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Macy's West Acres Center
<br />3902 13th Avenue South
<br />Fargo, NO 58103
<br />01-6750-00180-000, 01-6570-00200-000
<br />Sale Date of Land Building Year Sale Sale Price
<br />Number Location Sale Size Size Built Price Per SgFt.
<br />1 Dillards Oct•07 577,170 220,000 2000 $10,170,800 $46.23
<br /> Collin County, TX
<br /> Stonebriar
<br />2 General Growth Prop Jul-06 77,161 178,100 1986 $6,000,000 $33.69
<br /> Bexar, TX
<br /> North Star
<br />3 Macya Jan-04 249,860 104,550 1990 $3,500,000 $33.48
<br /> EI Paso County,TX
<br /> Sunland
<br />4 May Dept. Stores Nov-04 517,928 130,588 N/A $5,500,000 $42.12 02-15380-020-01
<br /> Dakota County,MN
<br /> Burnsville
<br />5 May Dept. Stores Dec-04 498,762 137,321 N/A $5,500,000 $40.05 14-118-22.14-0010
<br /> Hennepin County, MN
<br /> Edan Prairie
<br />6 May Dept. Stores Jul-05 429,937 143,222 N/A $1,000,000 $6.98 02-118-21-32-0014
<br /> Hennepin County, MN
<br /> Brookdale
<br />7 May Dept. Stores Mar-05 653,400 170,609 N/A $9,500,000 $55.68 09-29-23-41-0004
<br /> Ramsey County, MN
<br /> Rosedale
<br />8 May Dept. Stores Aug-04 603,742 198,892 N/A $8,400,000 $42.23 29-028-24-31-0024
<br /> Hennepin County, MN 29-028-2431-0019
<br /> Southdale
<br />9 May Dept. Stores Jun-04 N/A 165,879 N/A $4,000,000 $24.11
<br /> Des Moines, IA
<br /> Merle Hay
<br />Subject Macy's 121,097 114,394 1972
<br /> Cass County
<br /> Macy's West Acres Center
<br />Reviewing the sales information shows that Sale Number 4 and Sale Number 5 are more comparable.
<br />Based on our analysis of the information an indicated value for the subject property would be $44.00
<br />per square foot. Utilizing the subject square footage results in a value indication of
<br />$5,033,336
<br />rounded to
<br />55,030,000
<br />9
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