Self-Contained Appraisal Report Prepared For PDF
Preview Self-Contained Appraisal Report Prepared For
CONSUMER SQUARE WEST 3530-3592 Soldano Road Columbus, Franklin County, OH 43228 CBRE File No. 12-183CN-0872 Self-Contained Appraisal Report Prepared For: Eyal Bartov CFO AVIV ARLON Moshe Aviv Tower, Floor 47 7 Jabotinsky St., Ramat Gan VALUATION & ADVISORY SERVICES © 2012 CBRE, Inc. VALUATION & ADVISORY SERVICES 201 E. Fifth Street, Suite 1330 Cincinnati, OH 45202 T (513) 369-1368 F (513) 369-1370 www.cbre.com January 25, 2012 Eyal Bartov CFO AVIV ARLON Moshe Aviv Tower, Floor 47 7 Jabotinsky St., Ramat Gan RE: Appraisal of Consumer Square West 3530-3592 Soldano Road Columbus, Franklin County, OH 43228 CBRE File No 12-183CN-0872 Dear Mr. Bartov: At your request and authorization, CB Richard Ellis (CBRE) has prepared an appraisal of the market value of the referenced property. Our analysis is presented in the following Self-Contained Appraisal Report. The subject is a 218,206-square foot community center located at the northwest quadrant of West Broad Street and Wilson Road in Columbus, Ohio. The subject is anchored by a 64,587 square foot Kroger Grocery store. Additionally, the subject property includes a 12.42 acre site, which is encumbered by a ground lease with Target Corporation and a 1.52 acre site, which is encumbered by a ground lease to McDonalds Corporation. The building improvements of the Target (134,309 square feet GBA) and McDonald's (4,000 square feet GBA) sites are not included in the subject's GBA, given the nature of the leasehold ownership rights. The improvements were constructed from 1988-1991 and consist of two buildings. The Kroger and adjacent in-line space total 198,752 square feet. The smaller in-line building, located on the southeast portion of the site, totals 19,454 square feet. The improvements reside on a support site of 23.09 acres, which includes approximately 2,300 asphalt paved parking spaces. The subject's three parcels total 37.03 acres and are irregular in shape. Currently, the property is 71.44% occupied and is considered to be in average overall condition. The subject property is identified by the Franklin County Auditor as parcel numbers 010- 111024-00, 010-215128-00 and 010-220112-00. The subject is more fully described, legally and physically, within the enclosed report. Based on the analysis contained in the following report, the market value of the subject is concluded as follows: © 2012 CBRE, Inc. Eyal Bartov January 25, 2012 Page 2 MARKET VALUE CONCLUSION Appraisal Premise Interest Appraised Date of Value Value Conclusion As Is (Retrospective) Leased Fee Interest December 31, 2011 $15,250,000 Compiled by CBRE The subject property was physically observed on January 9, 2012 and the effective date of value is December 31, 2011; therefore, our value opinion represents a “retrospective” value. To our knowledge, no significant changes in the physical, financial, economic or other conditions have occurred between the effective date of value and the date of observation which would materially alter the market value between the two dates. It is noted the subject transferred in August, 2011. We have analyzed the concluded value within this report compared to the purchase price of $13,300,000. The concluded “As Is” market value is $15,250,000. This represents a 14.7% increase in the “As Is” value. The primary reason for the difference is the property owner, subsequent to the purchase in August, 2011, invested approximately $330,000 in capital improvements (parking lot, sidewalks and fencing) and lease renewals. An analysis of the rent roll (1/1/2012), and conversations with the listing broker indicate some of the changes since the transfer include Chuck E Cheese expanding from a 7,825 square foot space to an 11,654 square foot space. Additionally, Fashion Bug’s rental rate has increased to $10.00 per square foot from approximately $3.00 per square foot (as of rent roll dated 6/9/2011). We note both Target and Kroger have exercised renewal options thru 2014 and 2016, respectively. The result of the leasing activity has