02. Abatement hearing for Y&O Fargo Plaza, LLC

VALUATION & ADVISORY SERVICES April 3, 2019 CUSHMAN & WAKEFIELD GLOBAL SERVICES INC 1900 Rand Building Buffalo, New York 14203 RE: Appraisal of: Hobby Lobby Center 4427 13th Avenue SW Fargo, Cass County, North Dakota 58103 CBRE, Inc. File No. l 9-l 78MN-0385-l Client Reference No. 19-000464-0 l -0 l Dear Mr. - CBRE 1900 LaSalle Plaza, 800 LaSalle Avenue Minneapolis, MN 55402 T 612-336-43 l 5 F 952-831-8023 www.cbre.com At your request and authorization, CBRE, Inc. has prepared an appraisal of the market value of the referenced property. Our analysis is presented in the following Appraisal Report (Summary). The subject is a 95,025-square foot retail property (neighborhood/community center) located at 4427 13th Avenue SW in Fargo, North Dakota. The improvements were constructed in 1991, renovated in 2003 and are situated on an 8.40-acre site. The subject is anchored by Hobby Lobby, Dollar Tree and Kirkland's. As of the date of value, Hobby Lobby had 4.4, Kirkland's had 3.75 and Dollar Tree had 1.5 remaining years on their leases. Included in the net rentable area is roughly 4,500 SF of space that is functionally obsolete for conventional retail but may be leased in the near-term to a small commercial vendor for office/outdoor storage purposes. Based on the analysis contained in the following report, the market value of the subject is concluded as follows: MARKET VALUE CONCLUSION Appraisal Premise Interest Appraised Date of Value Value Conclusion As Is Leased Fee Interest April 2, 2019 $6,700,000 Compiled by CBRE 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 Page 39