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<br />COMPARABLE BUILDIN"G SALE #1- Continued <br /> <br />Sale Price: <br />Unpaid Special Assessments: <br />Total Price: <br />Unit Price: <br /> <br />$2,550,000 <br />Negligible <br />$2,550,000 <br />$22.07 psf of gross building area <br /> <br />Remarks: <br /> <br />This is a former Builders Square home improvement center that became vacant when Kmart <br />(parent company of Builders Square) decided to leave the Twin Cities market. Kmart and the <br />buyer mutually terminated the lease, which expired in January 1998. Additional remarks are as <br />follows: <br /> <br />· building needed a new roof; <br />· excess land will allow another building. <br /> <br />The buyer renovated the building for office use. <br /> <br />A key aspect of this sale was that the buyer believed 4.5 acres of excess land was worth about <br />$3.00 psf ($588,060). <br /> <br />The buyer opted for a ten~year roof overlay that costs $225,000. Kmart's lease expired 1/98. <br />After purchase, the buyer negotiated a lease termination with Kmart in which the discounter <br />paid an undisclosed sum to be released from the remaining few months. <br /> <br />The price per square foot of gross building area after deducting the excess land value is $16.99. <br />per square foot. <br /> <br />t"""'".........:_L.. ~ 1fV1' 0._ Tllo,...,...,.........r"Io. ~ .. ---- <br />