compensatory groundwater damages: st services terminal

Compensatory Groundwater Damages:ST Services Terminal, Paulsboro, NJ Supplemental Report Prepared for: State of New Jersey Department of Environmental Protection PO Box 404 Trenton, NJ 08625-0402

Prepared for:

State of New Jersey Department of Environmental Protection

PO Box 404 Trenton, NJ 08625-0402

Prepared by:

David Chapman, MS

Principal

Stratus Consulting Inc. PO Box 4059

Boulder, CO 80306-4059 303-381-8000

April 22, 2010 SC11901

Compensatory Groundwater Damages: ST Services Terminal, Paulsboro, NJ

Supplemental Report

SC11901

1. Introduction This supplemental expert report, prepared at the request of the Law Offices of John K. Dema, P.C.; Cohn Lifland Pearlman Herrmann & Knopf, LLP; Richardson, Patrick, Westbrook & Brickman, LLP; and the New Jersey Department of Law and Public Safety, presents an analysis of natural resource damages at the ST Services Terminal. This report supplements Chapman and Holmes (2009) to calculate the expected cost to purchase 96 acres of developable land as compensatory restoration estimated in that report.

The remainder of this report is organized as follows:

In Section 2, I present of summary of my opinions.

In Section 3, I list information sources relied upon to develop my opinions.

In Section 4, I present my qualifications.

In Section 5, I present the bases for my opinions on groundwater damages.

2. Summary of Opinions Chapman and Holmes (2009) concluded that the prevention of future contamination of an equivalent amount of groundwater under 96 acres of developable land as compensatory restoration actions is an appropriate estimate of natural resource damages for groundwater injured at the site. Based on a review of information developed Chapman and Holmes (2009) and Baldoni and Baldoni (2010) (Attachment 1), and my education, training, and professional experience, I conclude the following:

There is sufficient information available to develop an expected cost to purchase 96 acres of land in the area based on market transaction data.

The cost of a compensatory restoration project designed to prevent future contamination of an equivalent amount of groundwater includes the purchase price of land; costs of the environmental site investigation, land survey, and title search; other closing costs; and restoration stewardship costs.

The expected purchase price of developable land in the Paulsboro area is $33,375 per acre.

Stratus Consulting ST Services Groundwater Damages Supplemental Report (4/21/2010)

Page 2 SC11901

The purchase price of 96 acres of land in the Paulsboro area is $3,204,000.

3. Sources of Information For this analysis, we used the following sources and types of information:

The expert report of Chapman and Holmes(2009) The report by Baldoni and Baldoni (2010) and conversations with Mr. Joe Baldoni, Sr.

4. Author’s Qualifications David Chapman, MS, is a principal at Stratus Consulting Inc., a firm specializing in applied research in environmental economics, policy, and natural sciences. Mr. Chapman has over 25 years of experience in NRDA and non-market valuation and policy analysis. He is an internationally recognized expert in NRDA, having performed over 45 NRDAs for State, Federal and Tribal Trustees throughout the United States. He is experienced in the technical development and implementation of REA, groundwater assessments, and non-market valuation studies to measure the welfare effects of environmental contamination. He has conducted NRDAs for groundwater resources at over 15 sites throughout the United States. In addition, Mr. Chapman has coordinated the development and evaluation of federal and state environmental policies and assisted in the development of federal NRDA regulations and guidance for the Oil Pollution Act (OPA) and guidance for the European Union on the implementation of damage assessment provisions of the Environmental Liabilities Directive. He is the author or coauthor of over 60 peer-reviewed publications and technical presentations at national and international economic and scientific meetings and symposia and has been an invited speaker and instructor at NRDA training courses in the United States and Europe.

At Stratus Consulting, Mr. Chapman leads the Resource Economics Group and conducts NRDA projects for State, Federal, Tribal, and international clients, including damage assessments for groundwater contamination. He is also the co-author of a major resource report on the conceptual and empirical estimates of the value of water for the American Water Works Research Foundation. Prior to joining Stratus Consulting, Mr. Chapman was the Pacific Branch Chief for the National Oceanic and Atmospheric Administration’s (NOAA’s) Damage Assessment Center, where he was responsible for the overall management of all scientific and economic studies conducted in support of multiple NRDAs for oil spills and toxic waste sites, and was also the Senior Economist on NOAA natural resource valuation research projects. Mr. Chapman holds an MS in natural resource economics from the University of California at Berkeley and a BA in economics from the University of California at Irvine.


Page 3 SC11901

5. Bases for Opinions on Groundwater Damages In November 2009, Stratus Consulting produced an expert report on groundwater damages at the Exxon/ST Services Terminal in Paulsboro, New Jersey (Chapman and Holmes, 2009). In that report, we estimated that 96 acres of land conservation would be required to offset injuries to groundwater resources at the terminal. This supplemental report presents data from recent real estate market transactions (Baldoni and Baldoni, 2010) and includes a representative per-acre land price that I used to calculate a monetary estimate of natural resource damages at the Exxon/ST Services Terminal.

5.1.1 Cost of compensatory restoration

One cost component of the damage claim is the cost to undertake the compensatory restoration action of protecting the 96 acres of land. The protection of land through purchase is designed to protect the underlying aquifer from future contamination that would occur with future development.

The full cost of implementing the identified compensatory restoration action include:

Parcel purchase price Costs of environmental assessment of identified parcel(s) Specific parcel appraisal costs Real estate transaction costs Trustee oversight costs.

In this supplemental expert report, I only calculate the cost of the first component: parcel purchase price. The additional cost components above would need to be added to this cost to obtain a full estimate of the compensatory restoration costs.

5.1.2 Parcel purchase price

No specific parcels of land have been identified at this time, therefore I evaluated actual market transactions for parcels of land in the surrounding area to estimate the expected price to purchase 96 acres of land in the area around the Paulsboro site. To calculate an expected price, Stratus Consulting contracted with Appraisal Associates, Inc. to collect information on recent land transactions (Baldoni and Baldoni, 2010). The Baldoni and Baldoni (2010) data are presented in an attachment to this report.

In January, at the request of Stratus Consulting, Baldoni and Baldoni (2010) collected information regarding recent transactions of lands within a 20-mile radius of Paulsboro that have


Page 4 SC11901

development potential. The analysis included selling price, location, date of transaction, parcel size, and development zoning. It identified 93 parcels that met the selection criteria. The size of the parcels ranged from 5 to 64 acres, and the per-acre purchase price ranged from $500 to $222,153.

In analyzing the 93 transactions, I identified potential data outliers1 and removed them from further analysis. These outliers consisted of the five highest priced parcels. I also investigated whether there is an inverse relationship between the price per acre and the number of acres in a specific transaction. There was no statistical relationship between parcel size and price per acre in these land transactions. For the 88 transactions used in our analysis, the mean price was $33,375 per acre, which I consider to be a representative unit cost to purchase parcels of developable land in the Paulsboro area.

At $33,375 per acre, the total cost to acquire 96 acres of developable land as a compensatory groundwater restoration action is $3,204,000, exclusive of the other costs listed on the previous page. These other costs should also be included as part of the overall damage estimate.

References Baldoni, J.C. and J.E. Baldoni. 2010. Letter Re: Industrial, Commercial & Residential Vacant Land Analysis – 20 Mile Radius, Borough of Paulsboro, Gloucester County, NJ. To David Chapman, Stratus Consulting Inc. January 15.

Chapman, D. and J. Holmes. November 17, 2009. Compensatory Groundwater Damages: ST Services Terminal, Paulsboro, NJ. Prepared for: The State of New Jersey Department of Environmental Protection, Trenton, NJ

Cimbala, J. 2010. Outliers. Available http://www.mne.psu.edu/ME345/Lectures/Outliers.pdf. Accessed April 8, 2010.

Wheeler, A. and A. Ganji. 1996. Introduction to Engineering Experimentation. Prentice Hall, NJ. pp. 142–145.

1. We applied the modified Thompson tau technique, a standard method to statistically test for outliers in a single vector, to the price per acre (Wheeler and Ganji, 1996; Cimbala, 2010).

