HomeMy WebLinkAboutParcel 74- AppraisalForm ROW-A-5 (Rev. 08/11)
Page 1.0 *A5*
1 REAL ESTATE APPRAISAL REPORT - TEXAS DEPARTMENT OF TRANSPORTATION
Address of Property: 3550 Pockrus Paige Road, Denton, TX 76210 ROW CSJ: N/A
Property Owner: Arthur W. Hollingsworth District: N/A
Address of Property Owner: 4455 Lyndon B. Johnson Freeway Suite 300,
Dallas, Texas 75244-5934
Parcel: Parcel 74
Occupant’s Name: United Rentals Federal Project No: N/A
Whole: Partial: X Acquisition Highway: IH-35E Mayhill Utility Relocations County: Denton
Purpose of the Appraisal
The purpose of this appraisal is to estimate the market value of the fee simple title to the real property to be acquired, encumbered by any
easements not to be extinguished, less oil, gas and sulphur. If this acquisition is of less than the whole property, then any special benefits and/or
damages to the remainder property must be included in accordance with the laws of Texas.
Market Value
Market value is defined as follows: “Market Value is the price which the property would bring when it is offered for sale by one who desires,
but is not obliged to sell, and is bought by one who is under no necessity of buying it, taking into consideration all of the uses to which it is
reasonably adaptable and for which it either is or in all reasonable probability will become available within the reasonable future.”
Certificate of Appraiser
I hereby certify:
That, it is my opinion the total compensation for the acquisition of the herein described property is $149,362 as of November 11, 2020,
based upon my independent appraisal and the exercise of my professional judgment;
That on November 11, 2020, I personally inspected in the field the property herein appraised; and I afforded Arthur W. Hollingsworth, the
property owner, the opportunity to accompany me at the time of the inspection; contact was established with the property owner, Mr.
Hollingsworth who told the appraiser to check-in with the on-site manager, Mr. Sean Emerson, allowing the appraiser to inspect unaccompanied;
That the comparables relied upon in making said appraisal were as represented by the photographs contained in the appraisal report and were inspected on November 10, 2020 through November 13, 2020;
That I have not revealed and will not reveal the findings and results of such appraisal to anyone other than the proper officials of the Texas
Department of Transportation or officials of the Federal Highway Administration until authorized by State officials to do so, or until I am required
to do so by due process of law or until I am released from this obligation by having publicly testified to such findings;
That my compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client,
the amount of the value estimate, the attainment of a stipulated result or the occurrence of a subsequent event.
The appraiser has considered access damages in accordance with Section 21.042(d) of the Texas Property Code, as amended by SB18 of
the Texas 82nd Regular Legislative Session and finds as follows:
1.Is there a denial of direct access on this parcel? No (yes or no)
2.If so, is the denial of direct access material? N/A (yes, no, or not applicable)
3.The lack of any access denial or the material impairment of direct access on or off the remaining property affects the market value of
the remaining property in the sum of $0.
I certify to the best of my knowledge and belief that:
That the statements of fact contained in this report are true and correct;
That the reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and are my
personal, unbiased professional analyses, opinions and conclusions;
That I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with
respect to the parties involved; and,
That my analyses, opinions and conclusions were developed, and this report has been prepared in conformity with the appropriate State
laws, regulations, and policies and procedures applicable to the appraisal of right of way for such purposes, and that to the best of my
knowledge no portion of the value assigned to such property consists of items which are noncompensable under the established law of said State,
and any decrease or increase in the fair market value of subject real property prior to the date of valuation caused by the public improvement
other than that due to the physical deterioration within the reasonable control of the owner has been disregarded in estimating the compensation
for the property.
To the best of my knowledge, the value does not include any
items which are not compensable under State law.
Allison Jackson, RWA, R/W-AC
TX-1380451-G
Certification Number
December 8, 2020
Date Reviewing Appraiser Date
12/08/2020
Aerial
1.1
SUBJECT AERIAL WITH ACQUISITION OVERLAY
Aerial View of Subject and Acquisition
Parcel 74
Subject
TxDOT
Certification
1.2
CERTIFICATION
We certify to the best of our knowledge and belief:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and
limiting conditions and are our personal, impartial and unbiased professional analyses, opinions,
and conclusions.
3. We have no present or prospective interest in or bias with respect to the property that is the subject of
this report and have no personal interest in or bias with respect to the parties involved with this
assignment.
4. Our engagement in this assignment was not contingent upon developing or reporting predetermined
results.
5. Our compensation for completing this assignment is not contingent upon the development or
reporting of a predetermined value or direction in value that favors the cause of the client, the
amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent
event directly related to the intended use of this appraisal.
6. Our analyses, opinions, and conclusions were developed, and this report has been prepared, in
conformity with the Uniform Standards of Professional Appraisal Practice, as well as the requirements
of the State of Texas.
7. The reported analyses, opinions, and conclusions were developed, and this report has been
prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of
Professional Appraisal Practice of the Appraisal Institute.
8. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its
duly authorized representatives.
9. T.J. Smith and Allison Jackson have made a personal inspection of the property that is the subject of
this report. T.J. Smith’s inspection was made from the right of way and surrounding public areas.
10. No one provided significant real property appraisal assistance to the persons signing this report.
11. Valuation & Advisory Services operates as an independent economic entity within CBRE, Inc.
Although employees of other CBRE, Inc. divisions may be contacted as a part of our routine market
research investigations, absolute client confidentiality and privacy were maintained at all times with
regard to this assignment without conflict of interest.
12. T.J. Smith and Allison Jackson, have not provided any services, as an appraiser or in any other
capacity, regarding the property that is the subject of this report within the three-year period
immediately preceding acceptance of this assignment.
T.J. Smith Allison Jackson, RWA, R/W-AC
TX-1380471-G TX-1380451-G
Table of Contents
1.3
TABLE OF CONTENTS
1 REAL ESTATE APPRAISAL REPORT - TEXAS DEPARTMENT OF TRANSPORTATION ................... 1.0
Table of Contents ..................................................................................................................................... 1.3
Identification of the Subject ....................................................................................................................... 1.7
Ownership ................................................................................................................................................ 1.7
Owner Contact ......................................................................................................................................... 1.8
2 PHOTOGRAPHS OF SUBJECT PROPERTY ................................................................................. 2.0
Area Analysis ............................................................................................................................................ 2.5
Neighborhood Analysis ............................................................................................................................. 2.7
Location ................................................................................................................................................... 2.7
Land Use .................................................................................................................................................. 2.8
Growth Patterns ........................................................................................................................................ 2.9
Access ...................................................................................................................................................... 2.9
Demographics ........................................................................................................................................ 2.10
Conclusion ............................................................................................................................................. 2.11
Tax Map ................................................................................................................................................. 2.12
Plat Map ................................................................................................................................................. 2.13
Floodplain Map ...................................................................................................................................... 2.14
Site Analysis ........................................................................................................................................... 2.15
Improvements Analysis ........................................................................................................................... 2.17
Zoning .................................................................................................................................................... 2.18
Tax Assessment Data .............................................................................................................................. 2.20
3 PROPERTY VALUATION SUMMARY - WHOLE........................................................................... 3.0
Sales Comparison Approach ..................................................................................................................... 3.5
Land Value ............................................................................................................................................... 3.6
Cost Approach ........................................................................................................................................ 3.13
Sales Comparison Approach ................................................................................................................... 3.16
Income Approach ................................................................................................................................... 3.17
Reconciliation of Value - Whole .............................................................................................................. 3.18
4 PART TO BE ACQUIRED ............................................................................................................ 4.0
Valuation of the Remainder Before the Acquisition .................................................................................... 4.5
5 PROPERTY VALUATION SUMMARY - REMAINDER ................................................................... 5.0
Description and Highest and Best Use – Remainder After the Acquisition ................................................... 5.1
Sales Comparison Approach ..................................................................................................................... 5.5
Cost Approach .......................................................................................................................................... 5.6
Sales Comparison Approach ..................................................................................................................... 5.7
Income Approach ..................................................................................................................................... 5.8
Reconciliation of Value – Remainder After ................................................................................................. 5.9
6 COMPENSATION SUMMARY .................................................................................................... 6.0
Cost to Cure ............................................................................................................................................. 6.1
Assumptions and Limiting Conditions ........................................................................................................ 6.2
7 ADDENDA ................................................................................................................................ 7.0
Executive Summary
1.4
Executive Summary
INTRODUCTION
CBRE File No.:20-361RW-0146-6
Date of the Report December 8, 2020
Effective Date November 11, 2020
Valuation Date Type Current
Client TxDOT, its employees, agents, and assigns
ROW Provider Name CobbFendley
Representative Mr. Michael Hale, SR/WA, R/W-URAC, R/W-NAC, R/W-RAC, Principal, Right of Way
Production Manager
Address 1300 South University Drive, Suite 300
Fort Worth, TX 76107
Parcel Number Parcel 74
Subject Location 3550 Pockrus Paige Road
Denton, Denton County, TX
Owner Arthur W. Hollingsworth
Legal Description Tract of land situated in the Gideon Walker Survey, Abstract No. 1330 and being Lot 1,
Bloack A, House Smart Addition, an addition to the City of Denton, Denton County,
Texas
Assessor IDs (Impacted Only)245161
Property Rights Appraised Fee Simple Estate subject to existing encumbrances
Rights Being Acquired Easement
Current Use of Subject retail
Highest and Best Use
As Vacant Commercial
of Acquisition As part of the Whole Property
Estimated Exposure Time 9-18 Months
Buyer Profile Developer or Owner-User
LAND AREAS
Whole Property 2.3560 AC 102,627 SF
Fee Area 2.3560 AC 102,627 SF
Part Acquired
Parcel 74 0.3135 AC 13,658 SF
Total Acquired in Easement 0.3135 AC 13,658 SF
Remainder Property
Fee Area Remaining 2.0425 AC 88,969 SF
Parcel 74 0.3135 AC 13,658 SF
Remainder Total Size 2.3560 AC 102,627 SF
CONCLUDED MARKET VALUE
Market Value Compensation
Larger Parcel $2,158,414
Part(s) Being Acquired $146,656
Remainder Before Consideration of Damages $2,011,758
Remainder After Consideration of Damages $2,011,758
Net Damages or Benefits $0
Net Cost to Cure (Temporary Damages) $2,706
Total Compensation $149,362
Executive Summary
1.5
SALIENT POINTS
The subject whole property is considered to be the remainder property after the acquisition by
TxDOT for the expansion of the IH-35E right-of-way.
