and curling rink for hockey and figure skating with meeting rooms for events; the county maintains the Hog Neck Golf Course, rated among the top 25 public courses in the country, and 27 public boat ramps and marine slips; YMCA of Chesapeake offers two Olympic size pools, tennis courts, ball fields, racquet ball and squash courts, rock climbing and fitness training Water Activities: Four navigable river systems attract competitive and leisure sailors and boaters from throughout the Mid-Atlantic region; Tred Avon and Miles River Yacht Clubs provide transient dockage and fuel along with several privately held marinas and boat yards; the county is home to a working oyster fleet of skipjacks and crabbers and the renowned log canoe racing sailboats Golf: Easton Club, Talbot Country Club, Harbourtowne Golf Resort with Pete Dye design and Hog Neck Golf Course Cultural and Historical: Historic Avalon Theatre in Easton provides year-round entertainment and runs the Plein Air Festival each July; Academy Art Museum houses impressive collections; Chesapeake Bay Maritime Museum in St. Michaels hosts exhibits on Chesapeake Bay maritime heritage; Tilghman Watermen’s Museum preserves the stories and work of local waterman; and the Rural Life Museum of Trappe celebrates homes, farms and industry of the area Events: Annual Waterfowl Festival, held the second weekend in November, enjoys an international reputation as an exhibitor of waterfowl artwork while supporting conservation investment; Tilghman Island Day celebrates the heritage of the area’s watermen; Chesapeake Bay Maritime Museum hosts several festivals including the Small Craft and Wooden Boat Festivals and the OysterFest; Chesapeake Chamber Festival offers chamber music venues in and around Easton on Maryland’s beautiful Eastern Shore

GOVERNMENT11

County Seat: EastonGovernment: Five county council members elected at large for four-year terms; charter form of government allows for the separation of the executive from the legislative branch; lawmaking powers are vested in an elected legislative body Corey W. Pack, President, County Council 410.770.8001 R. Andrew Hollis, County Manager 410.770.8010County Bond Rating: Aa2 (Moody’s); AAA (Fitch)Talbot County Office of Economic DevelopmentR. Andrew Hollis, Acting Director 215 Bay Street, Suite 5 Easton, Maryland 21601 Telephone: 410.770.8058 Email: [email protected] www.talbotcountymd.gov

Sources: 1 National Oceanic and Atmospheric Administration (1981-2010 normals);

Maryland Geological Survey 2 Maryland Department of Planning 3 U.S. Bureau of the Census 4 Maryland Department of Labor, Licensing and Regulation, Office of Workforce

Information and Performance5 U.S. Bureau of Labor Statistics6 Talbot County Office of Economic Development7 Maryland Department of Commerce8 Maryland State Department of Education; Maryland Higher Education

Commission9 Maryland State Department of Assessments and Taxation; Comptroller of the

Treasury10 Maryland Association of Realtors 11 Maryland State Archives; Maryland Association of Counties

UTILITIESElectricity: Delmarva Power (Pepco), Choptank Electric Cooperative, and Easton Utilities Commission; customers of investor-owned utilities and major cooperatives may choose their electric supplierGas: Natural gas is supplied by Eastern Shore Natural Gas/Chesapeake Utilities to the Town of EastonWater: Municipal systems in Easton, Oxford, St. Michaels and Trappe; the remainder of the county’s water needs are supplied by wells fed by deep aquifersSewer: Municipal systems serve Easton, Oxford and Trappe; county serves St. Michaels and TilghmanTelecommunications: Verizon Maryland is the largest provider of communications services; Easton Utilities Commission provides triple redundant high-speed FTTP and cable to the town of Easton; Comcast is a cable provider in the region; Maryland Broadband Cooperative PoP located in Easton

TA L B O T C O U N T Y, M A R Y L A N DBrief Economic Facts

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206 E. Main StreetSalisbury, MD 21801T 410.543.2440C [email protected]

PROFESSIONAL BACKGROUND

John McClellan, CCIM serves as a Senior Advisor for SVN/Miller Commercial Real Estate specializing in the sale and leaseof office, industrial, and retail property on the Eastern shore of Maryland and Delaware. McClellan brings over 30 yearsof commercial real estate experience and has secured well over 3,000 transactions, resulting in a career brokeragevolume in excess of $400 million.

McClellan has successfully brokered retail, office, and industrial properties for sale and lease. These include a $9.6million sale of Gateway Crossing, a $2.75 million sale of the Standard Register plant, and $2.2 million industrial lease withGrayling Industries.

Past clients and customers include Pepsi Cola, Field Container, Perdue Farms, UPS, Delmarva Power, GannettNewspapers, Advance Auto, CVS, 84 Lumber, Chick-Fil-A, The General Services Administration, and many others.

He is past President of the Salisbury Area Chamber of Commerce and presently serves on the advisory board for M&TBank.

McClellan is a 1984 graduate of Penn State University with a BS in Accounting. He was co founder and operator ofSubRunners (sub delivery) from 1986 - 2003.

He holds the prestigious CCIM designation.