increased the subject’s effective gross income from $2,255,341 to $2,348,356 equat ing to an increase in EGI of $93,015. Data, information, and calculations leading to the value conclusion are incorporated in the report following this letter. The report, in its entirety, including all assumptions and limiting conditions, is an integral part of, and inseparable from, this letter. The following appraisal sets forth the most pertinent data gathered, the techniques employed, and the reasoning leading to the opinion of value. The analyses, opinions and conclusions were developed based on, and this report has been prepared in conformance with, our interpretation of the guidelines and recommendations set forth in the Uniform Standards of Professional Appraisal Practice (USPAP), the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. It also conforms to Title XI Regulations and the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) updated in 1994 and further updated by the Interagency Appraisal and Evaluation Guidelines promulgated in 2010. It has been a pleasure to assist you in this assignment. If you have any questions concerning the analysis, or if CBRE, Inc. can be of further service, please contact us. © 2012 CBRE, Inc. Eyal Bartov January 25, 2012 Page 3 Respectfully submitted, CBRE - VALUATION & ADVISORY SERVICES Shaun M. Seyfried Scott R. Glaser, MAI Appraiser Director Ohio General Certification # 415371 Phone: (513) 369-1371 Phone: (513) 369-1362 Fax: (513) 369-1370 Fax: (513) 369-1370 Email: [email protected] Email: [email protected] © 2012 CBRE, Inc. CONSUMER SQUARE WEST | CERTIFICATION OF THE APPRAISAL CERTIFICATION OF THE APPRAISAL We certify to the best of our knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are our personal, impartial and unbiased professional analyses, opinions, and conclusions. 3. We have no present or prospective interest in or bias with respect to the property that is the subject of this report and have no personal interest in or bias with respect to the parties involved with this assignment. 4. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 5. Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 6. This appraisal assignment was not based upon a requested minimum valuation, a specific valuation, or the approval of a loan. 7. Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice, as well as the requirements of the State of OH. 8. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. 9. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 10. As of the date of this report, Scott R. Glaser, MAI has completed the continuing education program of the Appraisal Institute. 11. Shaun M. Seyfried and Scott R. Glaser, MAI have made a personal observation of the property that is the subject of this report. 12. No one provided significant real property appraisal assistance to the persons signing this report. 13. Valuation & Advisory Services operates as an independent economic entity within CBRE. Although employees of other CBRE divisions may be contacted as a part of our routine market research investigations, absolute client confidentiality and privacy were maintained at all times with regard to this assignment without conflict of interest. 14. Shaun M. Seyfried and Scott R. Glaser, MAI has provided real estate related services on this property in the three years prior to accepting this assignment, with an appraisal in 2011. Shaun M. Seyfried Scott R. Glaser, MAI Appraiser Ohio General Certification # 415371 i © 2012 CBRE, Inc. CONSUMER SQUARE WEST | SUBJECT PHOTOGRAPHS SUBJECT PHOTOGRAPHS AERIAL VIEW ii © 2012 CBRE, Inc. CONSUMER SQUARE WEST | SUBJECT PHOTOGRAPHS SUBJECT PHOTOGRAPHS AERIAL VIEW iii © 2012 CBRE, Inc. CONSUMER SQUARE WEST | SUBJECT PHOTOGRAPHS TYPICAL VIEW OF THE SUBJECT TYPICAL VIEW OF THE SUBJECT iv © 2012 CBRE, Inc. CONSUMER SQUARE WEST | SUBJECT PHOTOGRAPHS VIEW OF THE PARKING AREA VIEW OF SUBJECT STORE FRONTS v © 2012 CBRE, Inc. CONSUMER SQUARE WEST | SUBJECT PHOTOGRAPHS VIEW OF A TYPICAL RETAIL STORE INTERIOR VIEW OF THE REAR ELEVATION vi © 2012 CBRE, Inc.
Description:The list of books you might like