According to the client, any impacted paving, sidewalks and landscaping will be repaired or
replaced by the project contractor to a similar or better condition than what exists prior to
installation of utilities. It is noted that fencing impacted by the proposed acquisition will not be
replaced by the project contractor. As such, the value of this impacted improvement has been
included in our analysis, along with a cost to cure this improvement.
The site is improved with a retail building, a storage building and billboard along with related
site improvements. The main improvements are not impacted by the proposed acquisition;
thus, they have been excluded from this analysis.
COVID-19 – MARKET UNCERTAINTY
The outbreak of the Novel Coronavirus (COVID-19), declared by the World Health Organization
as a Global Pandemic on the 11th March 2020, is causing heightened uncertainty in both local
and global market conditions. Global financial markets have seen steep declines since late
February largely on the back of the pandemic over concerns of trade disruptions and falling
demand.
The effect COVID-19 will have on the real estate market in the region is currently unknown and
will largely depend on both the scale and longevity of the pandemic. A prolonged pandemic
could have a significant (and yet unknown or quantifiable) impact on other sectors of the property
market.
Comparable transactions and market evidence since the pandemic are limited. Recent interviews
with market participants indicate that the effects of the pandemic have been mostly limited to
longer closing times for transactions, which has led to a lack of measurable appreciation since
the onset of the pandemic. Our valuation is based on the information available to us at the date
of valuation. Whilst we have taken all reasonable steps to estimate the effect on the property, due
to the significant uncertainty in property and capital markets and the rapid unfolding of these
events, it is difficult to quantify and assess the impact that the pandemic has had on capital
values, if any.
Executive Summary
1.6
EXTRAORDINARY ASSUMPTIONS AND HYPOTHETICAL CONDITIONS
An extraordinary assumption is defined as “an assignment-specific assumption as of the effective
date regarding uncertain information used in an analysis which, if found to be false, could alter
the appraiser’s opinions or conclusions.” 1
A hypothetical condition is defined as “a condition, directly related to a specific assignment,
which is contrary to what is known by the appraiser to exist on the effective date of the
assignment results, but is used for the purposes of analysis.” 2
The use of extraordinary assumptions and hypothetical conditions may affect assignment results.
SPECIAL ASSUMPTIONS
• We have relied on public records for the land area size utilized in this assignment and we assume
this size to be correct. This is net the TxDOT fee acquisition explained in the ownership history.
• Based on instructions from the client, it is assumed that any damage to improvements such as
pavning, sidewalks, landscaping and structural improvements caused by construction,
maintenance, operation, repairing, alteration, replacement, or removal of its facilities shall be
repaired or replaced to their as-is condition or better. Thus, no compensation or cost to cure these
improvements has been included in this analysis.
• It is assumed that any underground improvements or other improvements which are not visible to
the appraiser will not be impacted by the project. Any impact to such improvements will require
modification of this analysis or separate agreement between the property owner and the client.
• Based on our investigation, we believe it is reasonable to make the extraordinary assumption that
the acquisition will not affect the status of the site as it relates to legal conformity to applicable
zoning standards.
• The value of the remainder after the acquisition is subject to the Hypothetical Condition that, as of
the effective date of appraisal, the proposed project has been constructed according to the
specifications provided by the client.
• In the appraisal of property for eminent domain, numerous court cases and statutes have
established that project influence (both positive and negative) should be disregarded in the value
of the property before the acquisition. Therefore, the appraiser has excluded consideration of any
effect the project may have on the property. This requires the appraiser to analyze the property
based on a condition that is contrary to what currently exists but is accepted appraisal practice.
• Certain elements of damage cannot be considered in the appraisal of the remainder although
these elements may reduce the value of the remainder tract. This is in accordance with State v.
Schmidt, 867 S.W. 2d 769, 781 (Tex. 1993), wherein the Supreme Court ruled that damages due
to diversion of traffic, circuitry of travel, increased noise, reduced visibility to passers byes, and
inconvenience due to construction activities are non-compensable and are thus not considered in
the valuation of the remainder. See also Texas Property Code, Chapter 21, Subchapter C, Section
21.041 (d).
• The valuation of the whole property assumes that TxDOT has completed their right-of-way
acquisition for the IH-35E widening project, which has necessitated the relocation of the City of
Denton utilities outside of the State's new right-of-way. Any improvement impact resulting from
the state's right-of-way acquisition is assumed to have been considered, and compensation
awarded accordingly, during negotiations for those acquisitions. In situations where demolition of
on-site improvements was considered necessary as a result of the state's acquisitions, the property
is appraised utilizing the hypothetical condition that those improvements have been removed from
the site as of the effective date, even though those improvements may have still been present on
the site on the effective date of the appraisal.
EXTRAORDINARY ASSUMPTIONS: uncertain information; could alter conclusions
HYPOTHETICAL CONDITIONS: contrary to what is known but used for purpose of analysis
1 The Appraisal Foundation, USPAP
2 The Appraisal Foundation, USPAP
Introduction
1.7
IDENTIFICATION OF THE SUBJECT
The subject is a 2.3560-acre, or 102,627-square foot tract located at 3550 Pockrus Paige Road
in Denton, Texas. The site is improved with a retail building, storage building and billboard along
with related site improvements. The city of Denton intends to acquire an easement for water,
wastewater and electric lines. The proposed easement extends northwest along the subject's
southwest property line.
Identification of the Larger Parcel
The value of a property cannot be estimated without a determination of the property to be
appraised. In some cases, multiple tax parcels are utilized together in one use or a larger tract of
land may be legally, economically and physically divisible into smaller economic units. The three
tests to determine the “larger parcel” to be valued in an appraisal are:
Unity of Title - control by a single entity, individual, or group. Title is largely a legal question.
Unity of Use - an integrated highest and best use separate from surrounding land. Multiple
tracts can have the same use but be separate tracts, such as platted lots. Use is an economic
question that is dependent upon supply and demand, availability of substitutes and other
economic principles.
Proximity - contiguous tracts or proximate tracts that are used together. Subordinate to Unity
of Use.
In this case, the subject identified for valuation purposes of this assignment is 2.3560 acres, or
102,627 square feet of land that is under the same owner and use.
OWNERSHIP
The summary of ownership information is listed in the table below.
OWNERSHIP SUMMARY
Current
Owner:Arthur W. Hollingsworth
Date Purchased: Jan 1, 2006
Purchase Price: Unknown
Legal Reference 2015-21929
County/Locality Name:Denton
Pending Sale:No
Change of Ownership - Past 5 Years No
According to Document No. 2019-65500 (Lis Pendens - included in the
Addenda) in the Denton County records, the State of Texas acquired 27,641
square feet, or 0.635 acre of land on June 5, 2019. This acquisition is along
the subject's IH-35E frontage (southwest property line). This acreage has been
netted out of the acreage provided the subject's plat map to conclude to the
whole property size herein.
Compiled by CBRE
Introduction
1.8
OWNER CONTACT
The appraiser contacted the property owner, Mr. Arthur Hollingsworth, who told the appraiser to
check-in with the on-site manager, Mr. Sean Emerson. An inspection as made on November 11,
2020.
OWNER AND CONTACTS
Owner Name Arthur W. Hollingsworth
Owner Address 4455 Lyndon B. Johnson Freeway Suite 300
Owner City, State, Zip Dallas, Texas 75244-5934
Primary Contact Arthur W. Hollingsworth
Contact Phone (972) 896-6810
Occupancy Tenant
Occupant Name United Rentals
Occupant Contact Sean Emerson
Occupant Phone (940) 243-4949
Compiled by CBRE
Scope of Work
This Appraisal Report is intended to comply with the reporting requirements set forth under
Standards Rule 2 of USPAP. It is also intended to comply with guidance set forth in the Texas
Property Code, Title 4, Chapter 21, Subchapter A and the TxDOT “ROW Appraisal and Review
Manual.” The scope of the assignment relates to the extent and manner in which research is
conducted, data is gathered and analysis is applied.
Intended Use of Report
This appraisal is to be used for real property acquisition for the IH-35E Mayhill Utility Relocations
project, based on the rights being acquired, and no other use is permitted. The report is not the
appraisal but is the reporting of the appraisal to the named client or named intended user.
Anyone else who attempts to rely on an appraisal report that is not a named user may be misled
by the report. If you are not the client, you have no way of knowing if a later appraisal was done
that replaces this report. Any changes will result in a different report date. Accordingly, this
document may no longer contain the appraisers’ opinions. Any subsequent reports, with a later
report date, voids this document even to the client or intended user.
Client
The client is the City of Denton, its employees, agents and assigns, through a subcontract with
Cobb, Fendley & Associates, Inc.
Intended User Of Report
This appraisal is to be used by the City of Denton, its employees, agents, and assigns and no
other user may rely on our report unless as specifically indicated in the report.
Intended Users - the intended user is the person (or entity) who the appraiser intends
will use the results of the appraisal. The client may provide the appraiser with
Introduction
1.9
information about other potential users of the appraisal, but the appraiser ultimately
determines who the appropriate users are given the appraisal problem to be solved.
Identifying the intended users is necessary so that the appraiser can report the
opinions and conclusions developed in the appraisal in a manner that is clear and
understandable to the intended users. Parties who receive or might receive a copy of
the appraisal are not necessarily intended users. The appraiser’s responsibility is to
the intended users identified in the report, not to all readers of the appraisal report. 3
Purpose of the Appraisal
The purpose of this appraisal is to estimate the total compensation due to the property owner
based on the market value of the whole property, acquisition, remainder, and any temporary
easements or curative costs.
Definition of Value
The definition of market value, as defined in City of Austin v. Cannizzo et al. 4, is stated on Page 1
of this report.
Interest Appraised
INTERESTS APPRAISED
Fee Simple Estate Absolute ownership unencumbered by any other interest or estate,
subject only to the limitations imposed by the governmental powers of
taxation, eminent domain, police power and escheat. Dictionary of
Real Estate Appraisal, Sixth Edition, 2015, page 90
Easement The right to use another’s land for a stated purpose. Dictionary of Real
Estate Appraisal, Sixth Edition, 2015, page 71
The interest appraised includes the value of the rights to the fee owner, considering existing
easements, encumbrances, and restrictions. The value of any mineral estate is excluded from this
valuation, unless otherwise stated.
Extent to Which the Property is Identified
The property is identified through the following sources:
postal address
assessor’s records
legal description
3 Appraisal Institute, The Appraisal of Real Estate, 14th ed. (Chicago: Appraisal Institute, 2013), 50.
4 City of Austin v. Cannizzo et al., 267 S.W. 2d 808, 815 [Tex. 1954].
Introduction
1.10
Extent to Which the Property is Inspected
The extent of the inspection included a personal, on-site visit with photography. Inspections were
conducted as follows:
T.J. Smith personally conducted an on-site inspection on November 05, 2020. Allison Jackson
personally conducted an on-site inspection on November 11, 2020.