524 SOUTH AVENUE EAST, CRANFORD, NJ 07016 - PHONE (908) 276-0992 - FAX (908) 276-5941

AAI APPRAISAL ASSOCIATES, INC. REAL ESTATE APPRAISERS AND CONSULTANTS

JOSEPH E. BALDONI, MAI PRESIDENT Member: APPRAISAL INSTITUTE

January 15, 2010

**** Via E-mail **** [email protected] (No Hard Copy to Follow) David Chapman, Principal Stratus Consulting Inc. PO Box 4059 Boulder, CO 80306-4059 Re: Industrial, Commercial & Residential Vacant Land Analysis - 20 Mile Radius Borough of Paulsboro, Gloucester County New Jersey Dear Mr. Chapman: I am pleased to submit to you this analysis relative to various vacant land parcels in the categories identified above and in the geographic area indicated. The purpose of this analysis is to present to you a compilation of vacant land parcels that are either on the market and actively seeking purchasers, or that have recently sold. All of these properties are considered to have an immediate use potential and are ready for development subject to municipal/county site plan approval and approvals from other agencies having jurisdiction in the land use or development approval process. None were of properties with no development potential, such as wetlands, flood plains parcels, contaminated sites or had no access and/or were totally landlocked. It is possible that a number of these sites, especially larger tracts, could have some areas or acreage that may have been determined, before or after purchase, to be non-developable due to some portions of wetlands, flood plains or contamination, but if so the asking price or price paid is considered to reflect such non-useable areas. Several of these properties with buildings, roads or hard surfaces were sold as vacant land parcels with the improvements having no contribution to value and slated for demolition. Specifically the analysis is of vacant land parcels that are from 5 acres to 100 acres in size, are within a 20 mile radius of the Borough of Paulsboro and reflect development potential within the categories for industrial, commercial and residential uses. Based upon the data collected and reviewed we have been asked to determine the variance, or percentage difference between asking price and sale price. In performing the analysis, we researched sales and listing information from public records, commercial real estate brokers, our files, appraisers and others with knowledge of the real estate marketplace. In addition we utilized commercial reporting services that provided additional information and in several instances this service corroborated the data generated by us from other sources. The data collected is presented in spreadsheets that are attached with a conclusion of the mean (average) and median indications of price paid per acre for each property use type. These spreadsheets are “Active Land Asking Prices”, “Industrial Land Sales”, “Commercial Land Sales” and “Residential Land Sales”, and show the detail of each transaction.

Mr. David Chapman January 15, 2009 Page 2


As requested our search of these sales and listing information was to be within a twenty (20) mile radius of Borough of Paulsboro, New Jersey, excluding any data found from the neighboring State of Pennsylvania. This twenty-mile radius covers almost the entire county of Gloucester, except for a small section of its most eastern portion; almost the entire county of Camden, except for a small section of its eastern portion; the southwestern portion of Burlington County and the northern section of Salem County. Gloucester County contains a total of 327.72± square miles or 209,741± acres. According to the Gloucester County Online Web Book prepared by the Gloucester County Planning Division, there are 55,100± acres of developed land and 65,300± acres of vacant land. The remaining acres of land are classified as water, preserved farmland, preserved open space, wetlands and agriculture lands. Based on this data Gloucester County contains over 31% of vacant undeveloped acres compared to 26% of developed land acres. In addition, as of 2009 there were 116,856 total assessed parcels in Gloucester County, with 12,163 parcels more than 10%, classified as vacant. Similarly, Camden County displayed 7% vacant land parcels, Burlington County indicated 8% vacant land parcels and Salem County showed 13% vacant land parcels. This data indicates that, within a twenty (20) mile radius of Borough of Paulsboro, that the area is comprised mostly of rural undeveloped land areas. The spreadsheets attached are of Industrial, Commercial and Residential properties that have sold and of properties with current Asking Prices within the same categories that have been detailed with information available. In attempting to determine a differential or Ratio of Asking Prices to Sold Prices, it became apparent that a fixed ratio or range of ratios does not exist from the data collected and reviewed. Further in our conversations with the commercial brokers involved in a number of the sales and also with the current listings, it was indicated that there is no given or accepted ratio differential, and such information is not statistically tracked by the brokerage houses. Each property eventually sells for a price reflecting the buyers anticipated use which may coincide with the sellers pricing of the property. In some instances the seller may have a value in mind, but it is not necessarily a published asking price. In these cases the Broker seeks the “best offers” with no price established, letting the buyer set the price based upon the intended use of the property. While no given ratio exists, it is accepted and expected that from every asking price, a level of negotiations does take place between buyer and seller in order to reach an acceptable price for the property. Our interview of several commercial brokers indicated that a price diminution is evident in all transactions in this area and is reflective of the abundance of land parcels in the competitive marketplace. The price differential is a function of the asking price and reflective of the market conditions. Several of the sales reviewed were on the market for over three or more years, reflecting an asking price of several years ago that is not reflective of the current economic conditions. The table below shows the average asking prices per acre, the average sales prices per acre and the differential for each property class:

Asking Prices Sales Prices Ratio Variance (Rd.) Industrial Land $78,584 $47,702 39.30% 60% Commercial Land $110,409 $56,500 48.83% 51% Residential Land $87,476 $33,604 61.58% 38%

Mr. David Chapman January 15, 2009 Page 3


Therefore, from the preceding, it is concluded that a ratio of asking price to selling price is as follows: Industrial Land Approximately 60% Commercial Land Approximately 51% Residential Land Approximately 38% This analysis, as of the date of this letter, has been performed in accordance with you request and we certify that we have no interest in the matter that is the subject of this analysis and its intended use. Further the preparation of this analysis was made conforming to generally accepted procedures in gathering, analyzing and reporting of the data. To the best of our knowledge and belief the statements of fact contained in the data of this analysis are true and correct. Information gathered from other market participants, reporting services and interviews of commercial brokers are deemed to be reliable and accurate. This analysis is not to be construed as a valuation of any specific parcel described or a valuation of the undisclosed property or properties in question. I trust the preceding and the attachments are in accordance with you request. Should you have any questions please do not hesitate to contact us. Respectfully submitted,

APPRAISAL ASSOCIATES, INC.

Joseph C. Baldoni, SCGREA 1977 Joseph E. Baldoni, MAI, SCGREA 339 Vice President President Attachments: Active Land Asking Prices Industrial Land Sales Commercial Land Sales Residential Land Sales

Property Property Land Asking Price per ProposedAddress City Latitude Longitude Area Price Acre Zoning UseINDUSTRIAL3 Franklinville Rd Harrison Township 39.684003 ‐75.213137 30 $3,000,000 $100,000 LI Self‐Storage, WarehouseLower Landing Rd Gloucester 39.8300205 ‐75.0813522 40 $2,750,000 $68,750 BP / RB WarehouseHarrisonville Rd Bridgeport 39.7626896 ‐75.3850508 52.5 $1,875,000 $35,714 LIO Industrial, Industrial Park, OfficeCrown Point Rd Thorofare 39.842814 ‐75.2005247 26 $1,430,000 $55,000 M‐1 Industrial Commercial, Industrial851 Lower Landing Rd Blackwood 39.8209934 ‐75.0832583 26.7 $1,300,000 $48,689 Industrial263‐271 S Delsea Dr Sewell 39.769987 ‐75.106063 5 $1,250,000 $250,000 hc Industrial, Office Park, Open Space ...1201 Industrial Hwy Cinnaminson 40.009599 ‐74.992827 11.9 $1,200,000 $100,840 Industrial Hold for Development, Industrial201 S Route 130 Pedricktown 39.7621321 ‐75.4296567 32.5 $1,200,000 $36,923 I Warehouse1260‐1300 Imperial Way Paulsboro 39.8349234 ‐75.1964877 6.6 $1,100,000 $166,667 L‐I Industrial, Warehouse1 Hickstown Rd Sicklerville 39.76995 ‐75.045929 16.6 $1,079,000 $65,000 IndustrialHigh Hill Rd Bridgeport 39.7697464 ‐75.3595809 19.1 $1,050,000 $54,974 LIO Industrial, Industrial Park, OfficeHeron Dr Bridgeport 39.7558583 ‐75.369879 7.9 $990,000 $125,316 LIO Industrial, Industrial Park, OfficeRt‐55 N Glassboro 39.6920044 ‐75.1378068 5 $425,000 $85,000 Industrial701 Mantua Grove Rd West Deptford 39.8193393 ‐75.1977844 27 $2,999,900 $111,107 M‐1 Industrial1750 Hurffville Rd Deptford 39.79203 ‐75.099506 8.87 $499,000 $56,257 LI‐2 IndustrialNational Hwy Pennsauken 39.9746326 ‐75.0421534 5.09 $498,000 $97,839 Limited Ind IndustrialBirch Creek Rd Bridgeport 39.7790434 ‐75.3820888 96.1 $860,000 $8,949 LIO Industrial, Industrial Park, OfficeHeron Dr Bridgeport 39.7554202 ‐75.3704944 6.3 $785,000 $124,603 LIO Industrial, Industrial Park, OfficeHarrisonville Rd Bridgeport 39.7636818 ‐75.3853648 10 $750,000 $75,000 LIO Industrial, Industrial Park, OfficeRoute 40 @ Courses Landing Rd Carneys Point Township 39.682173 ‐75.430112 10 $850,000 $85,000 GC Industrial, Warehouse145 Crowfoot Rd West Berlin 39.794143 ‐74.907422 6.97 $360,000 $51,650 I‐1 / C‐1Veterans Dr Bridgeport 39.7762916 ‐75.3727136 25.5 $350,000 $13,725 LIO Industrial, Industrial Park, OfficeS Broad St @ Route 55 Franklinville 39.6420332 ‐75.0974008 11.61 $350,000 $30,146 RIO‐2 Industrial, OfficeRt 130 & Jackson RD Bridgeport 39.7886857 ‐75.3917017 64 $800,000 $12,500 LIO Industrial, Industrial Park, OfficeOsprey Ct Swedesboro 39.767564 ‐75.3627787 5 $650,000 $130,000 LIO Light Industrial Commercial, IndustrialRoute 130 @ Perkintown Rd Pedricktown 39.7363319 ‐75.4560727 13 $795,000 $61,154 LI Industrial300 Cenco Blvd Clayton 39.66266 ‐75.06488 35 $700,000 $20,000 Industrial Industrial9 Jenkins Ln Pedricktown 39.7331 ‐75.409085 24.88 $577,000 $23,191 IndustrialCenco Blvd Clayton 39.6648594 ‐75.0716805 5.08 $291,000 $57,283 Industrial Commercial, Industrial ...Cenco Blvd Clayton 39.6636195 ‐75.0712268 5.83 $246,000 $42,196 Industrial Commercial, Industrial ...907 Pleasant Valley Ave Mount Laurel 39.946646 ‐74.945474 8 $1,600,000 $200,000 SRIWhittendale Dr Moorestown 39.974662 ‐74.97483 5.58 $976,500 $175,000 Sri Zoned Acreage Hold for Development111 County House Rd Sewell 39.7781673 ‐75.111459 5.33 $450,000 $84,428 PI Veterinarian/Kennel1029 W Industrial Dr Berlin Township 39.807544 ‐74.918039 61.93 $99,900 $1,613 Light Industrial100 Cenco Blvd Clayton 39.66399 ‐75.06526 14.9 $200,000 $13,423 IndustrialHuff Rd Mickleton 39.815558 ‐75.254545 20.6 $1,854,000 $90,000 UnknownHigh Hill Road Woolwich 39.7500 ‐75.33205 7.38 $695,000 $94,173 LIO Located in Flex‐Space Industrial Building Park.69‐77 Marter Avenue Mount Laurel 39.95627 ‐74.9116 14.53 $495,000 $34,067 I Unkown123 Pleasant Valley Avenue Mount Laurel 39.95712 ‐74.9592 7 $350,000 $50,000 I Development of Flex‐Buildings. 3244 Marne Highway Mount Laurel 39.9749 ‐74.8876 17 $1,200,000 $70,588 I Unknown1501 Mainline Drive Cinnaminson 40.0085 ‐74.9843 5 $975,000 $195,000 LI IndustrialSE State Street & River Road Camden 39.949 ‐75.1007 12 $3,200,000 $266,667 Indus. Industrial warehouseStraughns Mill Road Oldmans 39.8475 ‐75.3442 30.55 $880,000 $28,805 LI Unknown

