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HomeMy WebLinkAbout24-148 - NAI Puget Sound Properties - Brokerage Listing Agreement: 11231 E Marginal Way S24-148 Council Approval N/A Puges NAI Puget Sound Properties ©Commercial Brokers 1� CF3,n W vrop rhe Association 10900 NE 8th St., Suite 1500 ALL RIGHTS RESERVED Bellevue, WA 98004 Phone: 425-586-5600 Form: XL Exclusive Lease Listing Fax: 425-455-9138 Agreement Rev. 6/2024 Page 1 of 5 EXCLUSIVE LEASE LISTING AGREEMENT This Exclusive Lease Listing Agreement ("Agreement") is made between CITY OF TUKWILA ("Landlord") and Puget Sound Properties Commercial Real Estate Services LLC DBA NAI Puget Sound Properties ("Firm"). Subject to the terms and conditions set forth in this Agreement, Landlord hereby grants to Firm the exclusive and irrevocable right to lease, and to receive deposits in connection therewith, Landlord's commercial real estate legally described as set forth on attached Exhibit A and commonly described as 11231 East Marginal Way South , City of Tukwila , King County, Washington ("Property"). 1. DEFINITIONS. As used in this Agreement, (a) "CBA" shall mean the Commercial Brokers Association; (b) "lease" shall mean a lease, sublease, or sale, or entering into a contract to lease, sublease, or sell the Property; (c) "tenant" shall mean the lessee or tenant leasing or entering into a contract to lease the Property; and (d) "sell" shall mean a transfer of ownership of the Property for valuable consideration or enter into a contract to sell the Property. 2. DURATION OF AGREEMENT. This Agreement shall commence on September 3rd, 20 24 and shall expire at 11:59 p.m. on April 30th , 20 25 ("Term"). 3. RENT AND OTHER LEASE TERMS. Landlord agrees to list the Property at a rental of $ 112000 per month + NNN and shall consider offers that include the following terms: Term of Lease: terms acceptable to the City of Tukwila Other Lease Terms and Conditions: terms acceptable to the City of Tukwila 4. AGENCY. Landlord authorizes Firm to appoint William Schmidt & Alan Robertson as Landlord's Listing Broker. This Agreement creates an agency relationship between Landlord and any of Firm's managing brokers, including Firm's Designated Broker, who supervise Listing Broker ("Supervising Broker") during the Term. No other brokers affiliated with Firm are agents of Landlord. Landlord acknowledges receipt of the pamphlet entitled "Real Estate Brokerage in Washington." 5. LIMITED DUAL AGENCY. a. Listing Broker as Limited Dual Agent. If initialed below, Landlord consents to Listing Broker and Supervising Broker acting as limited dual agents in the leasing of the Property to a tenant that Listing Broker also represents. Landlord acknowledges that, as a limited dual agent, RCW 18.86.060 prohibits Listing Broker from advocating terms favorable to Landlord to the detriment of tenant and further limits Listing Broker's representation of Landlord. ,,,,,,,,,,,,i,,,,,, 09/19/24 A Landlord's Initials Date Landlord's Initials Date b. Firm Limited Dual Agency. If the Property is rented to a tenant represented by one of Firm's brokers other than Listing Broker ("Tenant's Broker"), Seller consents to any Supervising Broker, who also supervises Tenant's Broker, acting as a limited dual agent. If any of Firm's brokers act as a limited dual agent, Firm shall be entitled to the compensation payable under this Agreement plus any compensation Firm may have negotiated with the tenant. 6. LANDLORD'S REPRESENTATIONS AND WARRANTIES; PROPERTY OWNERSHIP AND INFORMATION. Landlord represents and warrants that Landlord has the right to lease the Property and all portions thereof on the terms set forth in this Agreement, and that the Property is free and clear of any encumbrances which would interfere therewith. Landlord also represents and warrants that the information provided by Landlord in connection with listing the Property under this Agreement ("Property Information") is true and correct. Landlord understands that Firm and other members of CBA will make (and cause to be made) representations to prospective tenants based solely on the Property Information and agrees to Puges NAI Puget Sound Properties ©Commercial Brokers 1CF3,n W vrop rhe Association 10900 NE 8th St., Suite 1500 ALL RIGHTS RESERVED Bellevue, WA 98004 Phone: 425-586-5600 Form: XL Exclusive Lease Listing Fax: 425-455-9138 Agreement Rev. 6/2024 Page 2 of 5 EXCLUSIVE LEASE LISTING AGREEMENT indemnify and hold Firm and other members of CBA harmless in the event the foregoing representations and warranties are incorrect, and in the event Landlord fails to promptly make such representation or warranty correct during the Term of this Agreement. 