***Notwithstanding anything to the contrary in the Confidentiality Agreement ("CA") participants electronically execute to access the due diligence materials for this property, participant agrees that by signing the CA, the CA shall be governed and construed under the laws of the state of Michigan. *** State Street Executive Park is a set of two Office flex buildings totaling 120,720 square feet located at 5210 and 5220 South State Road in Ann Arbor, Michigan. These two 60,360 square foot office buildings offer investors the chance to purchase fully leased properties in one of the most desirable markets in the Midwest. 5210 South State is leased to two separate tenants. Xoran occupies 45,295 square feet (75%) while Progenity occupies 14,854 square feet (25%). 5220 South State Road is 100% leased to Sokon Investment occupying all 60,360 square feet. These two buildings are part of the four that make up the State Street Executive Park Condominium Association. The park has been designated by the Township as a tax abatement district. This abatement was critical for Sokon Investments in their decision to lease the property. Furthermore, the abatement continues on in perpetuity unless otherwise addressed by the township. This monetary incentive will ensure the new owners ease and a competitive advantage in re-tenanting if ever needed. Sokon Investments commenced their new 10 year lease on January 1st. The San Francisco based company is a subsidiary of Chinese auto manufacturer and supplier, Sokon Industry. The company plans to invest approximately $6 million ($100 per square foot) into their tenant improvements to transform the building into a premier Research and Development facility. The company plans to develop the next generation of electric car powertrains and batteries at the facility. 150 people are expected to be employed at the facility. The building has drawn attention from local press and the State of Michigan who is looking to highlight foreign investment in the state. Rick Snyder, Michigan?s Governor, made the announcement of the company?s move and visited the facility himself on November 17th 2016. The state awarded the project a $1 Million grant from the Michigan Economic Development Corporation. The new owner has the outstanding benefit of taking over the Property during Sokon?s free rent period and will therefore receive all 10 years of the income. - SF Motors to invest $10.7 million in Pittsfield Township center, create 150 jobs Xoran Technologies is a medical technology company that creates small CT scanners for medical offices and portable CT scanners. The company has sold and installed over 500 CT scanners, both domestically and internationally. Their lease extends through the end of 2024 and the tenant has 3 additional 5 year options available. Progenity is a biosciences company that specializes in genetic testing to help patients better understand which medications work best. Progenity owns one of the neighboring buildings; 5230 S. State Road. Their space in 5210 is overflow from their rapid continued growth from their owned facility next door. State Street Executive Park is located less than a mile from I-94, the major highway that runs east-west through the southern edge of Ann Arbor. The surrounding areas include countless amenities that come from being located close to a 45,000 student university. Detroit Metro Airport is located only 20 miles to the east. This property will be auctioned on Monday, January 1 - Monday, January 1 . The price displayed is the starting bid amount of $24,500,000. For information and to register to bid on this property, please visit Ten-X.com.
