Page 104 - Guardian Broker Questionnaire Summary Complete Package 2 2 22_Neat

• Method of sale—Guidance--Offering price or not – call for best and final.
Colliers would run a traditional marketing process. The overall timing is typically 19-21 weeks from
execution of Listing Agreement to Closing. While we do not publish an “offer price,” we do provide a
“whisper price” or guidance number. This guidance number is “at or near” the target price to entice
as many offers as possible. This leads to competitive rounds of bidding, essentially creating an
auction-style process. Our anticipated timeline, subject to feedback from ownership, is below:

February 15 – Marketing
th
- Execute the listing agreement and prepare marketing materials including email “eblasts”
and Offering memorandum

March 1 – Official Property Launch
st

March 1 – April 12 – Six Week Marketing Period
th
st
April 12 – Call for Offers Date
th
April 22 – Best & Final Offers Due
nd
April 25 – Buyer is Selected
th
May 9 – Purchase and Sale Agreement is Executed and Due Diligence begins
th
June 9 – Due Diligence Expires
th
July 9 – Closing Date
th

6) Any operational or management recommendations to improve/enhance NOI prior to
marketing.
It is important that ownership manages income and expenses now and throughout the marketing
period. A key component of the execution strategy is pushing rents to maximum allowable levels.
Proving this strategy between now and throughout the marketing period will be imperative to
maximizing value for current ownership. We would also encourage ownership to limit concessions
or lease specials on new leases. In addition, implementing potential revenue enhancements like
utility bill backs are encouraged. This will allow new buyers to more aggressively underwrite the
opportunity.

7) Any challenges or additional information/materials which could speed up or assist in the
sales process.
We would ask ownership to begin assembling all third-party reports including financials, title,
survey, environmental, property condition assessment, and a list of capital expenditures in recent
years. Not all of these will be shared during the marketing period or during due diligence.
However, collectively they will help brokers assemble accurate marketing materials and ultimately
lead to a more organized due diligence period for a buyer.

8) Current market conditions and challenges-velocity of deals you anticipate.
The first quarter of the year is always an excellent time to market a property for sale. Investors have
new capital allocations and are eager to identify opportunities. We also anticipate a higher volume