$78,584 Average$65,871 Median

ACTIVE LAND ASKING PRICES

COMMERCIALDelsea Dr @ Deptford Ave Deptford 39.828563 ‐75.097944 100 $4,400,000 $44,000 highway commercial Commercial, Hold for Development ...208 Fries Mill Rd Turnersville 39.7301 ‐75.0487809 28.8 $4,320,000 $150,000 Revelopment/Commercial Commercial, Mixed Use128‐172 Route 73 Berlin 39.79672 ‐74.9271731 13 $4,000,000 $307,692 Highway Commercial Commercial, Industrial, Mixed Use ...225 Locke Ave Woolwich 39.758456 ‐75.316234 59.9 $3,600,000 $60,100 C Commercial, Industrial236 Glassboro Rd Williamstown 39.6958784 ‐75.0536624 9 $3,000,000 $333,333 Commercial Commercial, Retail, Strip CenterDemocrat Rd Gibbstown 39.8089654 ‐75.2639513 35.58 $2,100,000 $59,022 B2 Commercial4410 Black Horse Pike Turnersville 39.7412601 ‐75.0430206 6 $2,000,000 $333,333 Commercial0 Crosskeys Rd Berlin 39.78368 ‐74.9503774 9 $1,990,000 $221,111 Commercial901 S Route 73 Berlin Township 39.785882 ‐74.909312 6 $1,600,000 $266,667 C2R6 Commercial ...Route 73 Berlin 39.7849081 ‐74.9083023 6 $1,600,000 $266,667 Commercial Commercial, Office, Retail1055 Delsea Dr Deptford 39.8545361 ‐75.1243557 10 $1,200,000 $120,000 BUS Commercial, Day Care Center ...0 N Morse Ave Gibbstown 39.830538 ‐75.291646 21.84 $1,000,000 $45,788 Res/Com Commercial850 E Evesham Rd Cherry Hill 39.8744097 ‐74.9284675 11.64 $850,000 $73,024 IN (institutional) Commercial1435 Clements Bridge Rd Woodbury 39.82954 ‐75.1087268 30 $12,000,000 $400,000 B‐4 Commercial1435 Clements Bridge Rd Woodbury 39.82954 ‐75.1087268 30 $12,000,000 $400,000 B‐4 Commercial101 Watson Dr Blackwood 39.73231 ‐75.044078 40 $7,000,000 $175,000 CI Retail24 Forest Ln Carneys Point 39.6810192 ‐75.4141224 10 $199,900 $19,990 CommercialRoute 42 Black Horse Pike @ Francis Lane Williamstown 39.7274659 ‐74.9593586 5 $275,000 $55,000 Commercial CommercialL:20 Berlin Rd Gibbsboro 39.8362223 ‐74.9622042 5.1 $500,000 $98,039 Commercial, Office, RestaurantRoute 322 & Route 130 Bridgeport 39.8034286 ‐75.3530814 10 $650,000 $65,000 CommercialRoute 45 Hwy @ Bailey St Woodstown 39.6433648 ‐75.3379284 15.7 $995,000 $63,376 commercial Commercial100 Route 40 Carneys Point 39.6841602 ‐75.4281073 19.36 $750,000 $38,740 ARR Commercial465 Woodbury‐Glassboro Rd Mantua 39.76438 ‐75.12719 10 $2,000,000 $200,000 Highway C RetailN State Route 73 Voorhees 39.829082 ‐74.9248836 5.98 $1,500,000 $250,836 Major Business Medical, Office254 Route 45 Salem 39.5911064 ‐75.4480103 6.8 $195,000 $28,676 MR Medical, Office447 N Randolph Ave Cinnaminson 40.0175193 ‐75.0082893 9.74 $1,900,000 $195,072 Marina, Restaurant, Retail23 Warwick Rd Lawnside 39.8685295 ‐75.0338238 7 $750,000 $107,143 com Bank, OfficeS Hook Rd Pennsville 39.6347481 ‐75.499249 7.52 $19,900 $2,646 COMM1250 Woods Rd Williamstown 39.660519 ‐74.981434 13.21 $989,000 $74,868 highway commercial Commercial, Master Planned Community ...290 Orr Rd Sicklerville 39.7722635 ‐75.0467498 15 $697,000 $46,467 C Self‐Storage1900 Harris Dr Deptford 39.8228205 ‐75.0931337 5.5 $450,000 $81,818 C303 40 Rt Elmer 39.596493 ‐75.175213 8 $250,000 $31,250 Highway/Business

Mullica Hill 39.7516189 ‐75.2621633 47 $6,050,000 $128,723 C‐55 Industrial, Office, Retail ...Delsea Dr @ Bankbridge Rd. Deptford 39.7974063 ‐75.117819 8 $540,000 $67,500 C‐1876 Route 45 # 459 Pilesgrove 39.6442273 ‐75.3396509 15.7 $995,000 $63,376 com1238 Haddonfield Berlin Rd Voorhees Township 39.8172921 ‐74.949042 10 $795,000 $79,500 HB1750 Hurffville Rd Sewell 39.793116 ‐75.10073 8.87 $499,000 $56,257 BC‐1Route 40 @ Courses Landing Rd Carneys Point Township 39.682173 ‐75.430112 10 $850,000 $85,000 GC Industrial, Warehouse314 Hurffville Crosskeys Rd Sewell 39.725078 ‐75.053751 6.09 $2,200,000 $361,248 NC424 Harding Hwy Carneys Point 39.7136761 ‐75.4522023 11.76 $564,500 $48,002 LR Hold for Development135 County House Rd Washington Township 39.7783191 ‐75.1113779 5.37 $322,200 $60,000 CI155 Central Schoolhouse Rd Penns Grove 39.7089903 ‐75.4254764 19.41 $500,000 $25,760 Hold for Development3477 Delsea Dr Franklinville 39.6428206 ‐75.090172 6.5 $650,000 $100,000 HC1205‐1260 Delsea Rd Deptford 39.8411028 ‐75.1300303 22.7 $795,000 $35,022 Hold for Development1463 N Tuckahoe Rd Williamstown 39.7026869 ‐75.0263628 16.3 $850,000 $52,147 BP Commercial, Industrial1381 N Black Horse Pike Williamstown 39.7055517 ‐75.0112165 8 $850,000 $106,250Rt 40 Logan 39.6811332 ‐75.4401982 76 $1,140,000 $15,000826 Harding Hwy Carneys Point 39.685267 ‐75.420452 39.6 $1,650,000 $41,667

