City of Oak Creek
Common Council Report
Meeting Date: March 4, 2003
Item No.:
20
Recommendation: That the Council authorize the execution of a listing agreement between the City and Siegel-Gallagher, Inc. for the marketing and sale of the property at 7625 S. Howell Avenue.
Background: On January 17th the City sent out letters to area commercial real estate brokers soliciting proposals for the marketing and sale of the existing police station property at 7625 S. Howell Avenue. We have received seven responses to our request for brokerage services to assist in the sale of the soon to be vacated site. I have provided a summary of the proposals, including their respective commissions, market assessments and proposed length of contract. I have copies of the proposals available for review in my office.
|
Firm |
Commission |
Market Assessment |
Length of Contract |
|
Siegel-Gallagher, Inc. |
5% |
$950,000 |
6 months |
|
MLG Commercial |
6% |
to be determined |
|
|
Ogden & Company, Inc. |
6% |
$895,000 |
3 month minimum |
|
Judson & Associates |
6% |
$725,000-$750,000 |
6 months |
|
The Dickman Company, Inc. |
6-7% |
$351,000 |
6 months |
|
Louis Gral Investment Real Estate |
7% |
$600,000-$750,000 |
6 months |
|
The Barry Co. |
6% |
$1,075,000 |
Single party |
Several of the firms exhibited a good understanding of the property and the City’s expectations. Based on the information provided Siegel-Gallagher, Inc., MLG Commercial and the James T. Barry Co. appear to offer the best opportunity for the City to effectively market and sell this property. Of those, Siegel-Gallagher proposed the lowest commission.
It should be noted that the prospective purchaser of the property identified in the single party listing approved by the City at their last meeting no longer has an interest in the property. However there is one additional party who is seriously looking at the property. The City would be looking for an exclusion in the listing contract for this specific prospect.
Fiscal Impact: None.
Prepared by:
Doug Seymour, AICP
Director of Community Development
Respectfully submitted,
Robert L. Kufrin
City Administrator
Fiscal Review by:
Beverly A. Buretta, CMC
City Clerk