Effective Date
The effective date is the most recent date of inspection.
Type and Extent of the Data Researched
The appraiser reviewed the following:
applicable tax data
zoning requirements
flood zone status
demographics
comparable data
Type and Extent of Analysis Applied
The appraiser analyzed the data gathered through the use of appropriate and accepted
appraisal methodology to arrive at a probable value indication via each applicable approach to
value. The steps required to complete each approach are discussed in the methodology section.
Data Resources Utilized in the Analysis
DATA SOURCES
Item:Source(s):
Site Data
Whole Property Public records
Acquisition Size Survey provided by the client
Remainder Size Public records
Floodplain FEMA
Zoning City of Denton
Compiled by CBRE
Form ROW-A-5 (Rev. 8/11)
2.0
2 PHOTOGRAPHS OF SUBJECT PROPERTY
Include Each Major Improvement
Parcel No.: Parcel 74 Local Address: 3550 Pockrus Paige Road, Denton, TX
Date Taken: November 11, 2020 Taken By: Allison Jackson
1. Point from which taken: Near the SEC of the
subject property
Looking: Northwest at the subject property
2. Point from which taken: Near the SEC of the
subject property
Looking: North along the proposed acquisition
Form ROW-A-5 (Rev. 8/11)
2.1
PHOTOGRAPHS OF SUBJECT PROPERTY Include Each Major Improvement Parcel No.: Parcel 74 Local Address: 3550 Pockrus Paige Road, Denton, TX
Date Taken: November 11, 2020 Taken By: Allison Jackson
3. Point from which taken: Interior of the site Looking: East at the proposed acquisition
4. Point from which taken: Interior of the site Looking: Southeast along proposed acquisition
Form ROW-A-5 (Rev. 8/11)
2.2
PHOTOGRAPHS OF SUBJECT PROPERTY Include Each Major Improvement Parcel No.: Parcel 74 Local Address: 3550 Pockrus Paige Road, Denton, TX
Date Taken: November 11, 2020 Taken By: Allison Jackson
5. Point from which taken: Interior of the site Looking: East at the subject property
6. Point from which taken: Pockrus Paige Road Looking: East along Pockrus Paige Road
Form ROW-A-5 (Rev. 8/11)
2.3
PHOTOGRAPHS OF SUBJECT PROPERTY Include Each Major Improvement Parcel No.: Parcel 74 Local Address: 3550 Pockrus Paige Road, Denton, TX
Date Taken: November 11, 2020 Taken By: Allison Jackson
7. Point from which taken: Pockrus Paige Road Looking: West along Pockrus Paige Road
8. Point from which taken: Near the NWC of the subject
property
Looking: Southeast along the IH-35E frontage road
(northbound)
Form ROW-A-5 (Rev. 8/11)
2.4
PHOTOGRAPHS OF SUBJECT PROPERTY Include Each Major Improvement Parcel No.: Parcel 74 Local Address: 3550 Pockrus Paige Road, Denton, TX
Date Taken: November 11, 2020 Taken By: Allison Jackson
9. Point from which taken: Interior of the site Looking: View of the subject’s billboard
10. Point from which taken: Interior of the site Looking: View of the storage building
Market Analysis
2.5
AREA ANALYSIS
POPULATION
Compiled by CBRE; Source: Esri
The subject is located in the Denton County. Key information about the area is provided in
the following tables.
The area has a population of 925,612 and a
median age of 35, with the largest population
group in the 30-39 age range and the
smallest population in the 80+ age range.
Population has increased by 262,998 since
2010, reflecting an increase of 6.9%.
Population is projected to increase by an
additional 138,510 by 2025, reflecting 2.8%
population growth.
662,614
925,612
1,064,122
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
2010 2020 2025
POPULATION BY YEAR
0
50,000
100,000
150,000
0‐910‐19 20‐29 30‐39 40‐49 50‐59 60‐69 70‐79 80+
AREA POPULATION BY AGE
Market Analysis
2.6
INCOME
EDUCATION
EMPLOYMENT
Compiled by CBRE; Source: Esri
The area includes a total of 453,241 employees and has a 8.2% unemployment rate. The top
three industries within the area are Educational Services, Retail Trade and Prof/Scientific/Tech
Services, which represent a combined total of 32% of the population.
The area features an average household
income of $117,827 and a median
household income of $89,206. Over the next
five years, median household income is
expected to increase by 6.4%, or $1,134 per
annum.
A total of 46.3% of individuals over the age of
24 have a college degree, with 30.8%
holding a bachelor's degree and 15.4%
holding a graduate degree.
$89,206
$94,877
$86,000
$88,000
$90,000
$92,000
$94,000
$96,000
2020 2025
MEDIAN INCOME BY YEAR
30.8%
15.4%
53.7%
POPULATION BY DEGREE
Bachelor's Degree
Graduate Degree
Other
0%2%4%6%8%10%12%
Other Services (excl Publ Adm)
Transportation/Warehousing
Accommodation/Food Services
Construction
Manufacturing
Finance/Insurance
Health Care/Social Assistance
Prof/Scientific/Tech Services
Retail Trade
Educational Services
In summary, the subject is forecasted to experience an increase in population, an increase in
household income, and an increase in household values.
Market Analysis
2.7
NEIGHBORHOOD ANALYSIS
LOCATION
The subject is located in Denton County, Texas, in an area known as the DFW Metroplex.
NEIGHBORHOOD CHARACTERISTICS
Location:(urban, suburban, rural)Rural
Built-Up:(>75%, 25-50%, <25%)25% - 75%
Growth Rate / Change:(rapid, stable, slow)Stable
Change in Present Land Use:(not likely, likely*, taking place*)Not Likely
Neighborhood Boundaries
North:
South:
East:
West:
Source: CBRE
US-380/University Drive
FM 2181
Lake Lewisville
IH-35W
Market Analysis
2.8
Neighborhood Housing Trends
The neighborhood housing trends and home prices are summarized as follows:
NEIGHBORHOOD HOUSING TRENDS
Property Values:(increasing, stable, declining)Increasing
Demand/Supply:(shortage, in balance, oversupply)In Balance
Marketing Time:(< 3 months, 3-6 months, > 6 months)< 3 Months
Low High Predominant
Price ($000's):$100 $4,121 $255
Age (yrs.):New 107 22
Source: CBRE
Land Use
The local land use patterns are summarized as follows.
NEIGHBORHOOD LAND USE
Commercial Land Use Patterns
Primary Commercial Thoroughfares:
Major Demand Generators:
Source: CBRE
Denton is home to the University of North Texas, Texas Women's
University, and many other large employers such as Peterbilt Motors,
Texas Health Presbyterian Hospital Denton, Medical City Denton,
Josten's, Inc., Sally Beauty Supply, Inc., among others.
IH-35E, US Highway 377, US-77, FM 2181, SH-288, US-380
Land uses are predominately commercial in the vicinity of the subject; however, the larger neighborhood
includes a mix of residential, multi-family, and commercial uses. Larger uses include several auto dealers,
Medical City Denton, and The University of North Texas.
LAND USE
Land uses within the subject neighborhood consist of a mixture of commercial and residential
land uses. The immediate area surrounding the subject is an area of development consisting
primarily of residential uses with much of the development being built after 1970.
The largest retail development in the area is the Golden Triangle Mall, situated just at the
northwestern quadrant of Interstate Highway 35 and State Highway Loop 288. Golden Triangle
Mall has over 90 stores and restaurants with approximately 760,000 square feet of gross
leasable area. The mall currently reports anchor tenants Barnes & Noble, DSW Shoe Warehouse,
Dillard’s, JCPenney, Macy’s, Ross, Sears and Silver Cinemas.
Market Analysis
2.9
The immediate area surrounding the subject property is made up primarily of commercial and
retail properties servicing the heavy consumer traffic traveling to, from and upon Interstate 35.
UNIVERSITY OF NORTH TEXAS
The University of North Texas (UNT) is a four-year state university located within the Denton City
Limits. Enrollment at the university is over 36,000, representing the fourth-largest University in
the State of Texas. The subject is located about 3-4 miles southeast from the campus.
TEXAS WOMAN’S UNIVERSITY
Texas Woman’s University (TWU) is located within the Denton City Limits and has an enrollment
of over 12,000 students. TWU serves features the largest Nursing school in the state and has
admitted men along with women since 1972. The subject is located about three miles south from
the campus.
GROWTH PATTERNS
Growth patterns have occurred primarily along primary commercial thoroughfares such as State
Highway Loop 288, Interstate Highway 35E, Spencer Road, US Highway 77 and Colorado
Boulevard are all primary thoroughfares in the subject area and have generally been the sites of
most of the recent commercial growth in the neighborhood.
State Highway Loop 288 is a primary traffic artery providing access to Interstate 35 East. State
Highway Loop 288 frontage has been the location of a large amount of the most recent retail
development within the subject submarket. As stated, the largest retail development in the area is
the Golden Triangle Mall and it is the epicenter of retail growth in the neighborhood.
ACCESS
Primary access to the subject neighborhood is provided by Interstate Highway 35E. Interstate 35E
is primarily an eight-lane, variable width right-of-way, traversing the neighborhood in a
northwest-southeast direction. Ultimately, this highway runs from Oklahoma, through Dallas/Fort
Worth, Austin, San Antonio and ends at Nuevo Laredo on the Mexican border.
US Highway 77 and State Highway Loop 288 provide secondary access to the subject
neighborhood. These freeways are primarily multi-lane, variable width rights-of-way, traversing
the neighborhood. Primary neighborhood carriers include Colorado Boulevard, Spencer Road,
North Woodrow Lane and Shady Oaks. The commute to the Fort Worth Central Business District
is slightly over 45 minutes. Access throughout the area is good.
The commute to the Dallas Central Business District is similar to that of the commute to Fort
Worth, both being slightly more than a forty-five minute drive.