Property Property Land Asking Price per ProposedAddress City Latitude Longitude Area Price Acre Zoning UseCOMMERCIAL (Continued)2589 Glassboro/Cross Keys Rd. Monroe 39.70887 ‐75.0665 5 $399,900 $79,980 BP Commercial2660 S Black Horse Pike Monroe 39.645 ‐74.9434 10 $950,000 $95,000 RG‐C Commercial302 Fries Mill Road Sewell 39.7236 ‐75.05038 5.25 $950,000 $180,952 Commercial175 N Main Street Mullica Hill 39.749539 ‐75.213819 7.15 $1,500,000 $209,790 PO Commercial707 Route 68 Columbus 40.105135 ‐74.695089 14.42 $1,590,000 $110,264 C‐21474 Route 206 Tabernacle 39.842917 ‐74.735342 5 $550,000 $110,000 RGC Retail4 Springside Road Westampton 40.015179 ‐74.859438 19.2 $3,500,000 $182,292 C Retail336‐338 Route 73 Voorhees 39.853386 ‐74.921317 9 $1,425,000 $158,333 O3 Office/Retail395 S White Horse Pike Berlin 39.781829 ‐74.915525 9.24 $1,250,000 $135,281 C‐1 Unknown389 Cross Keys Road Gloucester 39.759221 ‐74.979503 11.25 $2,690,000 $239,111 HC UnknownCorner of Sunset Road & Amherst Burlington 40.05002 74.860067 12.77 $4,350,000 $340,642 B‐3 Unknown55 Old Marshall Mill Road Franklin 39.574058 ‐75.053648 28 $1,400,000 $50,000 HC Unknown573 Corkery Lane Monroe 39.669477 ‐74.991208 23.65 $3,700,000 $156,448 RG‐CC Unknown


RESIDENTIALPorcupine Rd Pedricktown 39.7594542 ‐75.4143002 41.52 $1,453,200 $35,000 R‐1 Single Family DevelopmentPorcupine Rd Pedricktown 39.7547607 ‐75.3979571 67.14 $2,349,900 $35,000 R‐1 ResidentialOsbourne Ave @ Terrace Ave Pine Hill 39.7937869 ‐74.9856736 11.5 $1,880,000 $163,478 CR Apartment Units ‐ Senior81 Kresson Gibbsboro Rd Voorhees Township 39.8416281 ‐74.9523785 8.19 $150,000 $18,315 Residential Single Family Development0 Jackson Rd Medford 39.785615 ‐74.909308 76.3 $200,000 $2,621 Single Family Development1383 New Brooklyn Erial Rd Sicklerville 39.7629511 ‐74.9966583 5.63 $399,900 $71,030 R‐1 Single Family Development17 Crow Pond Rd Pittsgrove Township 39.5650942 ‐75.10612 29.58 $399,000 $13,489 RR Planned Unit Development ...S Broad St @ Route 55 Franklinville 39.6401641 ‐75.0970065 39.88 $900,000 $22,568 RA Apartment Units ‐ Senior ...503 State Route 45 Mannington Township 39.604319 ‐75.420583 62 $1,400,000 $22,581 AGR Single Family Development1324 Little Gloucester Rd Gloucester City 39.80887 ‐75.00159 10 $999,999 $100,000 Comm, Gloucester Twp Apartment Units ‐ Senior301 High Hill Rd Woolwich Township 39.749421 ‐75.330574 10.7 $550,000 $51,402 RCherry St Pedricktown 39.757799 ‐75.405549 28 $1,300,000 $46,429 R‐141 London Ave Berlin Boro 39.782995 ‐74.9136857 9.25 $1,250,000 $135,135 residential110 N Golfwood Ave Carneys Point 39.721964 ‐75.441741 30 $290,000 $9,667 R Horse Stables ...1294 Hurffville Rd Deptford 39.8234953 ‐75.0938263 10 $1,700,000 $170,000 Res. Commercial, Industrial, Mixed Use284 Clayton Aura Rd Glassboro 39.664696 ‐75.106428 56.35 $1,950,000 $34,605 RE; Elk Twp Hold for Development130 Dutch Row Elmer 39.605094 ‐75.146016 34 $340,000 $10,000 Agric94 Kelly Drivers Lane Laurel Springs 39.8136953 ‐75.0367902 11 $299,000 $27,182 R2County House Rd Sewell 39.7782058 ‐75.1027805 26 $2,100,000 $80,769University Ct Blackwood 39.7767829 ‐75.0477606 6.47 $400,000 $61,824 R32 Route 40 Elmer 39.587047 ‐75.087884 33.91 $695,000 $20,495101 Porchtown Rd Pittsgrove 39.5811383 ‐75.0908469 17.56 $699,800 $39,852 Horse StablesSicklerville Rd Sicklerville 39.7158202 ‐74.9663786 5.14 $771,000 $150,000Washington Ave. & Williamstown Rd. Franklinville 39.6380173 ‐75.0450325 15 $320,000 $21,333 R‐3 Residential201 North Pemberton Road Pemberton 39.988159 ‐74.700132 36 $1,700,000 $47,222 AR ResidentialBurlington Columbus Road Florence 40.079893 ‐74.828158 17.5 $675,000 $38,571 AGR Residential1441 US Highway 206 Tabernacle 39.838712 ‐74.735891 87 $2,950,000 $33,908 RGI Residential642 Chews Landing Road Winslow 39.884023 ‐75.045598 12 $450,000 $37,500 RH Residential441 Auburn Road Pilesgrove 39.693794 ‐75.350668 13.66 $1,360,000 $99,561 R‐1 Residential


INDUSTRIAL LAND SALESLatitude Size/ Price Per AnticipatedLongitude Sale Date Acre Sale Price Acre Zoning Buyer Use Comments

GLOUCESTER COUNTY735 New Jersey Avenue N39° 41.477' 10/5/2007 5 $189,500 $37,900 M‐1 Creta, Tony J,Sr & Heidi Industrial Use Land purchased for construction of flex‐

Elk Township W75° 7.939' 233 Unionville Road building. Combined with 749 New JerseyBlock 66, Lot 1.03 Glassboro, NJ 08028 Avenue sale.

718 New Jersey Avenue N39° 41.519' 1/7/2005 6.35 $181,775 $28,626 M‐1 Zone Development LLC Industrial Use Land purchased for construction of aElk Township W75° 8.103' PO Box 68, 501 New Jersey proposed flex building.

Block 30, Lot 18 Glassboro, NJ 08028749 New Jersey Avenue N39° 41.457' 2/14/2007 7.45 $233,000 $31,275 M‐1 Creta, Tony J,Sr & Heidi Industrial Use Land purchased for construction of flex‐

Elk Township W75° 8.086' 233 Unionville Road building. Combined with 735 New JerseyBlock 66, Lot 1.02 Glassboro, NJ 08028 Avenue sale.420 Democrat Road N39° 49.2937' 12/19/2006 16.42 $1,700,000 $103,532 OP Greenwich DC LLC Industrial Use The property was purchased by adjacent

Greenwich W75° 17.3715' 7248 Morgan Road property owner for construction of a newBlock 244, Lot 1 Liverpool, NY 13090 flex‐space building.

384 Tylers Mill Road N39° 45.0672' 6/29/2006 6.09 $175,000 $28,736 I Shared Systems Technology LLC Industrial To construct an industrial flex spaceMantua W75° 8.1102' PO Box 429 building. No further data available.

