FROM: Robert Thompson, General Manager
Originator: Lorenzo Tyner, Assistant General Manager
SUBJECT:
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PROPERTY ACQUISITION FOR 18250 EUCLID STREET, FOUNTAIN VALLEY, CA
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GENERAL MANAGER'S RECOMMENDATION
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RECOMMENDATION:
A. Approve a Standard Offer, Agreement, and Escrow Instructions for Purchase of Real Estate (Purchase Agreement) with Rexford Industrial Realty L.P. for Property at 18250 Euclid Street, Fountain Valley, APN No. 156-171-4, in a form approved by General Counsel, for $26,710,000; and
B. Authorize the General Manager and General Counsel to execute the following:
1. Preliminary Title Report Consistent with the Standard Offer, Agreement, and Escrow Instructions;
2. Title Approval Letter;
3. Deeds and other evidence of title to the parcels of property that are the subject of the Purchase Agreement;
4. Preliminary Change of Ownership Report;
5. Acceptance of the Grant Deed to certain real property from Rexford Industrial Realty, L.P;
6. Approved Estimated Closing costs;
7. Seller's Mandatory Disclosure Statement acknowledging receipt of this document;
8. Property Information Sheet acknowledging receipt of this document;
9. Natural Hazard Disclosure Report acknowledging receipt of this document; and
10. Any and all other instruments related to the transaction.
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BACKGROUND
The Orange County Sanitation District (OC San) has been actively pursuing opportunities to acquire additional real estate near Plant No. 1 to support future operational needs, specifically additional warehousing space. Recent supply chain issues and increased lead time for critical space parts have resulted in the need for additional warehouse space. In February 2022, OC San staff sent prospecting letters to property owners in the surrounding area-covering properties that were for sale, for lease, or not currently on the market-to gauge interest in potential sales.
Initial negotiations took place with the ...
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