7. COMPENSATION. Landlord acknowledges that there are no standard compensation rates and the compensation in this Agreement is fully negotiable and not set by law. Firm shall be entitled to compensation if: (a) Landlord leases the Property or procures a tenant for the Property during the Term; (b) Landlord leases the Property within six months after the expiration or sooner termination of this Agreement to a person or entity that: (i) submitted an offer to lease the Property during the term of this Agreement, or (ii) that appears on any registration list provided by Firm pursuant to this Agreement, or (iii) an "Affiliate" (as such term is defined below) of such a person or entity that submitted an offer or that appears on the registration list; (c) the Property is made untenantable by Landlord's voluntary or negligent act or voluntary or negligent failure to act; or (d) Landlord terminates this Agreement except as permitted herein, or otherwise takes any action in violation of this Agreement that prevents Firm from leasing the Property. "Affiliate" means, with respect to any person or entity that submitted an offer for lease during the Term of this Agreement or that appears on the registration list, a person or entity which owns or controls more than a 10% ownership or voting interest in such offering entity. Firm shall submit any registration list to Landlord within fifteen (15) days after the expiration or sooner termination of this Agreement and shall only include on the registration list persons or entities to whose attention the Property was brought through the signs, advertising or other action of Firm, or who received information secured directly or indirectly from or through Firm during the Term of this Agreement. Landlord shall pay compensation consisting of the sum of the amounts set forth in Sections 7(a) and 7(b), as follows: a. Firm Compensation: Firm's Compensation shall be: i. 2.5% of the aggregate Base Rent amount of the Lease or ii. If the tenant is not represented by a tenant brokerage firm, Firm's compensation shall be (equal to the amount in Section 7(a)(i) if not filled in). b. Tenant Brokerage Firm Compensation: Landlord shall pay compensation to a cooperating broker representing the tenant ("Tenant Brokerage Firm") ("Tenant Brokerage Firm Compensation") as follows: i. Tenant Brokerage Firm shall not be entitled to compensation from the Landlord. or ii. If the Listing Broker represents both Landlord and the tenant as a limited dual agent, (equal to the amount in Section 7(b)(i) if not filled in). Tenant Brokerage Firm Compensation shall be paid as set forth above unless modified by the tenant and Tenant Brokerage Firm in a mutually accepted lease. Tenant Brokerage Firm is an intended third -party beneficiary of this Agreement. c. Time of Payment: Compensation shall be paid one-half (50%) upon execution and delivery of the lease Puges NAI Puget Sound Properties ©Commercial Brokers 1CF3,n W vrop rhe Association 10900 NE 8th St., Suite 1500 ALL RIGHTS RESERVED Bellevue, WA 98004 Phone: 425-586-5600 Form: XL Exclusive Lease Listing Fax: 425-455-9138 Agreement Rev. 6/2024 Page 3 of 5 EXCLUSIVE LEASE LISTING AGREEMENT between Landlord and Tenant and one-half (50%) upon lease commencement, unless otherwise agreed in writing. Any compensation due under this Agreement that is not timely paid shall accrue interest at 5 % per annum. Landlord consents to Firm receiving compensation from more than one party and to sharing compensation between firms, provided that any terms and amounts offered to or by Firm are disclosed as required by RCW 18.86.030. Landlord acknowledges that offering compensation to Tenant Brokerage Firm is not required. 8. MULTIPLE LISTING SERVICE; DISCLAIMER OF LIABILITY. Firm shall cause this listing to be published by the Commercial Brokers Association ("CBA") for distribution to all CBA members through CBA's listing distribution systems. Firm shall use commercially reasonable efforts to cooperate with all other members of CBA in working toward the lease of the Property. Landlord understands and agrees that all Property information contained in this Agreement or otherwise given to CBA becomes the property of CBA, is not confidential, and will be given to third parties, including prospective tenants and other cooperating members of CBA who do not represent the Landlord and, in some instances, may represent the tenant or other interested parties. It is understood that CBA is not a party to this Agreement, that its sole function is to furnish the descriptive information set forth in the listing to its members, without duty of investigation or verification and without assuming any responsibility for such information, or dissemination thereof. 