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396013 Ave S J.C. Penney Corp, Inc.
<br />01-6570-00190-000
<br />Asking Lease Rates
<br />Pro er Base CAM Gross Net
<br />Home Depot -Bismarck $ 6.50 NNN $ 6.50
<br />Minimum $ 12.50 $ 3.50
<br />Maximum $ 22.95 $13.95
<br />Mean $ 17.45 $ 8.45
<br />Median $ 17.50 $ 8.50
<br />Net / SF Building
<br />/ Yr Area Net / Yr
<br />JC Penney $ 6.00 138,850 $ 833,100
<br />Overall Capitalization Rate 8.70%
<br />Indication of Value $ 9,576,000
<br />Value / SF of Building Area $ 68.97
<br />In addition to the above property specific analysis, recapped in the table on the following page
<br />are taxable sales for Fargo and Cass County, as published by the North Dakota Tax Department.
<br />Taxable sales for the fourth quarter and year-end 2008 were not available as of April 20, 2009.
<br />Overall, Fargo and Cass County have realized increasing to stable growth in taxable sales from
<br />1999 to 2007 as recapped in the lower portion of the following table. The upper portion of the
<br />table provides a comparison of the first three quarters of 2007 and 2008, which reflect a 7.64-
<br />percent increase in taxable sales in Fargo and a 7.72-percent increase in taxable sales in Cass
<br />County.
<br /> Taxable Sales (000)
<br /> Fargo Cass Coun
<br />YTD 2008 1,479,892.3 7.64°/ 1,691,931.3 7.72°
<br />3rd Qrtt 2008 546,547.3 5.35% 627,329.7 5.17%
<br />2nd Qrtr 2008 S 18,777.1 25.14 % 596,476.9 27.42
<br />1stQrtr 2008 414,567.9 468,124.7
<br />YTD 2007 1,374,872.2 (3 Quarters) 1,570,622.8 (3 Quarters)
<br />4th Qrtr 2007 530,400.5 6.45% 600,077.0 4.77°%
<br />3rdQrtr 2007 498,252.7 5.37% 572,753.8 5.13%
<br />2nd Qrtr 2007 472,875.2 17.12% 544,783.7 20.24%
<br />IstQrtr 2007 403,744.3 453,085.3
<br />Overall 35.50% 36.85%
<br />YE 2007 1,906,146.9 5.90% 2,171,261.5 5.63%
<br />YE 2006 1,799,964.8 6.02% 2,055,613.5 5.13%
<br />YE 2005 1,697,771.0 5.66% 1,955,304.1 4.98%
<br />YE 2004 1,606,763.5 3.47% 1,862,604.5 5.10%
<br />YE 2003 1,552,922.6 3.87% 1,772,298.2 4.11%
<br />YE 2002 1,495,029.8 2.99% 1,702,371.5 3.28%
<br />YE 2001 1,451,621.4 2.48% 1,648,276.9 2.61%
<br />YE 2000 1,416,439.6 0.69% 1,606,383.4 1.25%
<br />YE 1999 1,406,758.2 1,586,602.3
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