Block 253.01, Lot 17 Sewell, NJ 08080218 Blackwood‐Brnsbr Road N39° 47.0876' 1/31/2006 38.815 $695,000 $17,905 PI Fraternal Properties, LLC Industrial An industrial building was developed

Washington W75° 5.8347' 228 Blackwood‐Brnsbr Road on the siteBlock 7, Lot 6 Turnersville, NJ 08012

BURLINGTON COUNTY1850 Union Landing Road N40° 0.5541' 8/17/2005 8.86 $458,950 $51,800 IND Reilly, Thomas J JR& Bernice ET AL Industrial No additional information available

Cinnaminson W74° 58.6635' Book: 6312 519 Brown Street Raw landBlock 702, Lot 25 Page: 64 Delran, NJ 08075

CAMDEN COUNTY301 Erial Road N39° 47.4227' 8/27/2008 13.46 $600,000 $44,577 G1 McCloskey David J Industrial No additional information available

Gloucester Township W74° 59.3839' Book: 8901 710 Laurel Road Ste ABlock 11001, Lot 53 Page: 1889 Lindenwold, NJ 08021National Highway N39° 58.4919' 12/2/2005 5.092 $432,650 $84,967 LI Saunders Investment Fund II LP Industrial Light Industrial

Pennsauken W75° 2.5622' Book: 8071 100 Lawrence Drive Hold for developmentBlock 2105, Lot 6 Page: 1852 West Chester, PA 19380 No further additoinal information available

* The data contains 9 industrial sales from a low per acre value of $17,905 to a high per acre value of $103,532.** The mean of the range is $47,702.*** The median of the range is $37,900.

COMMERCIAL LAND SALESLatitudeLongitude Sale Date

Size/Acre Sale Price

Price PerAcre Zoning

AnticipatedBuyer Use Comments

GLOUCESTER COUNTY1835 Hurffville Road

DeptfordBlock 386.12, Lot 58

N39° 47.246'

W75° 5.639'

6/19/2008 9.67 $800,000 $82,730 BC1 Ger‐Ray Partners LLC Commercial300 Heron Drive

Swedesboro, NJ 08085

No additional information availableRaw land

675 Wdy‐Glassboro RoadMantua

Block 198.03, Lot 1

N39° 45.931'

W75° 7.899'

11/20/2007 15.98 $3,550,000 $222,153 PC Target Corporation % Tax T‐2384 CommercialPO Box 9456

Minneapolis, MN 55440

To construct a Target store

5800 Route 42Washington

Block 196, Lot 5.08

N39° 45.6817'

W75° 2.8585'

10/3/2007 6.569 $850,000 $129,396 CI Turnersville Hospitality, LLC Commerical52 Olympia Lane

Sicklerville, NJ 08081

Site was purchased to constructa Hampton Inn.

Greentree Shoppers LaneWashington

Block 195, Lot 15

N39° 45.509'

W75° 3.194'

7/31/2006 11.18 $660,000 $59,034 SC Greentree Self Storage, LLC Commercial9 Windsor Court

Voorhees, NJ 08043

Land was purchased to constructa self‐storage facility.

1030 Auburn RoadWoolwich

Block 4, Lot 2

N39° 44.5651'

W75° 19.0911'

8/25/2005 5 $300,000 $60,000 TC Woolwich Family Partners LLC Commercial389 Harrisonville Road

Woolwich Twp, NJ 08085

No further data available

BURLINGTON COUNTY900 Route 73 South

EveshamBlock 37.01, Lot 2

N39° 52.2378'W74° 55.0922'

1/6/2006Book: 6382Page: 946

5.16 $330,000 $63,953 C‐1 900 Route 73 SouthLLC Retail1939 Route 70 East #210Cherry Hill, NJ 08003

The site was purchased to be developedwith a "The Learning Experience"child development center.

CAMDEN COUNTYHarding Avenue

BellmawrBlock 79.01, Lot 9.01

N39° 51.779'W75° 6.092'

5/1/2008Book: 8827Page: 1977

53 $5,000,000 $94,340 LI Bellmawr Waterfront Development LLC Retail204 Harding Avenue RedevelopmentBellmawr, NJ 08031 Center

The site was zoned as Light Industrial at the time of sale; however it will be redevelopedwith a retail complex, containing some office and hotel areas along with a PATCO station.

535‐543 Rt 73 NorthBerlin

Block 1101, Lot 16

N39° 47.5971'W74° 55.2017'

2/28/2005Book: 7758Page: 338

11.75 $1,450,000 $123,404 C2 H2O Entertainment Group, LLC Waterpark1650 Hylton Road

Pennsauken, NJ 08110

The site was developed with an indoor waterpark.

1403 Chews Land‐Clem RoadGloucester TownshipBlock 9708, Lot 1

N39° 49.5396'W75° 3.0529'

8/1/2005Book: 7905Page: 1650

5.1 $550,000 $107,843 OR Chews Landing LLC C/O Needleman Office Condominium1060 N Kings Hwy S250 ParkCherry Hill, NJ 08034

The land is zoned for office‐residential use. The land was subsequentlycondominiunized into six parcels that were developed with office buildings.

648 Lower Landing RoadGloucester TownshipBlock 4301, Lot 2

N39° 47.5971'W75° 55.2017'

8/30/2006Book: 8331Page: 1440

6.902 $140,000 $20,284 NC Adams, James & Kettleberger, Steve Retail/Office1712 Hancock LaneBurlington, NJ 08016

Undeveloped raw landNo additional information available

504 S White Horse PikeStratford

Block 62, Lot 8

N39° 49.5772'W74° 59.9443'

3/4/2005Book: 7784Page: 897

8.43 $600,000 $71,174 C Whitehorse Stratford Associates LLC Retail/Office30 Rt 22 W

Green Brook, NJ 08812

No additional information available

82 White Horse PikeWaterford

Block 202, Lot 1

N39° 43.9665'W74° 52.0255'

11/3/2005Book: 8039Page: 1879

23.76 $1,000,000 $42,088 PHB Saminvest Co LLC Office Park479 Centennial BlvdVoorhees, NJ 08043

An office park is intended to be developed on this site.

SALEM COUNTY501 Georgetown Road

Carneys PointBlock 190, Lot 1

N39° 42.2577'

W75° 27.2384'

5/4/2005Book: 1197Page: 17

5.3 $77,000 $14,528 IC O'Donnell, Francis & Michael Commercial305 Iris Avenue

Cherry Hill, NJ 08003


129 Route 40Carneys PointBlock 255, Lot 1

N39° 40.9847'

W75° 25.8317'

2/2/2007Book: 1267Page: 221

18.64 $750,000 $40,236 BP Colameco Brothers, LLC Commercial509 Woodstown RoadSwedesboro, NJ 08085


S Hook RoadPennsville

Block 2601, Lot 33

N39° 38.591'

W75° 29.748'

4/30/2007Book: 1276Page: 90

9.05 $25,000 $2,762 C Norton Jr., James & Regina Commercial52 New Jersey AvenuePennsville, NJ 08070


S Hook RoadPennsville

Block 2501, Lot 30

N39° 38.441'

W75° 29.801'

1/31/2007Book: 1267Page: 61

20.53 $50,000 $2,435 C Baker, Dennis J & Noreen Commercial119 Oberlin Road

Pennsville, NJ 08070


LatitudeLongitude Sale Date


Price PerAcre Zoning Buyer

AnticipatedUse Comments

SALEM COUNTY (Continued)S Broadway N39° 37.507'

Pennsville W75° 30.449'

Block 4201, Lot 12

7/20/2006Book: 1247Page: 75

46 $100,000 $2,174 C HP land LLC C/O Metro Property GRPOne West Red Oak LaneWhite Plains, NY 10604

Commercial No additional information availableRaw land

S Broadway N39° 38.627'


Block 2601, Lot 64

5/1/2006Book: 1241PageL 326

59.23 $911,000 $15,381 C DKBGCT, LLC200 S Broadway, PO Box 306



E Pittsfield Street N39° 38.792'


Block 2601, Lot 12

5/25/2006Book: 1255Page: 313

6.2 $27,500 $4,435 D Muluh, Francisca Che6 Carlton Road



S Hook Road N39° 38.561'


Block 2501, Lot 34

9/7/2007Book: 1288Page: 291

6.58 $11,000 $1,672 C White, Richard & Jacqueline L25 Lenape Drive



Aurburn Road N39° 41.802'

Pilesgrove W75° 20.203'

Block 8, Lot 6.01

8/15/2005Book: 1209Page: 115

5.01 $226,000 $45,110 R‐1 Hope Community Church, Inc.PO Box 543

Swedesboro, NJ 08085

Commercial Land was purchased fordevelopment of a new church

Route 40 N39° 35.877'

Upper Pittsgrove W75° 8.486'

Block 6, Lot 19.02

7/21/2006Book: 1247Page: 52

26.41 $999,999 $37,864 HB Strang, Donald E C/o Farm‐Rite, Inc.PO Box 29

Shiloh, NJ 08353

Commercial The land was purchased byFarm‐Rite who sells farmequipment.

* The data contains 22 commercial sales from a low per acre value of $1,672 to a high per acre value of $222,153.** The mean of the range is $56,500.*** The median of the range is $43,599.

RESIDENTIAL LAND SALESLatitudeLongitude Sale Date




GLOUCESTER COUNTYTacoma BlvdDeptford

Block 80, Lot 4

N39° 50.731'

W75° 7.944'

9/18/2008 10.519 $1,620,000 $154,007 R10 Deptford Housing Associates LLC183 East Main St., 6th Floor

Rochester, NJ 14604

Affordable Housing The land was purchased for developmentof affordabel housing.

