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Executive Summary <br />Property Name <br />Location <br />Client <br />Client Reference Number <br />Highest and Best Use <br />As If Vacant <br />As Improved <br />Property Rights Appraised <br />Date of Report <br />Date of Inspection <br />Estimated Exposure Time <br />Estimated Marketing Time <br />Land Area <br />Zoning <br />Improvements <br />Property Type <br />Number of Buildings <br />Number of Stories <br />Gross Leasable Area <br />Year Built <br />Effective Age <br />Remaining Economic Life <br />Condition <br />Buyer Profile <br />Financial Indicators <br />Current Occupancy <br />Stabilized Occupancy <br />Overall Capitalization Rate <br />Pro Forma Operating Data <br />Effective Gross Income <br />Operating Expenses <br />Expense Ratio <br />Net Operating Income <br />Hobby Lobby Center, Forgo, North Dakota <br />vi <br />Executive Summary <br />Hobby Lobby Center <br />4427 13th Avenue SW, Fargo, Cass County, ND <br />58103 <br />Cushman & Wakefield Global Services Inc <br />19-000464-01-01 <br />Retail <br />Retail <br />Leased Fee Interest <br />April 3, 2019 <br />April 2, 2019 <br />6 -12 Months <br />6 -12 Months <br />B.40AC 365,989 SF <br />CG-General Commercial <br />Retail <br />95,025 SF <br />1991 <br />25 Years <br />20 Years <br />Average <br />Investor-Regional <br />95.3% <br />95.0% <br />8.00% <br />Total <br />$857,356 <br />$325,831 <br />38.00% <br />$531,525 <br />(Neighborhood/Community Center) <br />Renovated: 2003 <br />Per SF <br />$9.02 <br />$3.43 <br />$5.59 <br />CBRE <br />Page 46