Market Analysis
2.10
Surrounding Land Use Map
DEMOGRAPHICS
Selected neighborhood demographics for the subject are shown in the following table:
3550 Pockrus Paige Road
Denton, TX 76210
Population
2025 Total Population 11,710 97,892 186,712 32,172,745 8,518,266 1,064,122
2020 Total Population 9,879 86,043 164,714 29,806,340 7,779,502 925,612
2010 Total Population 7,386 68,395 133,258 25,145,561 6,366,542 662,614
2000 Total Population 4,439 45,381 97,239 20,851,820 5,156,310 432,382
Annual Growth 2020 - 2025 3.46% 2.61% 2.54% 1.54%1.83%2.83%
Annual Growth 2010 - 2020 2.95% 2.32% 2.14% 1.71%2.02%3.40%
Annual Growth 2000 - 2010 5.22% 4.19% 3.20% 1.89%2.13%4.36%
Households
2025 Total Households 4,715 36,128 68,354 11,341,452 3,029,062 380,459
2020 Total Households 4,015 31,877 60,276 10,521,548 2,775,282 331,870
2010 Total Households 3,069 25,573 48,947 8,922,933 2,296,410 240,289
2000 Total Households 1,920 17,504 36,453 7,393,354 1,879,000 158,630
Annual Growth 2020 - 2025 3.27% 2.54% 2.55% 1.51%1.77%2.77%
Annual Growth 2010 - 2020 2.72% 2.23% 2.10% 1.66%1.91%3.28%
Annual Growth 2000 - 2010 4.80% 3.86% 2.99% 1.90%2.03%4.24%
Income
2020 Median Household Income $53,692 $59,156 $61,273 $60,820 $70,779 $89,206
2020 Average Household Income $80,496 $82,694 $85,195 $87,674 $99,235 $117,827
2020 Per Capita Income $32,877 $30,740 $31,480 $31,057 $35,439 $42,309
2020 Pop 25+ College Graduates 2,442 20,418 40,332 5,996,234 1,840,916 275,781
Age 25+ Percent College Graduates - 2020 41.2% 39.7% 41.0% 30.9%36.3%46.3%
Source: ESRI
SELECTED NEIGHBORHOOD DEMOGRAPHICS
Texas Dallas-Fort Worth-
Arlington, TX Denton County1 Mile Radius 3 Mile Radius 5 Mile Radius
Subject
Market Analysis
2.11
As shown above, the population within the subject neighborhood has experienced an increase
over the past several years. The neighborhood is expected to experience population growth over
the next five years. As a result, the demand for existing developments is expected to be average
to good. The neighborhood appears to be well established and favorably accepted.
CONCLUSION
As shown above, the population within the subject neighborhood has experienced positive growth
since 2000. The neighborhood currently has an average household income of $82,694 within a
three mile radius of the subject. The area is also reflecting a median household income of
$59,156 for 2020. The outlook for the neighborhood is for continued growth over the next
several years. As a result, the demand for existing developments is expected to be good.
Valuation Analysis – Whole Property
2.12
TAX MAP
Subject
Valuation Analysis – Whole Property 2.13 PLAT MAP The dashed black line in the plat map depicts the existing electric easement clipping the eastern portion of the subject property. Subject
Valuation Analysis – Whole Property
2.14
FLOODPLAIN MAP
Subject
Valuation Analysis – Whole Property
2.15
SITE ANALYSIS
The following chart summarizes the salient characteristics of the subject site.
SITE SUMMARY AND ANALYSIS
Physical Description
Gross Site Area 2.3560 Acres 102,627 Sq. Ft.
Primary Road Frontage IH-35E Frontage Road (Northbound) 435 Feet
Secondary Road Frontage Pockrus Paige Road 634 Feet
Average Depth 439 Feet
Shape
Topography
Primary Traffic Counts (24 hrs.)IH-35E (Main Lanes)103,615
@ Between Loop 288 and Brinker Road Date: 2019
Secondary Traffic Counts (24 hrs.)IH-35E Frontage Road (Northbound) 7,356
@ the offramp at the subject Date: 2014
Pockrus Paige Road None Available
Zoning District
Flood Map Panel No. & Date 48121C0387H June 19, 2020
Flood Zone Zone X (Unshaded)
Flood Notes
Comparative Analysis
Access
Visibility
Functional Utility
Traffic Volume
Adequacy of Utilities
Landscaping
Drainage
Utilities Availability
Water Yes
Sewer Yes
Natural Gas Yes
Electricity Yes
Telephone Yes
Other Yes No Unknown
Detrimental Easements X
Encroachments X
Deed Restrictions X
Source: Various sources compiled by CBRE
Average
Average
Provider
City of Denton
Appears adequate
City of Denton
Atmos Energy
Oncor Electric
AT&T through various providers
Rating
Average
Average
Average
Irregular
Generally Level
HC - Highway Commercial
AREA OF MINIMAL FLOOD HAZARD
Average
Valuation Analysis – Whole Property
2.16
Conclusion of Site Analysis
The site is suitable for uses commensurate with the surrounding neighborhood. The site is well-
located and is afforded average visibility and average access from roadway frontage. The size of
the site is typical for the area and there are no known detrimental uses in the immediate vicinity.
There are no known factors which are considered to prevent the site from development to its
highest and best use, as vacant.
Valuation Analysis – Whole Property
2.17
IMPROVEMENTS ANALYSIS
The subject is a 2.3560-acre, or 102,627-square foot tract located at 3550 Pockrus Paige Road
in Denton, Texas. The site is improved with a retail building, storage building and billboard along
with related site improvements. The city of Denton intends to acquire an easement for water,
wastewater and electric lines. The proposed easement extends northwest along the subject's
southwest property line. The main improvements are not impacted by the proposed acquisition
and are therefore excluded from this analysis. According to the client, any impacted paving,
sidewalks and landscaping will be repaired or replaced by the project contractor to a similar or
better condition than what exists prior to installation of utilities. It is noted that fencing impacted
by the proposed acquisition will not be replaced by the project contractor. As such, the value of
this impacted improvement has been included in our analysis, along with a cost to cure these
improvements. Below is a summary of the impacted improvement:
IMPROVEMENT CONDITION RATINGS
Improvement Condition
Wrought Iron Fencing 123 LF Average
Compiled by CBRE
FURNITURE, FIXTURES AND EQUIPMENT (PERSONAL PROPERTY)
Based on the on-site inspection, there were inventory items located within the proposed
acquisition. This machinery is considered personal property and is shown below.
Valuation Analysis – Whole Property
2.18
ZONING
The following chart summarizes the subject’s zoning requirements.
ZONING SUMMARY
Current Zoning
Legally Conforming
Uses Permitted
Zoning Change
Future Land Use Category
Category Zoning Requirement
Minimum Lot Size 10,000 Sq. Ft.
Minimum Lot Width None
Maximum Height 100 Feet
Minimum Setbacks
Front Yard 20 Feet
Street Side Yard 10 Feet
Rear Yard 15 Feet
Maximum Bldg. Coverage 80%
Source: City of Denton Planning & Zoning Dept.
HC - Highway Commercial
Yes
The Highway Commercial district is intended to provide high-intensity
commercial uses along the city's busiest and most visible thoroughfares. The
Highway Commercial district applies to areas along highly visible commercial
corridors in the city where elevated design and aesthetic qualities are desired.
While the Highway Commercial district is primarily auto-oriented, it provides a
safe environment for pedestrians and cyclists.
Not likely
Regional Mixed Use
ANALYSIS AND CONCLUSION OF LAND USE REGULATIONS
The improvements represent a legally-conforming use and, if damaged, may be restored without
special permit application. The above information is based upon publicly-available data and is
not a substitute for a site-specific development plan that has been reviewed and approved by the
municipality. Additional information may be obtained from the appropriate governmental
authority. For purposes of this appraisal, the appraiser has assumed the information obtained is
correct.
Valuation Analysis – Whole Property
2.19
ZONING MAP
Subject
Valuation Analysis – Whole Property
2.20
TAX ASSESSMENT DATA
The following summarizes the local assessor’s estimate of the subject’s market value.
TAX INFORMATION
Assessor Account ID(s)245161
Tax Year 2020
Assessed Land Acres 3.086 AC
Assessed Land SF 134,426 SF
Assessor Improvement Value $314,913
Assessor Land Value $1,344,260
Assessor Total Market Value $1,659,173
Assessor Land Value/SF $10.00
Tax Rate 2.285732
Total Taxes $37,924
Based on our anlaysis, the assessed value appears to be low.
For purposes of this analysis, the appraiser assumes that all taxes are current.
Form ROW-A-5 (Rev. 8/11)
Each approach developed follows this page and is sequenced as shown below.
Land Value,
Pg SCA-3.5
Cost Approach,
Pg CA-3.13
Sales Comparison Approach,
Pg SCA-3.16
Income Approach,
Pg IA-3.17
Page PVS-3.0
3 PROPERTY VALUATION SUMMARY - WHOLE
Whole: Part to be Acquired: Remainder After:
HIGHEST AND BEST USE ANALYSIS: (The Highest and Best Use analysis should consider the reasonably probable and legal use of vacant land or
improved property considering legally permissible, physically possible, financially feasible, and maximally productive. Use a separate page, numbered
accordingly, as necessary.)
See analysis.
VALUATION APPROACHES
Insert value estimate, then describe, analyze, and support each approach as required.
Sales Comparison Approach, (land value) ................................................................ $2,155,167
Cost Approach ........................................................................................................ $2,158,414
Sales Comparison Approach, (as improved) ......................................................................... N/A
Income Approach ................................................................................................................ N/A
Reconciliation of Approaches to Value: The sales comparison approach for land is utilized to develop an opinion of land
value because market participants rely on this method. The cost approach was developed to a degree appropriate for the
scope of this assignment. The subject is valued as vacant land and so the sales comparison approach for improved property
is not applicable. Being valued as vacant land, the income approach for improved property is not applicable. Furthermore,
surface rights in this area are not purchased based on income production.
Based on the foregoing, the market value of the subject property before the acquisition has been concluded as follows:
Contributory Value of Improvements (Itemized)
Wrought Iron Fencing 123 LF $3,247
Total Contributory Value of Improvements $3,247
Contributory Land Value (Itemized)
Fee Area (102,627 SF) $21.00 $2,155,167
Reconciled Final Value $2,158,414
Valuation Analysis – Whole Property
3.1
Highest and Best Use – Whole Property
In appraisal practice, the concept of highest and best use represents the premise upon which
value is based. The four criteria the highest and best use must meet are:
legally permissible;
physically possible;
financially feasible; and
maximally productive.
The highest and best use analysis of the subject is discussed below.
AS VACANT
Legally Permissible
The legally permissible uses were discussed in the Site Analysis and Zoning Sections. Based on
the legally permissible uses, only commercial uses are given further consideration in the following
analysis. There are no known easements or encroachments impacting the site that are considered
to affect the marketability or highest and best use. There are also no known covenants,
conditions, or restrictions impacting the site that are considered to affect the marketability or
highest and best use.
