Untitled Document


IPRA News	Sale of the IPRA Building Falls Through IPRA received notice today that the potential buyers of the IPRA headquarters had to cancel their contract for the purchase of the property. The potential buyers currently own property adjacent to the IPRA building and were looking at the space for future expansion. Quoting the letter from the purchaser's lawyer: "The costs the Purchaser would incur to modify the floors and supporting structures that would be acceptable for the Purchaser's use would cost hundreds of thousands of dollars, making the project financially not feasible and imprudent to the Purchaser." Unfortunately, during their due diligence period they found too many unexpected costs associated with retrofitting of the space. The costs were simply too high for IPRA to consider renegotiating the sale of the building. This is an unfortunate circumstance but we have immediately instructed our broker to again aggressively market the IPRA building to prospective buyers. We are fortunate enough to have good business sense and legal guidance to wait on signing any lease deals prior to the sale of the building. The due diligence period of 30 days, which would have come due on June 8, would have marked the time when IPRA could make an offer on a future location for the headquarters. We are maintaining a positive attitude knowing that a more financially beneficial deal may come our way. This happens to be the nature of commercial real estate and we are confident the sale of the building and the purchase of a new headquarters will happen soon. News regarding the relocation will be made available in a timely manner via eNewsletters and the building relocation page within the Members Only section of the IPRA website. Mega-Garage Sale Cancelled Effective immediately, the Mega-Garage Sale scheduled for June 14 has been cancelled until further notice. We apologize for any inconvenience this may have caused for you and your agency. Once the sale of the IPRA building becomes official we will advertise the Mega-Garage Sale - Part Deux.
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Sale of the IPRA Building Falls Through

IPRA received notice today that the potential buyers of the IPRA headquarters had to cancel their contract for the purchase of the property. The potential buyers currently own property adjacent to the IPRA building and were looking at the space for future expansion. Quoting the letter from the purchaser's lawyer:

"The costs the Purchaser would incur to modify the floors and supporting structures that would be acceptable for the Purchaser's use would cost hundreds of thousands of dollars, making the project financially not feasible and imprudent to the Purchaser."

Unfortunately, during their due diligence period they found too many unexpected costs associated with retrofitting of the space. The costs were simply too high for IPRA to consider renegotiating the sale of the building.

This is an unfortunate circumstance but we have immediately instructed our broker to again aggressively market the IPRA building to prospective buyers. We are fortunate enough to have good business sense and legal guidance to wait on signing any lease deals prior to the sale of the building. The due diligence period of 30 days, which would have come due on June 8, would have marked the time when IPRA could make an offer on a future location for the headquarters.

We are maintaining a positive attitude knowing that a more financially beneficial deal may come our way. This happens to be the nature of commercial real estate and we are confident the sale of the building and the purchase of a new headquarters will happen soon.

News regarding the relocation will be made available in a timely manner via eNewsletters and the building relocation page within the Members Only section of the IPRA website.

Mega-Garage Sale Cancelled

Effective immediately, the Mega-Garage Sale scheduled for June 14 has been cancelled until further notice. We apologize for any inconvenience this may have caused for you and your agency. Once the sale of the IPRA building becomes official we will advertise the Mega-Garage Sale - Part Deux.