Bid Title: Request for Proposal (RFP) For Brokerage Services: HANOVER SQUARE RETAIL CENTER
Category: RFP
Status: Closed

Description:

Request For Proposal (RFP) For Brokerage Services
HANOVER SQUARE RETAIL CENTER- 6606-6772 BARRINGTON ROAD, HANOVER PARK, IL  60133

The Village of Hanover Park (the “Village”), in consultation with SB Friedman Development Advisors, is seeking proposals from qualified local real estate brokers/firms to assist in the disposition of the Village-owned Hanover Square Shopping Center, located at 6606 – 6772 Barrington Road in Hanover Park, IL. It is the intent of this RFP to have the successful broker/firm enter into a Professional Services Contract with the Village to supply real estate brokerage services as outlined herein.

Hanover Square Retail Center- 6606-6772 Barrington Road, Hanover Park, IL 60133

The subject property is the existing Hanover Square retail shopping center (the “Center”), located at 6606 – 6772 Barrington Road in Hanover Park, presented in Figure 1 below. The Center is a 113,595-square-foot facility, consisting of a main building with 19 retail spaces, an outparcel building with six retail spaces, a vacant outlot on the northeast corner of the site and 472 surface parking spaces.

The Center has a land area of approximately 9.1 acres and consists of 7 parcels in Cook County (PIN numbers 06-36-406-002, 06-36-406-007, 06-36-406-008, 06-36-406-009, 06-36-406-010, 06-36-406-011, 06-36-406-012). The vacant outlot on the northeast corner of the property is 0.3 acres.

The Village acquired the Center several years ago to gain control of a property that was a blighting influence on the area. The Village has since made significant improvements to the Center and has secured several new tenants. The Center is anchored by Dino’s Fresh Market, Gymkhana and the Education and Work Center, and is now approximately 80% occupied.

RFP overhead
Source: Google Earth, SB Friedman

Scope of Services

The successful firm or individual shall agree to contract with the Village to:
  • Perform market and valuation analyses
  • Develop strategies for sale of the Center
  • Develop marketing materials (electronic and/or hard copy) to advertise the Center
  • Distribute the materials to potential buyers and report results to the Village on an agreed upon frequency
  • Participate in site tours of the Center
  • Confirm qualifications of potential buyers
  • Analyze offers from potential buyers and advise the Village and its representatives with respect to the offer and negotiations
  • Represent the Village in negotiations with a prospective buyer from the time of offer until closing
  • Coordinate real estate transaction closings
  • Handle all other customary activities and brokerage services associated with real estate transactions
  • Provide the Village Manager with monthly activity reports


Services will include consultation with Village staff and its representatives to report efforts/strategies to market the Center. Presentations at public meetings may be required.


Publication Date/Time:
3/9/2021 3:30 PM
Closing Date/Time:
4/12/2021 5:00 PM
Contact Person:
RFP Schedule

The following timeline shall govern the selection process and contract execution:

• RFP release date: Monday, March 9, 2021
• Question & Answer deadline: Monday, March 22, 2021, 5 pm CST
• Posting of Question & Answer responses: Monday, March 29, 2021, 5 pm CST
• Submittal deadline Friday, April 12, 2021, 5 pm CST

Proposals should be submitted via e-mail only, and addressed to both the following:

• Shubhra Govind, Director of Community & Economic Development, Village of Hanover Park (sgovind@hpil.org); and
• Stephen Friedman, President, SB Friedman Development Advisors (sbf@sbfriedman.com).

Proposals will be accepted until Friday, April 12, 2021 at 5 pm CST.

Qualifications:
Broker Qualifications

Respondents to this RFP shall have the following qualifications:

• Must be licensed real estate broker and in good standing with the State of Illinois
• Must have an excellent reputation in the commercial real estate community
• Must be knowledgeable in the Chicago metro area real estate market and have experience with small and large retail commercial properties
• Must be knowledgeable in the use of all public real estate records
• Experience working with other local municipalities is recommended although not required

Special Requirements:
RFP Submittal Requirements

By submitting a proposal, the respondent represents that they have:

1. Thoroughly examined and become familiar with the scope of services outlined in this RFP; and
2. Are capable of performing quality work to achieve the Village’s objectives. The Broker shall abide by all State of Illinois standards and practices required of a professional real estate broker at all times.

Please provide a cover letter indicating your interest in serving as the Village’s real estate agent/firm to market and sell the Center. The following information must accompany your proposal:

• Firm profile, including the size of firm, full suite of services offered by the firm, office location(s), years in business, and previous names, if any
• Outline of number and nature of the professional staff to be assigned to the Village, including a brief resume for each key person listed, as well as their experience and training
• Narrative detailing the firm’s experience in assisting similar size entities, including any and all services for government agencies
• Description of the methods of identifying potential purchasers
• Description of the marketing materials and the strategy for presenting the Center to the marketplace
• Narrative detailing the experience (minimum five years previous experience with proven effectiveness) your firm or organization has in pertinent real estate experience
• List of firm’s comparable sales over the last five years
• List of for-sale retail properties currently represented by the firm in northwest Cook County and northern DuPage County
• List of at least three (3) references where and when your firm provided similar services. Please provide names, e-mail addresses and telephone numbers of contact persons for each reference.
• List of litigation, outstanding judgments and liens where any member of the firm or firm salesperson was involved over the past five (5) years
• Proposed fee schedule:
o State your commission rate for listing and selling the Center
o State any other costs to the Village relating to the real estate services to be provided

Selection Criteria

Selection of a broker/firm will be made based on the following criteria:

• Ability of the respondent(s) to meet or exceed the requirements defined in the RFP
• Experience, qualifications and references
• Knowledge of local real estate market
• Local reputation
• Fee schedule
• Completeness of response to RFP as outlined in this solicitation
• Any other matter that Village staff deems to be in the best interest of the Village

Miscellaneous:
Questions

Questions regarding the RFP may be submitted via e-mail only, and addressed to both the following:

• Shubhra Govind, Director of Community & Economic Development, Village of Hanover Park (sgovind@hpil.org);
• Stephen Friedman, President, SB Friedman Development Advisors (sbf@sbfriedman.com).

Questions will be accepted until 5 pm CST on Monday, March 22, 2021 and posted to the Village’s website by 5pm CST on Monday, March 29, 2021 at the following link:

Oral responses by any Village employee or agent of the Village are not binding and shall not in any way be considered as a commitment of the Village.

Evaluation and Award Process

Issuance of this RFP and receipt of proposals does not commit the Village to award a contract. The Village reserves the right to postpone receipt date, accept or reject any or all proposals received in response to this RFP, negotiate with any of the brokers/firms submitting a proposal, or cancel all or part of this RFP.

Firms submitting a proposal in response to this RFP may be required to give an oral presentation of their proposal. Additional technical and/or cost information may be requested for clarification purposes, but in no way will change the original proposal submitted. Interviews are optional and may or may not be conducted.

Term of Contract

The contract period for the successful broker/firm will be from date of award through the end of 9 months. The contract may be renewed at the sole discretion of the Village for additional terms.

Insurance Requirements

For proposal purposes, proposers must submit certificates of insurance for professional liability. The selected contractor must provide original certificates prior to commencing services.

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