Physically Possible
The subject is adequately served by utilities, and has an adequate shape and size, sufficient
access, etc., to be a separately developable site. There are no known physical reasons why the
subject site would not support any legally probable development (i.e. it appears adequate for
development). Existing structures on similar sites within the subject neighborhood provide
additional evidence for the physical possibility of development.
Financially Feasible
Consideration to existing land use trends has been given in determining feasible uses. Only those
uses that are physically possible and legally permissible are given further consideration. Recent
development of surrounding land uses at sites similar to the subject have been a mixture of uses,
primarily commercial in nature. Based on our analysis of the market, there is currently adequate
demand for commercial use in the subject’s area. It appears that a newly developed commercial
use on the site would have a value commensurate with its cost. Therefore, commercial use is
financially feasible.
Maximally Productive - Conclusion
Based on the information presented above and upon information contained in the market and
neighborhood analysis, we conclude that the highest and best use of the subject as if vacant
would be the development of a commercial use.
Our analysis of the subject and its respective market characteristics indicate the most likely buyer,
as if vacant, would be a developer or owner-user.
Valuation Analysis – Whole Property
3.2
AS IMPROVED
As the main improvements are not impacted by the proposed project, they have been excluded
from the valuation, and a highest and best use analysis as improved was not performed.
Valuation Analysis – Whole Property
3.3
Appraisal Methodology
In appraisal practice, an approach to value is included or omitted based on its applicability to the
property type being valued and the quality and quantity of information available.
Cost Approach
The Cost Approach is based on the proposition that the informed purchaser would pay no more
for the subject than the cost to produce a substitute property with equivalent utility. This approach
is particularly applicable when the property being appraised involves relatively new improvements
that represent the highest and best use of the land, or when it is improved with relatively unique
or specialized improvements for which there few sales or leases of comparable properties exist.
Sales Comparison Approach
The Sales Comparison Approach utilizes sales of comparable properties, adjusted for differences,
to indicate a value for the subject. Valuation is typically accomplished using physical units of
comparison such as price per square foot, price per unit, price per floor, etc., or economic units
of comparison such as gross rent multiplier. Adjustments are applied to the physical units of
comparison derived from the comparable sale. The unit of comparison chosen for the subject is
then used to yield a total value. Economic units of comparison are not adjusted, but rather
analyzed as to relevant differences, with the final estimate derived based on the general
comparisons.
Income Capitalization Approach
The Income Capitalization Approach reflects the subject’s income-producing capabilities. This
approach is based on the assumption that value is created by the expectation of benefits to be
derived in the future. Specifically estimated is the amount an investor would be willing to pay to
receive an income stream plus reversion value from a property over a period of time. The two
common valuation techniques associated with the income capitalization approach are direct
capitalization and the discounted cash flow (DCF) analysis.
Valuation Analysis – Whole Property
3.4
Methodology Applicable to the Subject
• The appraiser analyzed the data gathered through the use of appropriate and accepted
appraisal methodology to arrive at a probable value indication via each applicable approach to
value. The sales comparison approach for land is utilized to develop an opinion of land value
because market participants rely on this method. The cost approach was developed to a degree
appropriate for the scope of this assignment. The subject is valued as vacant land and so the
sales comparison approach for improved property is not applicable. Being valued as vacant land,
the income approach for improved property is not applicable. Furthermore, surface rights in this
area are not purchased based on income production.
• The 'summation method' for valuation of a partial acquisition is utilized, as is required in the
State of Texas. Total compensation is estimated as the value of the partial acquisition, plus
damages to the remainder (which may be offset by special benefits), plus any necessary costs to
cure and temporary easements if they are part of the scope of the assignment.
• We searched public and private databases for sales data in the area.
It is worth noting here that the fee simple interest of the subject property is appraised, and unified
fee at that. This means that all interests and title are valued together. In reality, the leased fee
valuation of the property may be different from the fee simple value because of the terms of
existing leases. This appraisal follows the so-called unit rule which includes the valuation of all
rights of any parties who may have an interest (such as tenants, life estate holders,
remaindermen, leaseholders, etc.) in the subject as one. The exception is consideration of existing
easement encumbrances.
Form ROW-A-5 (Rev. 8/11)
Page SCA-3.5
SALES COMPARISON APPROACH Whole: Part to be Acquired: Remainder After:
Land: Improved:
Subject Comp No. 1 Comp No. 2 Comp No. 3 Comp No. 4
Grantor
First United
Leasing
Corporation
DB Denton II LLC
Azalea
Commercial
Properties, Ltd.
Denton
Commons LLC
Grantee JRJ Wood, LP ACG Texas, L.P.
Westdale
Properties
America I, Ltd.
Windriver
Lodging, Ltd.
Date of Sale Mar-20 Aug-20 Oct-18 Jan-18 Oct-16
Address 3550 Pockrus
Paige Road 3720 S. IH-35E
3200 North
Interstate
Highway 35
510 N I-35 E 3180 S
Interstate 35 E
City, State Denton, TX Denton, TX Denton, TX Denton, TX Denton, TX
Gross Acres 2.3560 1.6960 1.0000 1.6900 1.9900
Gross Square Feet 102,627 73,878 43,558 73,616 86,684
Actual Sale Price $1,846,944 $1,100,000 $1,914,000 $1,560,312
Adjusted Sale Price 1 $1,926,944 $1,100,000 $1,914,000 $1,560,312
Demolition
Unit Price Per SF $26.08 $25.25 $26.00 $18.00
Property Rights Conveyed
Financing
Conditions of Sale -10%
Market Conditions (Time) 5% 0% 7% 11% 17%
Adjusted $/SF $23.47 $27.02 $28.86 $21.06
Location -5% -10%
Size -10%
Shape -10% -10% -10% -10%
Access
Topography
Zoning/Use
Utilities
Net Adjustment -15% -30% -10% -10%
Indicated Unit Value $19.95 $18.91 $25.97 $18.95
Estimated Unit Value $21.00
Compiled by CBRE
Estimated Value by Sales Comparison Approach ........................................................................................ $2,155,167
Explanation of Adjustments with Reconciliation (Attach Comparable Data Supplement and Map; use separate page, numbered accordingly, as necessary.):
Please refer to the following pages.
Valuation Analysis – Whole Property
3.6
LAND VALUE
The following map summarizes the locations of the comparable data used in the valuation of the
subject site.
Form ROW-A-5S (Rev. 11/11)
Page 3.7
COMPARABLE DATA SUPPLEMENT
District:N/A Parcel No.:Parcel 74 Highway: IH-35E Mayhill Utility
Relocations
County: Denton ROW CSJ: N/A
Land Sale 1 Improved Sale Rental Data
Grantor/Lessor:Grantee/Lessee:
Date:8/20/2020 Recording Information: 2020-128511 Lat/Long: 33.171886, -97.089522
Address:Zip Code: 76210-6857
Legal Description:
Confirmed Price: $1,846,944 actual $1,926,944 effective Verified with:
Rental Data:N/A
Land Size Gross: 1.6960 AC.73,878 Sq. Ft.Unit Price as Vacant:
Type Street:Utilities:
N/A
N/A Unit Price as Improved: N/A
N/A
Current Use:Highest and Best Use:
Date of Inspection: 11/13/2020 Floodplain: Zone X (Unshaded)
Appraiser:December 8, 2020
(Typed, not signed)Date
First United Leasing Corporation JRJ Wood, LP
3720 S. IH-35E, Denton, TX
Allison Jackson, RWA, R/W-AC
Terms and Conditions of Sale:
Lot 1, Block 1, Denton Cancer Center Addition, addition to the City of Denton, Denton County, Texas
This is the sale of 1.696 acres of land located at 3720 S. Interstate 35E in Denton. Prior to this sale, the site consisted of 2.243 acres, but
TxDOT acquired 0.547 acre (Deed 2019-69474 - 6/13/2019) for the expansion of Interstate 35E. The sale was reported at $25.00 per
square foot by the buyer who noted that they would be paying to demolish the (condemned) building. We have included $80,000 for
demolition resulting in an adjusted sale price of $1,926,944. The site was purchased by the adjoining property owner to expand the
Chevrolet dealership. The site is generally level, has a rectangular shape, is located outside of the 100-year floodplain and is zoned "HC -
Highway Commercial" by the City of Denton.
Interstate 35E Frontage Road
$26.08/SF
All to site
Improvement(s) Description:
Improvement(s) Size: (GBA / NRA)
Condition and Functional Design:
Texas Oncology Commercial Development
Zoning: HC - Highway Commercial
Buyer
Cash to Seller
Form ROW-A-5S (Rev. 11/11)
Page 3.8
COMPARABLE DATA SUPPLEMENT
District:N/A Parcel No.:Parcel 74 Highway: IH-35E Mayhill Utility
Relocations
County: Denton ROW CSJ: N/A
Land Sale 2 Improved Sale Rental Data
Grantor/Lessor:Grantee/Lessee:
Date:10/10/2018 Recording Information: 2018-120336 Lat/Long: 33.220113, -97.169798
Address:Zip Code: 76201
Legal Description:
Confirmed Price: $1,100,000 actual $1,100,000 effective Verified with:
Rental Data:N/A
Land Size Gross: 1.0000 AC.43,558 Sq. Ft.Unit Price as Vacant:
Type Street:Utilities:
N/A
N/A Unit Price as Improved: N/A
N/A
Current Use:Highest and Best Use:
Date of Inspection: 11/10/2020 Floodplain: Zone X (Unshaded)
Appraiser:December 8, 2020
(Typed, not signed)Date
Improvement(s) Description:
Improvement(s) Size: (GBA / NRA)
Condition and Functional Design:
IHOP Commercial Development
Zoning: RCC-D
This comparable represents the acquisition of 1.00-acre located at 3200 North Interstate Highway 35 in Denton, Texas. The site has a
rectangular shape with generally level topography and is situated at the northeast corner of North Interstate Highway 35 and Town Center
Trail. This site is located in the western portion of the Razor Ranch Town Center, and has exposure to IH 35. The developer was responsible
for constructing interior streets on the south and east sides of the site. The site was zoned RCC-D and the proposed use at the time of sale
was for future development of a freestanding IHOP restaurant.
Allison Jackson, RWA, R/W-AC
Terms and Conditions of Sale:
$25.25/SF
Interstate 35E Frontage Road All Available
DB Denton II LLC ACG Texas, L.P.
