broker’s opinion of value · jameson llc 1451 old north main st clover, sc 29710 (803) 222-6400...

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BROKER’S OPINION OF VALUE

March 11, 2019

To: Kenneth Moore Aurora Hospitality Group, LLC

From: Jim Finnegan, Coldwell Banker Commercial—The Real Estate Group

Property Address: Lots 4 & 5, Meijer Subdivision, 724, 716 N Rt 59 Aurora, IL 60504

PIN: 07-21-200–046 and 047

Property Description

The subject property is located in Aurora, IL along Rt. 59 which is a major retail corridor. The surrounding area is mostly Retail and Multi-Family development.

The property consists of two vacant commercial lots. Lot 4, Meijer Subdivision is approximately 70,056 +/- sf. Lot 5, Meijer Sub is approximately 69,696 +/- sf. The total property is approximately 3.2 acres. Vacant retail pad sites adjacent to Meijer Grocery Store. Marquee signage along with Meijer on Route 59.

Entitled to the City of Aurora and approved for Hotel Development August 2018

First traffic light north of Aurora Ave./New York Street; west side of Route 59.

COLDWELL BANKER COMMERCIAL The Real Estate Group

3124 S. Rt. 59 #150 Naperville, IL 60564

BUSINESS (630)844-2222 TOLL FREE (800) 705-6663

CELL (630) 947-5024 FAX (630) 264-0300

E-MAIL [email protected]

James Finnegan Senior Broker

Property Taxes

PIN: 07- 21-200-046 and 047 Total Tax 2017 $12,391.32

Market Overview

Zoning

The zoning for the subject property is BB (business boulevard) (Special Use Permit) City of Aurora; approved for Hotel Development.

N Aurora RdLot 4b - Riverbrook Shopping CenterNaperville, IL 60563

Commercial Land of 1.38 AC Sold on 1/30/2018 for $1,550,000 -Research Complete

buyer

CIMA Developers, Inc.30W180 E Butterfield RdWarrenville, IL 60555(630) 653-1700

Trust 21282

seller

vital data

Escrow/Contract: 365 daysDays on Market: 462 days

Exchange: NoConditions: -

Lot Dimensions: -Frontage 256 feet on N Aurora Rd 215 feet ...

Sale Date: 1/30/2018

Comp ID: 4122806

Sale Price: $1,550,000Status: Confirmed

Down Pmnt: -Pct Down: -

Doc No: R18-013377Trans Tax: -

Corner: No

Zoning: C

Topography: -Improvements: -

Submarket: Western East/West Corr

Property Type: Land

Off-Site Improv: -

Proposed Use: -

Max No of Units: -Price/Unit: -

Density: -

Map Page: -Parcel No: 07-14-100-025 [Partial List]

income expense data

Acres: 1.38 AC

Price/Acre: $1,125,308.55

SF: 60,000 SF

Price/SF: $25.83

Gross Net

-

-

-

-

Listing Broker

Lagestee-Mulder Commercial Real Estate361 S Frontage RdBurr Ridge, IL 60527(708) 478-8338Martha Winter

Buyer Broker

No Buyer Broker on Deal

financing

Copyrighted report licensed to Coldwell Banker Commercial – The Real Estate Group - 1386.

2650 US Route 34Lot C - Prairie MarketOswego, IL 60543


buyer

Paignton House Holdings LTD

Troutman & Dams Commercial Real Estate2211 N Elston AveChicago, IL 60614(312) 441-0343

seller

vital data

Escrow/Contract: -Days on Market: 136 days

Exchange: NoConditions: Ground Lease (Leased Fee)

Lot Dimensions: -Frontage -

Sale Date: 3/2/2018

Comp ID: 4155047



Doc No: -Trans Tax: -

Corner: No

Zoning: Commercial


Submarket: Joliet/Central Will

Property Type: Land

Off-Site Improv: Cable, Curb/Gutter/Sidewalk, Electricity, ...