Tanyard RoadDeptford

Block 397, Lot 24

N39° 47.978'

W75° 7.445'

8/19/2005 15.58 $885,850 $56,858 R‐40 Tanyard Road Associates LLC17 Windy Acres DriveSewell, NJ 08080

Single FamilyDewllings

The land was purchased to bedeveloped with single familydwellings.

1195 Tanyard RoadDeptford

Block 398, Lot 29

N39° 47.8466'

W75° 7.4664'

11/2/2007 18.09 $540,000 $29,851 R‐40 Tanyard Oaks LLC201 Crosswicks StreetBordentown, NJ 08505



321 Friendship RoadEast GreenwichBlock 205, Lot 8

N39° 48.4378'

W75° 13.9804'

7/17/2006 6.13 $250,000 $40,783 RRC All‐Site Investments LLCPO Box 1367

Blackwood, NJ 08012



156 Mantua RoadEast GreenwichBlock 1404, Lot 3

N39° 47.7661'

W75° 11.8310'

9/15/2005 36.38 $1,455,200 $40,000 R‐10 Baybridge LLC2301 Evesham Road, Ste 701

Voorhees, NJ 08043



Daisy AvenueElk Township

Block 214.01, Lot 29

N39° 38.734'

W75° 7.075'

2/6/2008 11.5 $240,000 $20,870 MD Elk Land & Development Corp.3 South Blackhorse PikeBlackwood, NJ 08012



Marshall Mill RoadFranklin

Block 5702, Lot 17

N39° 38.734'

W75° 7.075'

10/30/2007 6.44 $100,000 $15,528 RA Goff, Terry & Heidi2925 Main Road

Franklinville, NJ 08322

Single FamilyDwelling

The land was purchased to bedeveloped with a single familydwelling.

407 Willow Grove RoadFranklin

Block 3102, Lot 5

N39° 34.441'

W75° 7.765'

8/1/2008 6.96 $165,000 $23,707 RA Zimorowicz, Stanley E423 Willow Grove RoadNewfield, NJ 08344



Delsea Drive (rear)Franklin

Block 1306, Lot 20

N39° 34.721'

W75° 2.881'

10/22/2007 7 $40,000 $5,714 RA Luna, Angel Lugo377 Route 54

Buena, NJ 08310



1346 Marshall Mill RoadFranklin

Block 5702, Lot 31.01

N39° 35.5349'

W75° 0.9895'

5/1/2008 7.99 $80,000 $10,013 RA Booras, Stephen & Serena1604 Grant Avenue




1060 Catawba AvenueFranklin

Block 7001, Lot 6

N39° 32.7446'

W75° 0.1293'

4/6/2005 9.33 $60,000 $6,431 RA Foster, Bradford R & Joanne77 Upperneck RoadPittsgrove, NJ 08318



Morris AvenueFranklin

Block 5602, Lot 64

N39° 34.190'

W75° 1.435'

1/31/2007 13.03 $100,000 $7,675 RA Morgan Development Group, LLC701 Cooper Road, Ste 7Voorhees, NJ 08043



1230 Brown RoadFranklin

Block 5504, Lot 16

N39° 33.3597'

W75° 2.6309'

11/9/2005 15.3 $220,000 $14,379 RA Brown Road LLCPO Box 431




Foxcroft Drive (rear)Franklin

Block 103, Lot 29

N39° 39.097'

W75° 2.187'

2/21/2008 17.08 $800,000 $46,838 RA DMJM Associates LLC93 Old York Road

Jenkintown, PA 19046



676 Rosemont AvenueFranklin

Block 7202, Lot 34

N39° 33.7617'

W75° 1.0609'

10/28/2005 21.13 $950,000 $44,960 RA Tanyard Road Associates, LLC17 Windy Acres Drive

Sewell, NJ 8080



669 Morris AvenueFranklin

Block 5602, Lot 15

N39° 34.2053'

W75° 1.4150'

5/22/2006 30.27 $365,000 $12,058 RA Morgan Development, LLC701 Cooper Road, Ste 7Voorhees, NJ 08043







GLOUCESTER COUNTY (Continued)Pennsylvania Avenue N39° 36.656'

Franklin W75° 2.194'

Block 1401, Lot 63

7/10/2008 37.83 $4,162,500 $110,032 RA New Greenways, LLC200 East Lexington StreetBaltimore, MD 21202



245 E High Street N39° 39.4127'

Glassboro W75° 5.1672'

Block 413, Lot 14

7/17/2007 7.6483 $255,000 $33,341 R5 Garwood Road, LLC1585 Hider Lane

Laurel Springs, NJ 08021



127 Woodland Avenue N39° 44.3485'

Harrison W75° 14.0367'

Block 50, Lot 3.25

3/3/2006 6.2 $255,000 $41,129 R1 Golden, Gregory & Loren809 Kings Croft




118 Aura Road N39° 39.6676'


Block 22, Lot 12

1/9/2008 18.46 $1,387,500 $75,163 ADUL Madison/Canuso Richwood Village LLC30 Washington Avenue, Ste B4

Haddonfield, NJ 08033

Residential A 500 unit community, mixed with activeadults, market units and town centerfeatures, including bus stops and parks.

Aura RoadHarrison

Block 2, Lot 1

8/28/2008 42.33 $1,450,000 $34,255 C1C2 Madison/Canuso Richwood Village LLC2001 Pennsylvania AvenueWashington, DC 20006


826 Lambs Road N39° 43.3527'


Block 25, Lot 10

1/4/2008 46.77 $2,635,406 $56,348 R2 Madison/Canuso Richwood Village LLC2001 Pennsylvania AvenueWashington, DC 20006


Richwood Road N39° 42.804'


Block 3, Lot 1

1/4/2008 56.91 $1,154,074 $20,279 ADUL Madison/Canuso Richwood Village LLC2001 Pennsylvania AvenueWashington, DC 20006


Lambs Road N39° 44.571'

Pitman W75° 7.986'

Block 193, Lot 24

11/12/2007 20.59 $1,255,000 $60,952 RA Slack, Peter N160 Cyprus AvenuePitman, NJ 08071



29 Franklinville Road N39° 42.462'

South Harrison W75° 14.475'

Block 17, Lot 16.01

8/26/2008 19.03 $855,000 $44,929 R Taylors Glen, LLC601 Delsea DriveSewell, NJ 08080



2 Raquel Court N39° 45.706'

Washington W75° 2.977'

Block 195, Lot 22

10/30/2008 5.69 $445,000 $78,207 R Brennan, Tracy A& Hull, Eric2 Racquel Court

Turnersville, NJ 08012



1 Dunlin Court N39° 43.190'

Woolwich W75° 21.379'

Block 1.01, Lot 15

4/6/2006 6.94 $80,000 $11,527 RMD US Home Corp. D/B/A Lennar Home800 W. Main StreetFreehold, NJ 07728



4 Barbagallo Court N39° 44.662'


Block 56, Lot 5.1

2/14/2005 7.21 $135,000 $18,724 RMD Pollo, Paul M & Pamela V1426 Morningstar DriveAliquippa, PA 15001



522 Fields Lane N39° 46.330'


Block 11, Lot 24

7/5/2006 7.69 $122,500 $15,930 RMD Nar Farms LLC33 East Rattling Run Road

Mickleton, NJ 08056



1151 Auburn Road N39° 44.149'


Block 2.37, Lot 1

6/24/2008 10.01 $1,900,000 $189,810 RMD Aurburn Road Associates LLC41 South Haddon Ave, Ste 1

Haddonfield, NJ 08033



696 Russell Mill Road N39° 42.953'


Block 44, Lot 9.01

1/22/2009 10.57 $549,883 $52,023 RMD Vuong, Jenni696 Russell Mill RoadSwedesboro, NJ 08085







BURLINGTON COUNTY134 Bortons Road

EveshamBlock 57, Lot 3.01

N39° 49.6355'W74° 52.9758'

4/30/2009Book: 6643Page: 802

6.45 $275,000 $42,636 RD‐2 Atlee, Kevin V & Emily80 Clemens Lane

Turnersville, NJ 08012



136 Kettle Run RoadEvesham

Block 41, Lot 28

N39° 51.3118'W74° 53.7216'

8/11/2005Book: 6309Page: 453

7.11 $78,000 $10,970 RD‐1 Hakim, Orly210 Mimosa Drive




5130 Church RoadEvesham

Block 15.09, Lot 6

N39° 55.2079'W74° 52.3936'

5/2/2007Book: 6502Page: 702

8.454 $199,900 $23,646 LD NJ Marpar L L C5118 Church Road

Mount Laurel, NJ 08054



405 Lippincott DriveEvesham

Block 24.24, Lot 2

N39° 53.1438'W74° 55.5319'

3/7/2005Book: 6268Page: 612

8.99 $485,000 $53,949 AH1A Crossing Office Park LLC16 High Point DriveMedford, NJ 08055

AffordableHousing

The land was purchased for developmentof affordabel housing.