3200 North Interstate Highway 35, Denton, TX
Lot 23R, Block A, Rayzor Ranch Town Center, an addition to the City of Denton, Denton County, Texas
Mike Walden, Buyer
Cash to Seller
Form ROW-A-5S (Rev. 11/11)
Page 3.9
COMPARABLE DATA SUPPLEMENT
District:N/A Parcel No.:Parcel 74 Highway: IH-35E Mayhill Utility
Relocations
County: Denton ROW CSJ: N/A
Land Sale 3 Improved Sale Rental Data
Grantor/Lessor:Grantee/Lessee:
Date:1/5/2018 Recording Information: 2018-2723 Lat/Long: 33.196959, -97.138053
Address:Zip Code: 76201
Legal Description:
Confirmed Price: $1,914,000 actual $1,914,000 effective Verified with:
Rental Data:N/A
Land Size Gross: 1.6900 AC.73,616 Sq. Ft.Unit Price as Vacant:
Type Street:Utilities:
N/A
N/A Unit Price as Improved: N/A
N/A
Current Use:Highest and Best Use:
Date of Inspection: 11/10/2020 Floodplain: Zone X (Unshaded)
Appraiser:December 8, 2020
(Typed, not signed)Date
McDonald's restaurant Fast-food restaurant
Zoning: DC-G - Downtown Commercial General
This comparable represents the sale of a tract of vacant land located at 510 N I-35E in Denton, Denton County, Texas. At the time of sale,
the property was irregular in shape, zoned DC-G (Downtown Commercial General) and generally level in topography. This tract was
assembled from several remainder parcels on the IH-35E project. It was purchased for the development of a McDonald's restaurant.
Allison Jackson, RWA, R/W-AC
Interstate 35E Frontage Road All
Improvement(s) Description:
Improvement(s) Size: (GBA / NRA)
Condition and Functional Design:
Terms and Conditions of Sale:
$26.00/SF
Azalea Commercial Properties, Ltd.Westdale Properties America I, Ltd.
510 N I-35 E, Denton, TX
Broker
Market Rate Financing
Part of Lots 1 and 2, Sunrise Center Addition, and all of Lot 5R, Eagle Point Shopping Center Addition, an addition to
the City of Denton, Denton County, Texas
Form ROW-A-5S (Rev. 11/11)
Page 3.10
COMPARABLE DATA SUPPLEMENT
District:N/A Parcel No.:Parcel 74 Highway: IH-35E Mayhill Utility
Relocations
County: Denton ROW CSJ: N/A
Land Sale 4 Improved Sale Rental Data
Grantor/Lessor:Grantee/Lessee:
Date:10/14/2016 Recording Information: 2016-131350 Lat/Long: 33.177221, -97.09623
Address:Zip Code: 76210
Legal Description:
Confirmed Price: $1,560,312 actual $1,560,312 effective Verified with:
Rental Data:N/A
Land Size Gross: 1.9900 AC.86,684 Sq. Ft.Unit Price as Vacant:
Type Street:Utilities:
N/A
N/A Unit Price as Improved: N/A
N/A
Current Use:Highest and Best Use:
Date of Inspection: 11/10/2020 Floodplain: Zone X (Unshaded)
Appraiser:December 8, 2020
(Typed, not signed)Date
Zoning: RCC-N, Regional Center Commercial
This comparable represents the acquisition of 1.99-acres along the southwest side of Interstate Highway 35 E between Brinker Road to the
north and Windriver Lane to the south in Denton, Texas. The site has generally rectangular shape with generally level topography. The site is
zoned RCC-N, Regional Center Commercial Neighborhood and the proposed use at the time of sale was for future development of an 87-
room Holiday Inn Express & Suites hotel. The site is located on a pad site in front of a newly constructed Cinemark Movie Theater and
additional retail including BJ's Brewhouse, Bone Daddy's, and Chuy's Mexican restaurants.
Allison Jackson, RWA, R/W-AC
PSA Review
Cash to Seller
Improvement(s) Description:
Improvement(s) Size: (GBA / NRA)
Condition and Functional Design:
Hotel Hotel
Terms and Conditions of Sale:
$18.00/SF
Interstate 35E Frontage Road All available to site
Denton Commons LLC Windriver Lodging, Ltd.
3180 S Interstate 35 E, Denton, TX
Part of Lot 1, Block 1, Denton Commons, an addition to the City of Denton, Denton County, Texas
Valuation Analysis – Whole Property
3.11
DISCUSSION OF ADJUSTMENTS
Based on our comparative analysis, the following discussion summarizes the adjustments
warranted to each comparable.
CONDITIONS OF SALE/FINANCING/PROPERTY RIGHTS CONVEYED.
All sales were indicated to be cash-to-seller transactions or financed by a third party at market
terms and none appeared to occur under duress. As such, no adjustments for cash equivalency
were necessary. Furthermore, the sales reflected arm’s length transactions; therefore, no
adjustments for conditions of sale were warranted. The rights conveyed in the transactions are
typical for this market and property type, warranting no additional adjustment. Land Sale 1
required an adjustment for conditions of sale as it was purchased by the adjoining landowner
after the state’s acquisition caused uncurable damage to the improvements on site. An
adjustment was made to account for atypical motivation by both buyer and seller. No other
conditions of sale adjustments were warranted.
MARKET CONDITIONS
An upward adjustment was applied to each sale at a rate of generally 5% per year to reflect
improving market conditions since the date of sale and the effective date of value. Recent
interviews with market participants indicate that the effects of the COVID-19 pandemic have been
mostly limited to longer closing times for transactions, which has led to a lack of measurable
appreciation since the onset of the pandemic. Thus, the upward adjustment was stopped at
3/11/2020.
LOCATION
Location can have a significant influence on value. The highway off-ramp is located at the subject
property with the ability to turn at Pockrus Paige Road to access the site. Land Sale 1 has similar
frontage near the subject, but is positioned at a larger intersection and is considered superior.
Land Sale 2 is considered superior with regard to location given the significant development
activity and higher traffic counts compared to the subject’s location. Downward adjustments were
applied. Land Sales 3 and 4 were considered sufficiently similar to the subject and did not receive
adjustments.
SIZE
Typically, an inverse relationship exists between site size and unit value. Land Sales 1, 3 and 4
are considered similar with regard to size compared to the subject and no adjustments were
required. Land Sale 2 is adjusted downward for its smaller size compared to the subject.
SHAPE
The subject property has an irregular shape. All of the sales are considered superior with regard
to shape compared to the subject and downward adjustments were made.
Valuation Analysis – Whole Property
3.12
TOPOGRAPHY
No adjustments were required for topography.
ZONING/USE
No adjustments were required for zoning/use.
UTILITIES
The subject has access to public water and sewer. All of the sales are considered similar with
regard to utility access and no adjustments were required.
CONCLUSION
Generally equal consideration was given to the land sales analyzed. The following table presents
the valuation conclusion:
CONCLUDED LAND VALUE
$ PSF Unrounded Total
Fee Area $21.00 x 102,627 $2,155,167.00 = $2,155,167
Compiled by CBRE
Form ROW-A-5 (Rev. 8/11)
Page CA-3.13
COST APPROACH Whole: Part to be Acquired: Remainder After:
Estimated Replacement Cost
Improvement No. of Units $ per Unit Cost New Value
Contributory Value of the Buildings N/A
Accessory Improvements
Contributory Value of the Accessory Improvements N/A
Site Improvements
Wrought Iron Fencing 123 LF $44.00 $5,412 $2,165 40% $3,247
Contributory Value of the Site Improvements $3,247
Contributory Value of all Improvements $3,247
Fee Area 102,627 SF $2,155,167
Estimated Value by the Cost Approach $2,158,414
<Depreciation>
Furnish sources of cost data and support for depreciation factors (physical, functional, and economic. Use separate page, numbered accordingly, as
necessary.)
Please refer to the following pages.
Valuation Analysis – Whole Property
3.14
Cost Approach – Whole
In estimating the replacement cost new for the subject, the following methods/data
sources have been utilized (where available):
the comparative unit method, utilizing the Marshall Valuation Service (MVS) cost guide,
published by Marshall and Swift, LLC;
the subject’s actual construction costs (where available); and
actual/budget construction cost figures available for comparable properties.
MARSHALL VALUATION SERVICE
Direct Cost
Salient details regarding the direct costs are summarized in the Cost Approach Conclusion at the
end of this section. The MVS cost estimates include the following:
1. average architect’s and engineer’s fees for plans, plan check, building permits and
survey(s) to establish building line;
2. normal interest in building funds during the period of construction plus a processing fee
or service charge;
3. materials, sales taxes on materials, and labor costs;
4. normal site preparation including finish grading and excavation for foundation and
backfill;
5. utilities from structure to lot line figured for typical setback;
6. contractor’s overhead and profit, including job supervision, workmen’s compensation,
fire and liability insurance, unemployment insurance, equipment, temporary facilities,
security, etc.;
7. site improvements (included as lump sum additions); and
8. initial tenant improvement costs are included in MVS cost estimate. However, additional
lease-up costs such as advertising, marketing and leasing commissions are not
included.
Base building costs (direct costs) are adjusted to reflect the physical characteristics of the subject.
Accessory improvements that are not generally counted as rentable area are also analyzed by the
square-foot method. Items not included in the primary building or accessory improvement cost
estimates such as parking, walks, signage, landscaping, and miscellaneous site improvements
are analyzed by the Unit-in-Place method based on the typical units for these items in which their
costs are typically quoted. For some improvements the Segregated Cost Method is utilized for
more detail and to supplement calculations by the square foot.
After estimating the base cost, multipliers are applied to account for local cost differences and the
time since the estimates were made.
Cost New
The following table summarizes the cost estimation performed for the primary improvement
along with the indirect costs (such as contractor’s profit, taxes, insurance and fees) and the
estimated entrepreneurial profit which represents the return to the developer and is separate from
contractor’s overhead and profit.
Valuation Analysis – Whole Property
3.15
Similar methodology is employed to estimate the cost new for ancillary and site improvements.
Where possible, local contractor estimates are utilized instead of estimates from cost manuals.
The following local contractor was utilized:
Preston Smith, Marathon Construction Estimating, LLC – (817) 625-5999
Depreciated Cost Estimate
To complete the analysis of the improvements and arrive at a value indication for the subject,
depreciation is estimated and applied to the estimated Cost New. Depreciation is generally
estimated on a straight-line basis for newer construction and or by the Age-Life method for older
properties, which takes into consideration ongoing maintenance and renovations. The current
condition and apparent ages of the subject improvements provides the appraiser with
fundamental criteria for estimating depreciation.
There is no substantial functional or external obsolescence noted in the subject. Depreciation is
primarily a function of the effective age and condition of the improvements.
The following table summarizes the depreciated value estimates for the subject improvements.
COST APPROACH SUMMARY
Improvement
Source/MV
S Sec & Pg
Reconciled
Unit Cost Quantity Cost New
Phys.