9. ATTORNEY'S FEES. In the event either party employs an attorney to enforce any terms of this Agreement and is successful, the other party agrees to pay reasonable attorneys' fees and any costs and expenses incurred as a result of such enforcement. In the event of trial, venue shall be in the county in which the Property is located, and the amount of the attorney's fee shall be as fixed by the court. 10. COUNTERPARTS. This Agreement may be executed in counterparts, each of which, when combined, shall constitute one single, binding agreement. 11. ADDITIONAL TERMS. In addition to the Property Information provided as part of this Agreement and Exhibit A (legal description), the following amendments or addenda (which are also attached hereto) are part of this Agreement: WvPuget Soumi NAI Puget Sound Properties roperhes 10900 NE 8th St., Suite 1500 Bellevue, WA 98004 Phone: 425-586-5600 Fax: 425-455-9138 LANDLORD r1l.kc drl.� ................................. Thd 1.3.2172414:37. PrA Landlord/Authorized Signature Name: Thomas McLeod Title: Mayor Date'. QW4,CV24 FIRM EXCLUSIVE LEASE LISTING AGREEMENT (D Commercial Brokers Association ALL RIGHTS RESERVED Landlord/Authorized Signature Name: Title: Date: Form: XL Exclusive Lease Listing Agreement Rev. 6/2024 Page 4 of 5 V C 8 A Puget Sound Properties Commercial Real Estate Services, LLC DBA NAI Puget Sound Properties, Firm (Office) (Company) By: 7"1", 777777 7,77 77 F (Authorized Representative) Name: Robert Swain, Designated Broker Date: 09/19/24 Puget Soumi NAI Puget Sound Properties ���`op°rr°e 10900 NE 8th St., Suite 1500 Bellevue, WA 98004 Phone: 425-586-5600 Fax: 425-455-9138 EXCLUSIVE LEASE LISTING AGREEMENT EXHIBIT A (Legal Description) See next page. © Commercial Brokers Association ALL RIGHTS RESERVED Form: XL Exclusive Lease Listing Agreement Rev. 6/2024 Page 5 of 5 v CBA 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 EXHIBIT A LEGAL DESCRIPTION: ALL THAT PORTION OF GOVERNMENT LOT 1, SECTION 10, TOWNSHIP 23 NORTH, RANGE 4 EAST, W.M., IN KING COUNTY, WASHINGTON, LYING NORTH OF THE DUWAMISH RIVER OR NORTH OF THE GOVERNMENT MEANDER LINE ALONG THE NORTH BANK OF SAID RIVER AND WEST OF THE WESTERLY LINE OF EAST MARGINAL WAY; EXCEPT THAT PORTION AS CONDEMNED BY KING COUNTY SUPERIOR COURT CAUSE NO. 469557 FOR TRANSMISSION LINES; ALSO- EXCEPT ALL EXISTING COUNTY ROADS ALSO "EXCEPT THAT PORTION THEREOF DESCRIBED AS FOLLOWS: COMMENCING AT A POINT ON THE WEST LINE OF SAID GOVERNMENT LOT 1, LYING SOUTH 00032'40" WEST 636.35 FEET FROM THE NORTHWEST CORNER THEREOF; THENCE SOUTH 88051'20" EAST PARALLEL WITH THE NORTH LINE OF SAID GOVERNMENT LOT 1, 208.79 FEET TO THE TRUE POINT OF BEGINNING; THENCE NORTH 69047'10" EAST 514 FEET, MORE OR LESS, TO THE WESTERLY LINE OF EAST MARGINAL WAY; THENCE_SOUTH 16048'50" EAST ALONG SAID WESTERLY LINE TO THE DUWAMISH RIVER; THENCE WESTERLY ALONG THE DUWAMISH RIVER TO A POINT WHICH BEARS SOUTH 20012'50" EAST FROM THE TRUE POINT OF BEGINNING; THENCE NORTH 20012'50" WEST TO THE TRUE POINT OF BEGINNING. AGREED JUDGMENT AND DECREE OF APPROPRIATION - 7 EX. 1-7 TO- Kenyon Disend,PLLC The Municipal Law Firm I I Front Street South Issaquah,WA 98027-3820 Tel: (425) 392-7090 Fax: (425) 392-7071 it � 'ii l Wav Soutf-i S R Final Audit Report Created: 2024-09-19 By: Molly Brown (mbrown@nai-psp.com) Status: Signed Transaction ID: CBJCHBCAABAAJeLhOkBF7VCTChgxrAG55t3LONIfng7D 2024-09-19 "Exclusive Lease Listing Agreement: 11231 East Marginal Way South WS AR" History v L Document created by Molly Brown (mbrown@nai-psp.com) 2024-09-19 - 4:43:57 PM GMT E. �Au�. Document emailed to Tina Pappas (tpappas@nai-psp.com) for approval 2024-09-19 - 4:44:07 PM GMT Li....Email viewed by Tina Pappas (tp ppas@nai-p p com) 2024-09-19 - 9:25:06 PM GMT 6� Document approved by Tina Pappas (tpappas@nai-psp.com) Approval Date: 2024-09-19 - 9:25:42 PM GMT - Time Source: server E. �, Document emailed to Thomas McLeod (thomas.mcleod@tukwilawa.gov) for signature 2024-09-19 - 9:25:44 PM GMT ....J, Email viewed by Thomas McLeod (thomas.mcleod@tukwilawa.gov) 2024-09-19 - 9:30:18 PM GMT 6' Document e -signed by Thomas McLeod (thomas.mcleod@tukwilawa.gov) Signature Date: 2024-09-19 - 9:31:55 PM GMT - Time Source: server Document emailed to Robert V. Swain (bswain@nai-psp.com) for signature 2024-09-19 - 9:31:57 PM GMT L..) Email viewed by Robert V. Swain (bswain@nai-psp.com) 2024-09-19 - 10:16:36 PM GMT 6'�� Document e -signed by Robert V. Swain (bswain@nai-psp.com) Signature Date: 2024-09-19 - 10:17:22 PM GMT - Time Source: server 10 Adobe Acrobat Sign Agreement completed. 2024-09-19 - 10:17:22 PM GMT 10 Adobe Acrobat Sign