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contingencies, called for the contribution of parcel B to the
partnership at a value of $3,200,000. This proposal was denied.
Following the denial of the partnership proposal, Lincoln and
Held continued to negotiate with regard to parcel B. In June
1986, Lincoln and the trustees entered into an agreement for
Lincoln to purchase parcel B at a price of $7.35 per net usable
square foot, or approximately $3 million. The agreement also
involved a partnership affiliation between Lincoln and the trust.
Lincoln possessed the right to terminate the agreement on
feasibility grounds if it so desired. In September 1986, citing
concerns with how modifications to Highway 280 might affect
accessibility, Lincoln terminated the agreement.
Sometime prior to March 21, 1986, the trustees declined an
offer to purchase parcel B at a price of $8 per foot, or
approximately $3,550,000. The remaining terms and other
conditions of this offer are unknown.
On October 9, 1987, Held wrote a letter to Jeffrey Bayer
(Bayer), a listing agent, regarding past discussions involving
parcel B. This letter informed Bayer that Held was willing to
consider an offer for the purchase of parcel B that would net
$3,200,000. Nothing further developed as a result of this
letter.
In 1989, Held negotiated with Midland Title Security
(Midland) for the sale of parcel B for $3,500,000. The property
was to be used as a gas station and convenience store. Midland
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