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<br />-----------~~--,~..._.,.., <br /> <br />DAHLEN & DWYER, INC. <br /> <br />~ .;ft~ <br />~ <br /> <br />Comparable Sale #4 <br /> <br />K-Mart - Detroit Lakes <br /> <br />Address: <br /> <br />1305 W. Highway 10; Detroit Lakes, MN <br /> <br />Sales Price: <br /> <br />$3~f?96,OOO; $42.74/SF <br /> <br />Date of Sale: <br /> <br />October, 1999 <br /> <br />Seller/Buyer: <br /> <br />Kenneth KarliK-Mart Corp. <br /> <br />Zoning: <br /> <br />Commercial <br /> <br />Utilities: <br /> <br />All available <br /> <br />Land Size: <br /> <br />14.55 acres <br /> <br />GBA: <br /> <br />86,479 SF <br /> <br />Date Built: <br /> <br />1990 <br /> <br />Gross Income: <br /> <br />$356,293; $4.12/SF <br /> <br />Financing: <br /> <br />Cash to mortgage <br /> <br />Confirmation: <br /> <br />Confirmed with Assessor/seller <br /> <br />General Remarks <br /> <br />This is a typical K-Mart discount store located in a commercial area of Detroit <br />Lakes. The property was leased by K-Mart at the time of sale. Mr. Karl, the seller, <br />is a retail developer that decided to sell this property along with other K-Marts in the <br />Upper Midwest. These properties were actively marketed by independent brokers. <br />After negotiating a purchase agreement with another investor, K-Mart exercised their <br />right of first refusal and acquired these properties on the same terms and conditions <br />that were contained in the original sales contract. The K-Mart lease gives the right <br />of first refusal to K-Mart. The property is located on the south side of Highway 10 <br />approximately 1.5 miles west of Highway 59 in a highway commercial corridor west <br />of the eBO. Highway 10 is a major transportation route between Brainerd and the <br />Fargo Moorhead region to the west. A Wal-Mart Store is located appro.ximatelv 1 <br />miles west. ' <br /> <br />.'4:8: <br />