Dep. % Life Eff. Age
Total
Depreciation Value Unit $
Wrought Iron Fencing Contractor $44.00 123 LF $5,412 40% 15 6.0 $2,165 $3,247 $26.40
Total $3,247
Compiled by CBRE
COST APPROACH CONCLUSION
The value estimate is calculated as follows.
COST APPROACH CONCLUSION - WHOLE PROPERTY
Depreciated Value of Improvements $3,247
Land Value $2,155,167
Total Value by the Cost Approach $2,158,414
Compiled by CBRE
Form ROW-A-5 (Rev. 8/11)
Page SCA-3.16
SALES COMPARISON APPROACH Whole: Part to be Acquired: Remainder After:
Land: Improved:
Subject Comp No. 1 Comp No. 2 Comp No. 3
Grantor
Grantee
Date of Sale
Unit Price
Relative Location
Financing
Conditions of Sale
Market Conditions
Physical Characteristics
Indicated Unit Value
Estimated Unit Value N/A
Estimated Value by Sales Comparison Approach ............................................................................................ N/A
Explanation of Adjustments with Reconciliation (Attach Comparable Data Supplement and Map; use separate page, numbered accordingly, as necessary.)
The sales comparison approach for improved property is not applicable in this assignment.
Form ROW-A-5 (Rev. 8/11)
Page IA-3.17
INCOME APPROACH Whole: Part to be Acquired: Remainder After:
Potential Gross Income
Vacancy
Effective Gross Income
Expenses
Fixed Taxes
Insurance
Variable Management
Total Expenses
Net Operating Income
Income Capitalized @
Plus: Value of Excess Land (if any)
Estimated Value by Income Approach N/A
Furnish supporting information/data, justification of gross income estimates, expenses, method of capitalization and capitalization rate (Attach
Comparable Rental Data Supplement and Map. Use separate page, numbered accordingly, as necessary.):
The income approach for improved property is not applicable in this assignment.
Valuation Analysis – Whole Property
Page 3.18
RECONCILIATION OF VALUE - WHOLE
The value indications from the approaches to value are summarized as follows:
SUMMARY OF VALUE CONCLUSIONS
Land Value $2,155,167
Cost Approach $2,158,414
Sales Comparison Approach N/A
Income Capitalization Approach N/A
Compiled by CBRE
The sales comparison approach for land is utilized to develop and opinion of land value because
market participants rely on this method. The subject is valued as vacant land so the cost
approach is not applicable. The subject is valued as vacant land and so the sales comparison
approach for improved property is not applicable. Being valued as vacant land, the income
approach for improved property is not applicable. Furthermore, surface rights in this area are not
purchased based on income production.
Based on the foregoing, the market value of the subject property before the acquisition has been
concluded as follows:
Contributory Value of Improvements (Itemized)
Wrought Iron Fencing 123 LF $3,247
Total Contributory Value of Improvements $3,247
Contributory Land Value (Itemized)
Fee Area (102,627 SF) $21.00 $2,155,167
Reconciled Final Value $2,158,414
Form ROW-A-5 (Rev. 8/11)
Page 4.0
4 PART TO BE ACQUIRED
Highest and Best Use (Use separate page, numbered accordingly, as necessary): The acquisition does not have sufficient physical
characteristics to support independent development. Therefore, its highest and best use is to serve as part of the whole
property.
Contributory Value of Improvements (Itemized)
Wrought Iron Fencing 123 LF $3,247
Total Contributory Value of Improvements $3,247
$143,409
Total Land $143,409
TOTAL VALUE AS A UNIT $146,656
Parcel 74: 13,658 SF @ $21.00/SF x 50%
REMAINDER BEFORE THE ACQUISITION
Contributory Value of Improvements (Itemized)
Total Contributory Value of Improvements $0
$1,868,349
$143,409
$2,011,758
TOTAL VALUE AS A UNIT $2,011,758
Fee Area Remaining: 88,969 SF @ $21.00/SF
Parcel 74: 13,658 SF @ $21.00/SF x 50%
Total Land
Part to be Acquired
4.1
Part to be Acquired
Part to be Acquired - Aerial
Parcel 74
Subject
TxDOT
Part to be Acquired
4.2
Part to be Acquired – Survey (SOUTH END)
Parcel 74
Part to be Acquired
4.3
Part to be Acquired – Survey (NORTH END)
Parcel 74
Part to be Acquired
4.4
ACQUISITION SUMMARY
Parcel ID/Number Parcel 74
Highest and Best Use of
Acquisition Area
The acquisition does not have sufficient physical characteristics to
support independent development. Therefore, its highest and best use
is to serve as part of the whole property.
The proposed easement is for relocation of the City of Denton water, wastewater and electric
services along the state’s new right-of-way line after TxDOT’s acquisition of additional right-of-
way for the widening of IH-35E. Due to the acquisition being easement estate, only a portion of
the rights within this area are being acquired. Based on the attributes of this subsurface
easement, the rights within this encumbered area will be shared between the fee owner and the
easement owner. Thus, we have applied an estimate of 50% of the fee value for this proposed
acquisition area.
VALUATION OF PARTIAL ACQUISITION - LAND
Partial Acquisition Unit Value Acquired Unrounded Value
(Rounded)
Parcel 74 13,658 SF x $21.00 x 50% = $143,409.00 $143,409
Total $143,409
Area
Compiled by CBRE
As noted previously, according to the client, any impacted paving, sidewalks and landscaping will
be repaired or replaced by the project contractor to a similar or better condition than what exists
prior to installation of utilities. It is noted that fencing impacted by the proposed acquisition will
not be replaced by the project contractor. As such, the value of this impacted improvement has
been included in our analysis, along with a cost to cure these improvements.
Wrought Iron Fencing
VALUATION OF PARTIAL ACQUISITION - TOTAL
Land in Acquisition Area $143,409
Improvements in Acquisition Area $3,247
Total Acquisition Value $146,656
Part to be Acquired
4.5
VALUATION OF THE REMAINDER BEFORE THE ACQUISITION
The value of the remainder before the acquisition is a mathematical computation where the value
of the acquisition is subtracted from the value of the whole property. The Cost, Sales
Comparison, and Income Capitalization approaches are not analyzed in the appraisal of the
remainder before the acquisition. The resultant value is the remainder immediately before the
acquisition, as set forth in the following table; it is compared to the value of the remainder after
the taking to determine potential damages or enhancements to the remainder.
REMAINDER BEFORE VALUATION SUMMARY
Value of Whole Property Value of Partial Acquisition Value of Remainder Before the Acquisition
$2,158,414 -$146,656 =$2,011,758
Form ROW-A-5 (Rev. 8/11)
Each approach developed follows this page and is sequenced as shown below.
Land Value,
Pg SCA-5.5
Cost Approach,
Pg CA-5.6
Sales Comparison Approach,
Pg SCA-5.7
Income Approach,
Pg IA-5.8
Page PVS-5.0
5 PROPERTY VALUATION SUMMARY - REMAINDER
Whole: Part to be Acquired: Remainder After:
HIGHEST AND BEST USE ANALYSIS: (The Highest and Best Use analysis should consider the reasonably probable and legal use of vacant land or
improved property considering legally permissible, physically possible, financially feasible, and maximally productive. Use a separate page, numbered
accordingly, as necessary.)
See analysis to follow.
VALUATION APPROACHES
Insert value estimate, then describe, analyze, and support each approach as required.
Sales Comparison Approach (land value) ...................... $ $2,011,758
Cost Approach .............................................................. $ N/A
Sales Comparison Approach .......................................... $ N/A
Income Approach .......................................................... $ N/A
Reconciliation of Approaches to Value: The sales comparison approach for land is utilized to develop and opinion of land
value because market participants rely on this method. The subject is valued as vacant land so the cost approach is not
applicable. The subject is valued as vacant land and so the sales comparison approach for improved property is not
applicable. Being valued as vacant land, the income approach for improved property is not applicable. Furthermore,
surface rights in this area are not purchased based on income production.
VALUATION SUMMARY - REMAINDER
Contributory Value of Improvements (Itemized)
Total Contributory Value of Improvements $0
Contributory Land Value (Itemized)
Fee Area Remaining: 88,969 SF @ $21.00/SF $1,868,349
Parcel 74: 13,658 SF @ $21.00/SF x 50% $143,409
Reconciled Final Value $2,011,758
Compiled by: CBRE
Valuation Analysis – Remainder After
5.1
DESCRIPTION AND HIGHEST AND BEST USE – REMAINDER AFTER THE ACQUISITION
Schematic Map
The remainder will be very similar to the whole property, except that it will be subject to a new
permanent utility easement.
The valuation of the remainder after the acquisition takes into consideration any severance
damage accruing to the remainder as a result of the condemnation. Per state law, the appraiser
has excluded from consideration any remainder damages resulting from “...diversion of traffic,
inconvenience of access, impaired visibility, and temporary construction inconvenience.” The
Remainder
Valuation Analysis – Remainder After
5.2
appraiser was further advised that “...injuries to a remainder that may result from factors other
than the ‘effect of the acquisition’ and ‘the use to which the part taken is to be put’ or, injuries
resulting from activities occurring away from the subject on lands either already owned by the
State or acquired from others are non-compensable.” Additionally, “...matters that occur as a
consequence of a change in the highway to a controlled access highway are ‘shared by the entire
area through which it runs.’...and these are non-recoverable community damages.” “In Texas,
the loss of business, circuity of travel, loss of direct access to main lanes, the introduction of
center medians, etc. are considered non-compensable.”5
The intended use of the acquisition will be in conjunction with the construction of the project. The
proposed project consists of the relocation of City of Denton water, wastewater and electric
utilities outside of the new IH-35E right-of-way after TxDOT’s acquisitions for the widening of that
highway. The project extends from just west of Post Oak Drive to Loop 288/Lillian Miller Parkway
According to the client, the utility installation will include open-cut sections, and any impacted site
improvements will be repaired or replaced by the project contractor to a similar or better
condition than what was present before the acquisition. Because the acquisition is an easement
only and does not bisect a building, no impact to the main improvements is expected.
Remainder Access
No change in access is expected as a result of the acquisition.
Market Conformance
The subject will be functional for its intended use and typical for the neighborhood after the
acquisition is complete.
5 ROW Appraisal and Review Manual. TxDOT 11/2018. Pg. 5-14
Valuation Analysis – Remainder After
5.3
The following chart summarizes the salient characteristics of the remainder property.