EDUCATION

Bachelor of Science in Accounting from Pennsylvania State University

MEMBERSHIPS & AFFILIATIONS

Lower Shore Advisory Board for M&T BankSalisbury Area Chamber of CommerceExecutive Board - Boy Scouts of America (DMV Council)Commercial Investment Member (CCIM)Peninsula Commercial Alliance - Past President

JOHN MCCLELLAN, CCIM

Senior Advisor

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Advisor Bio

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206 E. Main StreetSalisbury, MD 21801T 410.543.2420C [email protected]

PROFESSIONAL BACKGROUND

Henry H. Hanna, III, CCIM, SIOR, serves as the National Council Chair of Industrial Properties and is a Senior Advisor forSVN Miller Commercial Real Estate. He specializes in the marketing and sale of industrial and commercial properties.Hanna has successfully represented banks, developers, investors, and commercial and industrial companies as well aslocal and state governments. He has brokered industrial sales including the Northwood Industrial Park in Salisbury,Maryland; has worked with national and international companies (from Germany, Italy, and Belgium); has listed,marketed, and sold a variety of pharmaceutical, defense, hi-tech, manufacturing, modular home, and boatbuildingcompanies. He has also actively worked with the State of Maryland, the Department of Business and EconomicDevelopment, and MEDCO—the Maryland Economic Development Corporation.

Hanna holds the prestigious Society of Industrial and Office Realtors designation (SIOR) and the Certified CommercialInvestment Member (CCIM) designation.

Hanna currently serves as director for WIRA (Wallops Island Regional Alliance) supporting economic development forindustries serving NASA, the Aerospace and Unmanned Aerial Vehicles. (UAV).

He served as past chair for the Salisbury University (SU) Foundation and SU Real Estate Foundation, where he volunteersregularly and provides his expertise and advice on real estate matters.

Notable career highlights for Hanna include representing industrial companies such as Solo Cup, Helvoet Pharma, TrinitySterile, Bayliner Marine, Silverton Marine, Kraft Foods, ES Steel, Choptank Electric, 84 Lumber, Koski Trucking, EasternShore Forest Products, Interstate Container, Canada Dry, Norfolk Southern Railroad, Allen Harim, Newmill Capital, theMaryland Department of Commerce and the Maryland Department of Economic Development (MEDCO) and manyothers. On a retail level, Henry has represented owners and developers as a broker for national retail companies,including Walgreens, CVS, Rite Aid, Wawa, 7-Eleven, and Sheetz, as well as many banks.

Hanna earned a master’s of business administration from Southern Illinois University, in addition to a Bachelor of Arts ingovernment and foreign affairs from the University of Virginia.

HENRY HANNA, CCIM, SIOR

Council Chair Of Industrial Properties

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Advisor Bio

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The material contained in this Offering Brochure is furnished solely for the purpose of considering the purchase of the property within and is not to be usedfor any other purpose. This information should not, under any circumstances, be photocopied or disclosed to any third party without the written consent ofthe SVN® Advisor or Property Owner, or used for any purpose whatsoever other than to evaluate the possible purchase of the Property.

The only party authorized to represent the Owner in connection with the sale of the Property is the SVN Advisor listed in this proposal, and no other person isauthorized by the Owner to provide any information or to make any representations other than contained in this Offering Brochure. If the person receivingthese materials does not choose to pursue a purchase of the Property, this Offering Brochure must be returned to the SVN Advisor.

Neither the SVN Advisor nor the Owner make any representation or warranty, express or implied, as to the accuracy or completeness of the informationcontained herein, and nothing contained herein is or shall be relied upon as a promise or representation as to the future representation of the Property. ThisOffering Brochure may include certain statements and estimates with respect to the Property. These Assumptions may or may not be proven to be correct,and there can be no assurance that such estimates will be achieved. Further, the SVN Advisor and the Owner disclaim any and all liability for representationsor warranties, expressed or implied, contained in or omitted from this Offering Brochure, or any other written or oral communication transmitted or madeavailable to the recipient. The recipient shall be entitled to rely solely on those representations and warranties that may be made to it in any final, fullyexecuted and delivered Real Estate Purchase Agreement between it and Owner.

The information contained herein is subject to change without notice and the recipient of these materials shall not look to Owner or the SVN Advisor nor anyof their officers, employees, representatives, independent contractors or affiliates, for the accuracy or completeness thereof. Recipients of this OfferingBrochure are advised and encouraged to conduct their own comprehensive review and analysis of the Property.

This Offering Brochure is a solicitation of interest only and is not an offer to sell the Property. The Owner expressly reserves the right, at its sole discretion, toreject any or all expressions of interest to purchase the Property and expressly reserves the right, at its sole discretion, to terminate negotiations with anyentity, for any reason, at any time with or without notice. The Owner shall have no legal commitment or obligation to any entity reviewing the OfferingBrochure or making an offer to purchase the Property unless and until the Owner executes and delivers a signed Real Estate Purchase Agreement on termsacceptable to Owner, in Owner’s sole discretion. By submitting an offer, a prospective purchaser will be deemed to have acknowledged the foregoing andagreed to release the Owner and the SVN Advisor from any liability with respect thereto.

To the extent Owner or any agent of Owner corresponds with any prospective purchaser, any prospective purchaser should not rely on any suchcorrespondence or statements as binding Owner. Only a fully executed Real Estate Purchase Agreement shall bind the property and each prospectivepurchaser proceeds at its own risk.

Disclaimer