Understand the structure of the competitive bid process and the inherent risks and costs of multiple bids.
In a competitive acquisition environment it is not unusual for a buyer or seller to be involved in a transaction involving multiple parties desiring to purchase the same property, whether as a result of the seller making the property available for sale only in a competitive bidding process or as a result of multiple buyers making offers to buy a listed property in a similar time period. The existence of multiple potential purchasers presents different issues for the parties involved in the transaction. Sellers need to make sure they have protected themselves from being deemed to have entered into an agreement to sell before having actually selected a buyer's offer. Buyers need to understand the process and how to make their offer the most appealing to the seller. In a strong market, a buyer wants to be able to show that it understands the property and the market, and that it has the ability to perform. This material will review the typical structure of a competitive bid process, the risks and costs inherent in multiple bids, steps a seller may want to take to maximize the potential of choosing the right buyer, and ways in which a buyer can make its offer the most attractive to a seller.
Agenda
Faculty
Kenneth S. Kramer
Nossaman LLP
- More than 35 years of experience as a real estate attorney
- Advises major regional developers and investors with diversified portfolios on a full spectrum of office, industrial, recreational, and retail property transactions, including ac-quisitions and dispositions, leasing, financing, joint ventures, and workouts
- Joint Venture experience includes multi-property portfolio acquisitions with joint venture capital partners, joint venture for single property acquisitions, structured equity invest-ment vehicle for reinvestment in 3 building project, evaluation of buy-sell implementation, and generally representing owners and acquirors of properties in negotiating the terms of joint ventures, including contribution, distribution and control terms.
- Lectures on joint ventures, leasing transactions, build to suit leases, and other real estate topics
- Former chair of Nossaman’s Real Estate Transactions Practice Group, and former assis-tant managing partner of Nossaman. Leasing partner for Nossaman.
- J.D. degree, University of Southern California School of Law; B.A. degree, University of Pennsylvania
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