02. Abatement hearing for Y&O Fargo Plaza, LLC
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02. Abatement hearing for Y&O Fargo Plaza, LLC
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Executive Summary <br />•The appraiser was not provided with a property condition report and assumes no deferred <br />maintenance. <br />•Ownership reported being in discussions with a local lawnmowing repair business to take <br />occupancy of roughly 4,500 SF of 'dead space' in the back of the building for $2500/month. <br />The business mostly desires the space due to the availably of outdoor storage/yard area. No <br />lease was provided so this valuation assumes no income is immediately derived from 'dead <br />space'. <br />•The use of these extraordinary assumptions may have affected the assignment results. <br />HYPOTHETICAL CONDITIONS <br />A hypothetical condition is defined as "a condition, directly related to a specific assignment, <br />which is contrary to what is known by the appraiser to exist on the effective date of the <br />assignment results, but is used for the purposes of analysis." 2 <br />•None noted <br />OWNERSHIP AND PROPERTY HISTORY <br />OWNERSHIP SUMMARY <br />Owner: <br />Date Purchased: <br />Purchase Price: <br />Legal Reference <br />County/Locality Name: <br />Pending Sale: <br />Change of Ownership -Post 3 Years <br />Compiled by CBRE <br />Current <br />December-18 <br />$6,480,000 <br />Cass <br />No <br />No <br />A representative of ownership, stated that the subject was professionally <br />marketed by CBRE out of Dallas and that the buying group has a history of buying similar <br />properties on a national basis with broker. The property was sold on a cash basis with a quick <br />close given a strong level of comfort with the property. -indicated the transaction was <br />arm's length and generally within market terms but he believes there is upside given the existing <br />tenant's strong sales as well as the strength of the local trade area. <br />To the best of our knowledge and according to County deed records, there have been no <br />transfers of ownership involving the subject since the December 2018 Sale. The property is not <br />currently known to be listed for sale. <br />EXPOSURE/MARKETING TIME <br />Current appraisal guidelines require an estimate of a reasonable time period in which the subject <br />could be brought to market and sold. This reasonable time frame can either be examined <br />2 The Appraisal Foundation, USPAP, 2018-2019 <br />VIII Hobby Lobby Center, Fargo, North Dakota CBRE <br />Page 48
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