220 Taunton Lake RoadEvesham

Block 41, Lot 7

N39° 51.7456'W74° 52.9478'

6/20/2006Book: 6403Page: 168

12.16 $590,000 $48,520 RD‐1 Nathan, Meera V200 Taunton Lake RoadMarlton, NJ 08053



178 Sycamore AvenueEvesham

Block 61, Lot 2

N39° 48.7835'W74° 54.2281'

1/12/2005Book: 6238Page: 516

14.34 $100,000 $6,974 RD‐3 SFC Partners LLC201 A Berlin Road




2265 Martlon PikeEvesham

Block 17, Lot 3

N39° 53.641'W74° 51.784'

6/23/2008Book: 6596Page: 975

24.52 $450,000 $18,352 LD Sacchetti, Carlo & Deborah798 Carteret CourtMount Laurel 08054

Single FamilyDwellings


Pleasant Valley AvenueMount Laurel

Block 1206, Lot 3

N39° 56.858'W74° 56.836'

6/14/2005Book: 6316Page: 116

12.64 $460,000 $36,392 R‐1 Centell, LLC479 Centennial Boulevard

Voorhees, NJ 08043

Single FamilyDwellings

The site was purchased fordevelopment with single familydwellings.

CAMDEN COUNTY339 Hickstown RoadGloucester TownshipBlock 14802, Lot 86

N39° 46.3840'W75° 2.1750'

3/8/2006Book: 8150Page: 526

5.73 $250,000 $43,630 R2 Mamosa Development LLCPO Box 12

Barrington, NJ 08007

Single FamilyDevelopment

Industrial Building was demolished before sale.Single family dwellings are proposed for the site.

1101 Gibbsboro Road (Rear)Lindenwold

Block 244, Lot 8.01

N39° 50.2084'W75° 0.0633'

11/3/2006Book: 8384Page: 645

6.68 $500,000 $74,850 I‐1 Generation's Urban Renewal Company622 Cooper StreetCamden, NJ 08102

Low incomehousing

The site will be developed with a 92 unit lowincome housing complex. The land was purchased froma church who developed the front portion of the site.

SALEM COUNTYRemsterville Road

AllowayBlock 37, Lot 21

N39° 33.443'

W75° 18.718'

3/22/2007Book: 1271Page: 218

5.74 $143,000 $24,913 A Freeman, Dennis L & Karen C361 North Main StreetWoodstown, NJ 08098



461 S Pennsville‐Auburn RoadCarneys Point

Block 246, Lot 1.04

N39° 41.1662'

W75° 28.4176'

4/17/2007Book: 1275Page: 192

32.93 $250,000 $7,592 LI Heritage‐CP Residential I, LP2500 York Road

Jamison, PA 18929



745 Harding HighwayCarneys PointBlock 233, Lot 7

N39° 41.6175'

W75° 25.9033'

9/5/2007Book: 1289Page: 324

63.8 $3,500,000 $54,859 A Heritage‐Laytons Lake Estates, LLC2500 York Road

Jamison, PA 18929



214 S Golfwood AvenueCarneys Point

Block 169, Lot 23.02

N39° 42.3420'

W75° 27.4576'

6/30/2006Book: 1247Page: 210

5.9 $250,000 $42,373 LR Golfwood Development, LLC112 Haddontown Ct Ste 100




254 S Golwood Avenue RearCarneys Point

Block 169, Lot 22

N39° 42.1927'

W75° 27.6054'

6/30/2006Book: 1247Page: 210

7.56 $250,000 $33,069 LR Golfwood Development, LLC112 Haddontown Ct Stre 100




Oechsle RoadManningtonBlock 17, Lot 9

N39° 36.656'

W75° 21.484'

9/29/2006Book: 1255Page: 299

7.1 $242,500 $34,155 RR Shimp, Eric S & Cynthia R139 Oechsle Road

Woodstown, NJ 08098



Oechsle RoadManningtonBlock 17, Lot 4

N39° 36.248'

W75° 21.922'

7/26/2006Book: 1249Page: 170

8.4 $55,000 $6,548 RR Malpezzi, Timothy F & Colleen99 Radburn Road

Huntingdon Valley, PA 19006







SALEM COUNTY (Continued)Fenwick Road N39° 37.263'

Mannington W75° 20.634'

Block 8, Lot 7

6/29/2009Book: 30720Page: 59300

5.93 $80,000 $13,491 RR Smith, Karen L1297 Route 40

Pilesgrove, NJ 08098



Mannington‐Yorketown Road N39° 36.983'

Mannington W75° 19.922'

Block 9, Lot 21

1/30/2009Book: 30130Page: 92600

6.19 $55,000 $8,885 RR Thomas,Christopher & Denielle C B404 Windsor DriveBellmawr, NJ 08031



Pedricks Lane N39° 44.552'

Oldmans W75° 25.495'

Block 35, Lot 17.05

1/8/2008Book: 1300Page: 199

6.65 $100,000 $15,038 RR Walls, Gary A & Ruth J1211 Morton AvenueFolsom, PA 19033



Pennsville‐Auburn Road N39° 42.335'


Block 42, Lot 18

5/23/2008Book: 1313Page: 1

23.74 $70,000 $2,949 AR Pepperess, Russell11 N Virginia AvenuePenns Grove, NJ 08069



Penns Grove‐Pedricktown Road N39° 45.371'


Block 36, Lot 17

9/2/2008Book: 1322Page: 205

10.67 $42,000 $3,936 R Vallchka III, William J93 Pennsgrove Pedricktown Road

Pedricktown, NJ 08067



Penns Grove‐Auburn Road N39° 43.290'


Block 42.01, Lot 50.01

9/3/2008Book: 1321Page: 321

8.08 $100,000 $12,376 AR Smalfus, Chris D259 Pennsville‐Pedricktown

Pedricktown, NJ 08067



Jenkins Avenue N39° 39.8952'


Block 1604, Lot 4

5/31/2006Book: 1241Page: 99

5.55 $19,000 $3,423 R2 Wright, David H & Evelyn F25 Benson AvenuePennsville, NJ 08070



N Hook Road N39° 38.709'


Block 2401, Lot 29

7/21/2006Book: 1257Page: 238

7 $123,750 $17,679 R2 Hardy, Jesse R % Shivhilkanth LLC2 Colonial Court

Hainesport, NJ 08036



E Pittsfield Street N39° 38.710'


Block 2201, Lot 35

3/31/2008Book: 1311Page: 17

10 $5,000 $500 R2 Curry, Wendell H65 S Washington DrivePennsville, NJ 08070



Swedesboro Road N39° 40.564'

Pilesgrove W75° 19.190'

Block 28, Lot 1

1/5/2005Book: 1184Page: 197

15.73 $315,000 $20,025 G‐1 Tar Construction Co., Inc.201 Bridgeboro StreetRiverside, NJ 08075



753 Route 77 N39° 39.5334'


Block 27, Lot 7

10/30/2006Book: 1258Page: 227

13.04 $215,000 $16,488 LR‐A Sottile, Joshua W727 Bridgeton Pike

Monroeville, NJ 08343



Glassboro Road N39° 39.385'


Block 23, Lot 5

3/22/2005Book: 1191Page: 299

11.05 $45,000 $4,072 LR‐A Eaise, Kevin A & Deborah28 Glassboro Road

Monroeville, NJ 08343



Buck Road N39° 36.186'


Block 5, Lot 79

7/13/2007Book: 1283Page: 155

33.27 $220,000 $6,613 LR Lakeland Developers, LLC132 Davis AvenueLinwood, NJ 08221



Pinyard Road N39° 37.162'


Block 13, Lot 18

8/31/2009Book: 30930Page: 358

10.11 $225,000 $22,255 LR Stambolian, Dwight & Dana, Debra J614 Hartland CourtSewell, NJ 08080



* The data contains 62 residential sales from a low per acre value of $500 to a high per acre value of $189,810.** The mean of the range is $33,604.*** The median of the range is $22,950.

Qualifications - Joseph E. Baldoni, MAI Business:

APPRAISAL ASSOCIATES, INC. 524 South Avenue East Cranford, New Jersey 07016

Designations and Professional Affiliations: • Designated Member, MAI, Appraisal Institute of Real Estate Appraisers (#5671) - Currently

Re-Certified • State Certified General Real Estate Appraiser - New Jersey License No. RG 00339 -

Currently Re-Certified • State Certified General Real Estate Appraiser - Pennsylvania License No. GA-001202-R -

Currently Re-Certified • Licensed Real Estate Broker - State of New Jersey Education: • Attended Seton Hall University • American Institute of Real Estate Appraisers:

Course I - Appraisal Theory and Practice (University of Connecticut) Course II - Urban Properties (University of Connecticut) Course VI - Investment Analysis Course VII - Residential Appraising Course - Real Estate Valuation in Litigation Course - Business Valuation and Partial/Minority Interest

• Graduate School of Michigan State University

Certificate in Advanced Income Property Valuation. Courses included Income Property Finance and Advanced Income Property Finance.