Proposed Use: -


Density: -

Map Page: -Parcel No: 03-10-177-007

income expense data

Acres: 1.60 AC

Price/Acre: $1,506,250.00

SF: 69,696 SF

Price/SF: $34.58

Gross Net

1.60 AC

$1,506,250.00

69,696 SF

$34.58

Listing Broker

Marcus & Millichap1 Mid America PlzOakbrook Terrace, IL 60181(630) 570-2200Sean Sharko, Austin Weisenbeck

Buyer Broker

prior sale

Date/Doc No:Sale Price:

CompID:

2/26/2018$2,410,000

4239496

financing


1390 Butterfield RdOutlot 10 - Savannah CrossingsAurora, IL 60502

Commercial (Community Center) Land of 1.04 AC Sold on6/29/2018 for $760,000 - Research Complete

buyer

Popeyes5505 Blue Lagoon DrMiami, FL 33126(404) 459-4450

Inland Real Estate Group of Companies, Inc.2901 Butterfield RdOak Brook, IL 60523(630) 218-8000

seller

vital data

Escrow/Contract: -Days on Market: 1,047 days




Comp ID: 4347157

Sale Price: $760,000Status: Confirmed



Corner: No

Zoning: -



Property Type: Land

Off-Site Improv: -

Proposed Use: Commercial, Retail


Density: -

Map Page: -Parcel No: -

income expense data

Acres: 1.04 AC

Price/Acre: $730,769.23

SF: 45,302 SF

Price/SF: $16.78

Gross Net

1.04 AC

$730,769.23

45,302 SF

$16.78

Listing Broker

SVN l Chicago Commercial940 W Adams StChicago, IL 60607(312) 676-1866Scott Jacobs

Buyer Broker

Terra Firma Retail Real Estate250 N Ridgeland AveElmhurst, IL 60126(773) 551-8288Scott Janos

financing


1350 Butterfield RdBest Sites in the Market - Savannah CrossingsAurora, IL 60502

Commercial (Community Center) Land of 1.05 AC Sold on7/13/2018 for $715,000 - Research Complete

buyer

seller

vital data

Escrow/Contract: -Days on Market: 1,061 days




Comp ID: 4395889

Sale Price: $715,000Status: -



Corner: No

Zoning: -



Property Type: Land


Proposed Use: Commercial, Retail


Density: -


income expense data

Acres: 1.05 AC

Price/Acre: $680,952.38

SF: 45,738 SF

Price/SF: $15.63

Gross Net

1.05 AC

$680,952.38

45,738 SF

$15.63

Listing Broker

SVN l Chicago Commercial940 W Adams StChicago, IL 60607(312) 676-1866Scott Jacobs

Buyer Broker

financing


SWC Boughton Rd & Weber RBolingbrook CenterBolingbrook, IL 60490

Commercial (Community Center) Land of 1.20 AC Sold on7/23/2018 for $1,385,000 - Sold for Land Value - ResearchComplete

buyer

Glazier Corporation824 N Racine AveChicago, IL 60642(312) 944-6699

Meijer Realty Company2929 Walker Ave NWGrand Rapids, MI 49544(616) 453-6711

seller

vital data

Escrow/Contract: 240 daysDays on Market: -




Comp ID: 4557452


Down Pmnt: $277,000Pct Down: 20.0%

Doc No: R18051912Trans Tax: -

Corner: No

Zoning: C



Property Type: Land


Proposed Use: Retail


Density: -


income expense data

Acres: 1.20 AC

Price/Acre: $1,154,166.67

SF: 52,272 SF

Price/SF: $26.50

Gross Net

1.20 AC

$1,154,166.67

52,272 SF

$26.50

Listing Broker

No Listing Broker on Deal

Buyer Broker

No Buyer Broker on Deal

prior sale


CompID:

1/10/2012$785,0002257026

financing


Weber RdLot 7 - The Shoppes of Weber RoadBolingbrook, IL 60490

Commercial Land of 1.37 AC Sold on 9/19/2018 for $718,000 -Public Record

buyer

Cbh Properties Bolingbrook Llc17725 Katy FwyHouston, TX 77094

Sai Bolingbrook Llc Series B

seller

vital data

Escrow/Contract: -Days on Market: -




Comp ID: 4546882

Sale Price: $718,000Status: -


Doc No: R18067921Trans Tax: -

Corner: No

Zoning: B-2



Property Type: Land


Proposed Use: -


Density: -


income expense data

Acres: 1.37 AC

Price/Acre: $524,087.59

SF: 59,677 SF

Price/SF: $12.03

Gross Net

1.37 AC

$524,087.59

59,677 SF

$12.03

Listing Broker

Caton Commercial Real Estate Group1296 Rickert DrNaperville, IL 60540(815) 436-5700Nick O'Donnell, Steve Caton

Buyer Broker

prior sale


CompID:

2/26/2015$1,385,000

3243263

financing


NWC Route 59 & 95th StNaperville Crossings Lot 10Naperville, IL 60564


buyer

Jameson LLC1451 Old North Main StClover, SC 29710(803) 222-6400

First National Bank Of Naperville555 Fort Hill DrNaperville, IL 60540(630) 369-3555

seller

vital data

Escrow/Contract: 30 daysDays on Market: 1,213 days


Lot Dimensions: -Frontage 247 feet on 95th St 212 feet on ...

Sale Date: 3/1/2019

Comp ID: 4691067




Corner: No

Zoning: B2 PUD



Property Type: Land


Proposed Use: Retail, Office, Auto Repair, Fast Food,Medical, Strip Center


Density: -


income expense data

Acres: 1.58 AC

Price/Acre: $773,417.72

SF: 68,825 SF

Price/SF: $17.76

Gross Net

-

-

-

-

Listing Broker

john greene Commercial1311 S Route 59Naperville, IL 60564(630) 229-2290Shamus Conneely

Buyer Broker

Caton Commercial Real Estate Group1296 Rickert DrNaperville, IL 60540(815) 436-5700Steve Caton, Brian Blackmore, Joe Herron

financing


Estimated Market Value

A Broker’s Price Opinion accompanies this report.

MARKET COMPARISON APPROACH

In arriving at this conclusion of value of the subject property, the broker made a survey of properties that have been sold recently within the general area and neighborhood of the subject property, or within somewhat similar areas and neighborhoods that are comparable to that, wherein, the subject property is located.

A resume of some of the sales and offerings for sale considered by the broker in arriving at an opinion of value for the subject property, by this, the Market Comparison Approach to value, is as follows:

SOLD MARKET COMPARABLE BUILDINGS

The above market sales represent the most recent sales of similar type properties that the broker was able to locate and verify within the same market area as the subject property.

After adjustment the above listed sales ranged in price from a low of $15.63 and a high of $34.58 per square foot basis. The mean of the adjusted sales prices was $22.84.

Sale # 1 2 3 4 5 6

Date: Price: Size: Use: $/sq.ft.:

01/30/2018 $1,550,000 1.38 acres Retail

$25.83

03/02/2018 $2,410,000 1.60 acres Commercial

$34.58

06/29/2018 $760,000 1.04 acres Commercial

$16.78

07/13/2018 $715,000 1.05 acres Retail

$15.63

07/23/2018 $1,385,000 1.20 acres Commercial

$26.50

03/01/2019 $1,222,000 1.58 acres Retail

$17.76

The total indicated market value of the subject property when calculated using the above referenced figure becomes; 139,752 square feet times $22.84 which is equal to $3,191,935.68 to include the underlying land, rounded to say:

$3,200,000

CONCLUSIONS

Using the three methods of valuation as detailed earlier in this report the following results were obtained:

Value indicated by the Cost Approach: $NA Value indicated by the Market Approach: $3,200,000 Value indicated by the Income Approach: $NA

The Market Analysis Approach was based on recent sales in the same market area. They are representative of the activity within the market over the preceding several years.

In arriving at a base rental figure per square for the building in calculating the Income Approach to Value the broker called upon both historic lease rates applying on the area and his own experience in that regard.

It is therefore the opinion of the broker based on the facts as discussed within the body of this report, the Indicated Fair Market Value of the subject property as of Monday, March 11, 2019 was:

.......................................

($3,200,000)

broker’s opinion of value · jameson llc 1451 old north main st clover, sc 29710 (803) 222-6400...

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