• Society of Real Estate Appraisers Report Writing Seminar (Hofstra University) • Attended numerous lectures and seminars on real estate appraising, financing, construction

techniques, construction cost, management and business valuations methods. Lecturer and Expert Witness: • Somerset County College - "Appraisal Techniques" - Guest Lecturer • Glen Rock Community School - "Real Estate as an Investment" - Lecturer • Accepted and testified as expert witness - Tax Courts of New Jersey, Califronia and

Missouri; Superior Court of New Jersey and Federal Bankruptcy Courts, Manhattan District, Philadelphia District and New Jersey, (Trenton District).

Experience:

Present: President - Appraisal Associates, Inc., which is actively engaged in the appraising of all types of real estate for all purposes. Studies performed to determine projects' feasibility and viability, as well as highest and best use analyses and consultation on total real estate portfolios.

Qualifications -- Joseph E. Baldoni, MAI (Continued) Experience:

Past: Vice President - Appraisal Department Manager and Chief Appraiser of International Appraisal Co., a nationwide appraisal company with emphasis on corporate appraisal needs.

Income Loan Originator - Jersey Mortgage Company. Main duties to originate, underwrite, appraise and negotiate loans on income-producing properties.

Associate Appraiser - Van Syckle Agency. Appraised all types of properties in New Jersey. Performed zoning studies and land utilization analyses.

Assistant Vice President - Porter Company, Ltd. Supervised appraisal staff in performance of appraisals for all purposes.

Appraisals of Special Note:

• 32-story luxury high-rise apartment complex • 4,750,000 S/F Office Tower - Chicago • Integrated Steel Mill - Cleveland • 1,000,000 S/F industrial manufacturing/warehouse facility • 470 unit proposed condominium project • Alumina Refining Facility - St. Croix • 2,400,000 S/F automobile assembly plant • Hollywood film studio, Sound Stages and Back Lot Production Area • Lumber and Pulp Mill facilities • Proposed 690-room center city luxury hotel and 27-story office building • Proposed multiple-building office park • 2,600,000 S/F airline overhaul base • 800 unit garden apartment complex • Enclosed regional shopping malls • Aluminum Smelting Facility • 3,800,000 S/F Aluminum Rolling Mill • Hydroelectric Power Dam Prepared for: • Acquisition and disposal • Mortgage financing • Tax appeals • Condemnation proceedings • Allocation of purchase price for Internal Revenue reporting • Estate matters • Partnership dissolution • Investment tax credit analysis • Component depreciation studies • Land utilization and marketability studies • Zoning analysis

Qualifications – Joseph C. Baldoni Business: APPRAISAL ASSOCIATES, INC. 524 South Avenue East Cranford, NJ 07016 Designation and Professional Affiliations:

State Certified General Real Estate Appraiser – New Jersey License No. RG 001977 State Certified General Real Estate Appraiser – New York License No. 46000049207 Associate Member of the Appraisal Institute Board of Directors Metro New Jersey Chapter of Appraisal Institute Communication and Technology Chairperson - Metro New Jersey Chapter of

Appraisal Institute Education:

Masters of Science in Real Estate – New York University, New York, NY Graduated August 2003

Bachelor of Science in Finance – University of Scranton, Scranton PA. Graduated May 1999

Appraisal Institute – Numerous courses, lectures and seminars

Experience: Present: Vice President – Appraisal Associates, Inc., which is actively engaged in the

appraisal of all types of real estate for all purposes. Past: American International Group, New York, New York (6/99 – 9/00)

Claims Analyst I – Fidelity Bonds Department Handled claims regarding employee dishonesty and financial

institution fraud. In charge of the Visa account for credit card claims

Professional Associate (PA) – Fidelity Bonds Department Worked on various assignments for the department Opened and closed claims Paid vendors and clients

Appraisals of Special Note: • A 91,450± S/F, 848 unit self-storage facility • A 108 room extended stay style hotel • 121,428± square foot senior living facility • 276,498± square foot multi-building ink and coating manufacturing building • A 200,144± square foot industrial building proposed for residential usage • A 16 lot subdivision Prepared for: • Acquisition and disposal • Mortgage financing • Tax appeals • Condemnation proceedings • Allocation of purchase price for Internal Revenue reporting • Estate matters • Partnership dissolution • Investment tax credit analysis • Component depreciation studies • Land utilization and marketability studies • Zoning analysis

PARTIAL LIST OF CLIENTS SERVED (Served By The Firm)

Corporate

Acco Corporation FMC Corporation Pfizer, Inc. Alcan Aluminum Ford Motor Company Prentice Hall Alcoa Aluminum Gannett, Inc. Qume Corporation Allied Stores General Foods Corporation Rapid Industrial Plastics Amicor, Inc. H. J. Heinz Corporation Red Roof Inn American Cancer Society Honeywell Corporation Reynolds Metal Co. American Chromalloy Howard Johnson's Company Rockwell International Amex Specialty Metals IBM Corporation Singer Company A T & T Industrial Industries Sun Chemical Bethlehem Steel Ingersoll Rand Corporation Toresco Enterprises Borden's, Inc. ITT Corporation Transnet Corporation Borg Warner Jones & Laughlin Steel T W A Boyle Midway Corp. Kentucky Fried Chicken Uddeholm Brick Church Appliances Keuffel & Esser Company United Technologies Bucyrus B Erie Kinney Shoe Corporation Valcor Engineering CBS, Inc. Kitty Kelly Company Vorelco, Inc Cyclops Steel Kraft, Inc. W. W. Grainger, Inc. Daido Corporation Lemar Apparel Group, Inc. Warner Lambert Digital Equipment Corporation Martin Marietta Aluminum Westinghouse Entenmann's Bakery Maxwell House Coffee White Chemical Eastman Kodak Oscar Mayer Corporation William Steinen Mfg. Fluid Packaging Corporation Otis Elevator

Banks and Financial Institutions American Savings Bank East River Savings Bank Mortgage Personnel Services Amerifederal Savings Eastern Savings Bank Mutual Benefit Life Insurance Bank of America E. B. Mortgage Corp. National Westminster Bank Bank of India Equitable of Iowa New Brunswick Savings Bankers Life First Nat'l Bank of Central Jersey New England Mutual Life Bell Savings Frank Holland Mortgage Co. New York Life Insurance Buchbinder-Silverstein & Solove Gibraltar Savings Bank New York Urban C & C Income Property Services GMAC Mortgage Corp. Paine Webber Mtg. Fin. Carteret Savings Bank Harmonia Savings Bank Phoenix Mutual Life Ins. Cenlar Capital Corporation Home Life Insurance Corp. Provident Mutual Life Chemical Bank Howard Savings Bank Provident Savings Bank Coldwell Banker Hudson United Bank Punia Mortgage Company Colonial National Mortgage Irving Trust Company The Bank of Tokyo Columbia Savings & Loan Larson Financial Resources, Inc. The Canada Life Assurance ComFed Realty Credit Co., Inc. Lehigh Financial Corp. The Greater New York ComFed Savings Bank Maplewood Bank and Trust Co. Saving Bank Commonwealth Eastern Mtg. Corp. Meritor Credit Corp. The Summit Trust Co. Crestmont Federal Savings & Loan Metropolitan Life Insurance Union Carbide Pension DRG Financial Corp. Morris County Savings Bank Union County Savings East Bank Morsemere Federal Savings and Loan

Builders / Developers / Investors Adian Corporation Hartz Mountain Industries, Inc. Metropolitan Properties American Management HOWCO Company Murray Construction Co. Bellemead Development Corp. Jos. L. Muscarelle, Inc. Oldnick & Fischer Briar Hill Construction Kenbee Management Company Oxford Properties, Inc. Dowell Associates, Inc. Kent Associates Palm Development Group East Meadow Corporation Klein Industries, Inc. Pond View Associates Equity Restorations Krantz & Son Realty Rotwein & Blake Evans Partnership Krupp Bros. Summit Associates, Inc. Fairchild Equity Corporation Lan Associates William Krupp Fox Financial LCL Equities Garibaldi Realty M. Alfieri Company

Others Borough of Montvale Government Service Administration Township of Cranford Cranbury Township The Trust for Public Lands Washington Township Borough of Kenilworth Borough of Garwood Borough Carteret Redevelopment Agency Clifton Redevelopment Agency Paterson NJHMFA Agency

compensatory groundwater damages: st services terminal

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