REMAINDER SUMMARY ANALYSIS - REMAINDER COMPARISON
Physical Description Whole Property - Before Acquisition Remainder After the Acquisition
Gross Site Area 2.3560 Acres 102,627 Sq. Ft. 2.3560 Acres 102,627 Sq. Ft.
New Easements 0.3135 Acres 13,658 Sq. Ft.
Average Depth 439 Feet 439 Feet
Shape
Topography
Zoning District
Legally Conforming Site
Flood Zone
Flood Notes
Comparative Analysis
Access
Visibility
Functional Utility
Traffic Volume
Adequacy of Utilities
Landscaping
Drainage
Utilities Availability
Water Yes
Sewer Yes
Natural Gas Yes
Electricity Yes
Telephone Yes
Other Yes No Unknown Yes No Unknown
Detrimental Easements 0 X 00 0 0
Encroachments 0 X 00 0 0
Deed Restrictions 0 X 00 0 0
Source: Various sources compiled by CBRE
Yes
Unchanged
Unchanged
Unchanged
Unchanged
Unchanged
City of Denton
City of Denton
Atmos Energy
Oncor Electric
AT&T through various providers
Rating
Irregular
Generally Level
HC - Highway Commercial
Rating
Provider
Average
Average
Average
Average
Average
Appears adequate
Irregular
Generally Level
HC - Highway Commercial
AREA OF MINIMAL FLOOD HAZARD
Zone X (Unshaded)
Unchanged
Unchanged
Unchanged
Unchanged
Unchanged
Unchanged
Average Unchanged
Zone X (Unshaded)
Yes
AREA OF MINIMAL FLOOD HAZARD
The remainder property will not be impacted if appropriate curative measures are implemented,
which are discussed later in this report.
HIGHEST AND BEST USE – REMAINDER PROPERTY
AS VACANT
Legally Permissible
The acquisition will not affect the legal conformance of the subject to current zoning regulations.
Physically Possible
The remainder will be similarly suited for the legally permissible uses that were achievable in the
whole property before the acquisition. There are no known physical reasons why the subject site
would not support any legally probable development (i.e. it appears adequate for development).
Financially Feasible
Given the remainder’s size, zoning, and its surrounding development, the financially feasible for
the remainder property after the acquisition is unchanged from that of the whole property.
Accordingly, commercial use is considered feasible.
Maximally Productive - Conclusion
Based on the information presented above and upon information contained in the Area and
Neighborhood analysis, the highest and best use of the remainder property after the acquisition,
as if vacant, would be for commercial use.
Valuation Analysis – Remainder After
5.4
AS IMPROVED
As the main improvements are not impacted by the proposed acquisition, a highest and best use
analysis as improved was not performed.
Form ROW-A-5 (Rev. 8/11)
Page SCA-5.5
SALES COMPARISON APPROACH Whole: Part to be Acquired: Remainder After:
Land: Improved:
Subject Comp No. 1 Comp No. 2 Comp No. 3 Comp No. 4
Grantor
First United
Leasing
Corporation
DB Denton II LLC
Azalea
Commercial
Properties, Ltd.
Denton
Commons LLC
Grantee JRJ Wood, LP ACG Texas, L.P.
Westdale
Properties
America I, Ltd.
Windriver
Lodging, Ltd.
Date of Sale Mar-20 Aug-20 Oct-18 Jan-18 Oct-16
Address 3550 Pockrus
Paige Road 3720 S. IH-35E
3200 North
Interstate
Highway 35
510 N I-35 E 3180 S
Interstate 35 E
City, State Denton, TX Denton, TX Denton, TX Denton, TX Denton, TX
Gross Acres 2.3560 1.6960 1.0000 1.6900 1.9900
Gross Square Feet 102,627 73,878 43,558 73,616 86,684
Actual Sale Price $1,846,944 $1,100,000 $1,914,000 $1,560,312
Adjusted Sale Price 1 $1,926,944 $1,100,000 $1,914,000 $1,560,312
Demolition
Unit Price Per SF $26.08 $25.25 $26.00 $18.00
Property Rights Conveyed 0% 0% 0% 0%
Financing 0% 0% 0% 0%
Conditions of Sale -10%0%0%0%
Market Conditions (Time) 5%0%7%11%17%
Adjusted $/SF $23.47 $27.02 $28.86 $21.06
Location -5%-10%0%0%
Size 0%-10%0%0%
Shape -10%-10%-10%-10%
Topography 0%0%0%0%
Zoning/Use 0%0%0%0%
Utilities 0%0%0%0%
Net Adjustment -15%-30%-10%-10%
Indicated Unit Value $19.95 $18.91 $25.97 $18.95
Estimated Unit Value $21.00
Estimated Value by Sales Comparison Approach ................................................................. $2,011,758
Explanation of Adjustments with Reconciliation (Attach Comparable Data Supplement and Map; use separate page, numbered accordingly, as necessary.):
The same sales and adjustments that were applicable in the valuation of the whole property before the
acquisition are applicable in the valuation of the remainder.
CONCLUDED LAND VALUE
$ PSF SF Unrounded Total
Fee Area Remaining $21.00 x 88,969 100%$1,868,349.00 = $1,868,349
Parcel 74 $21.00 x 13,658 x 50% $143,409.00 =$143,409
Indicated Value:$2,011,758
Compiled by CBRE
Form ROW-A-5 (Rev. 8/11)
Page CA-5.6
COST APPROACH Whole: Part to be Acquired: Remainder After:
Estimated Replacement Cost
Improvement No. of Units $ per Unit Cost New Value
Contributory Value of the Buildings N/A
Accessory Improvements
Contributory Value of the Accessory Improvements N/A
Site Improvements
Contributory Value of the Site Improvements N/A
Contributory Value of all Improvements N/A
Estimated Value by the Cost Approach N/A
<Depreciation>
Furnish sources of cost data and support for depreciation factors (physical, functional, and economic. Use separate page, numbered accordingly, as
necessary.)
The cost approach is not applicable in this assignment.
Form ROW-A-5 (Rev. 8/11)
Page SCA-5.7
SALES COMPARISON APPROACH Whole: Part to be Acquired: Remainder After:
Land: Improved:
VALUATION GRID Representative Comparable Sales
Subject Comp No. 1 Comp No. 2 Comp No. 3
Grantor
Grantee
Date of Sale
Unit Price
Relative Location
Financing
Conditions of Sale
Market Conditions
Physical Characteristics
Indicated Unit Value
Estimated Unit Value N/A
Estimated Value by Sales Comparison Approach .......................................................................................... N/A
Explanation of Adjustments with Reconciliation (Attach Comparable Data Supplement and Map; use separate page, numbered accordingly, as necessary.)
The sales comparison approach for improved property is not applicable in this assignment.
Form ROW-A-5 (Rev. 8/11)
Page IA-5.8
INCOME APPROACH Whole: Part to be Acquired: Remainder After:
Potential Gross Income
Vacancy
Effective Gross Income
Expenses
Fixed Taxes
Insurance
Variable Management
Total Expenses
Net Operating Income
Income Capitalized @
Plus: Value of Excess Land (if any)
Estimated Value by Income Approach N/A
Furnish supporting information/data, justification of gross income estimates, expenses, method of capitalization and capitalization rate (Attach
Comparable Rental Data Supplement and Map. Use separate page, numbered accordingly, as necessary.):
The income approach is not applicable in this assignment.
Valuation Analysis – Remainder After
Page IA-5.9
RECONCILIATION OF VALUE – REMAINDER AFTER
The value of the remainder after the acquisition is based on a new site analysis, improvement
analysis, and highest and best use analysis. Reference to the value of the Remainder Before is
made only with reference to calculation of any remainder impact, not determination of the value
of the remainder after the acquisition. The value indications from the approaches to value are
summarized as follows:
SUMMARY OF VALUE CONCLUSIONS
Land Value $2,011,758
Cost Approach N/A
Sales Comparison Approach N/A
Income Capitalization Approach N/A
Compiled by CBRE
As in the valuation of the whole property before the acquisition, each approach was given
consideration based upon its applicability to the valuation of the remainder after the acquisition.
The sales comparison approach for land is utilized to develop and opinion of land value because
market participants rely on this method. The subject is valued as vacant land so the cost
approach is not applicable. The subject is valued as vacant land and so the sales comparison
approach for improved property is not applicable. Being valued as vacant land, the income
approach for improved property is not applicable. Furthermore, surface rights in this area are not
purchased based on income production.
A summary of the appraised value is shown on the following page.
Form ROW-A-5 (Rev. 8/11)
6.0
EXPLANATION OF DAMAGES (if any): No permanent damages are anticipated to the remainder. Some
curative measures will be required to restore the remainder and are discussed on the following pages.
6 COMPENSATION SUMMARY
WHOLE PROPERTY:
The market value of the whole property is…………………………………………………………………$2,158,414
PART TO BE ACQUIRED:
Considered as severed land, the fee simple title to the part being acquired
for highway purposes (less oil, gas and sulphur and subject to existing easements,
if any, which are not to be extinguished) is…………………………………………………………………………………$146,656
REMAINING PROPERTY
The value of the remainder immediately before the taking is…………………………………………$2,011,758
Considering the uses to which the part taken is to be subjected,
the market value of the remainder immediately after
the acquisition is………………………………………………………………………………………………$2,011,758
NET DAMAGES OR ENHANCEMENTS, if any………………………………………………………………….…………………$0
ACCESS:
The lack of any access or the material impairment of direct access
on or off the remaining property affects the market value of the remaining
property in the sum of……………………………..………...………………..…….………………………$0
COST TO CURE:$2,706
TOTAL COMPENSATION:$149,362
Cost to Cure
6.1
COST TO CURE
In order for the property to function as optimally as before the acquisition in the remainder condition, it
is necessary to replace the perimeter fencing. The cost to cure the fencing is based on costs from local
contractor estimates.
In order to avoid double compensation, the contributory value of the improvements in the part acquired
is deducted from the replacement cost new (RCN) to result in the appropriate cost to cure. A 10%
contingency cost is added to the cost to cure subtotal to reflect contractor price changes and/or
overruns. The calculation of the cost to cure is given below:
COST TO CURE
Improvement #Units Cost per Unit RCN (Rounded) Compensation Paid Net Cost Due
Wrought Iron Fencing 123 LF $44.00 $5,412 ($3,247) $2,165
Subtotal $5,412 $2,165
Contingency 10%$541
Total Cost to Cure $2,706
Compiled by CBRE
Assumptions and Limiting Conditions
6.2
ASSUMPTIONS AND LIMITING CONDITIONS
1. CBRE, Inc. through its appraiser (collectively, “CBRE”) has inspected through reasonable observation the subject
property. However, it is not possible or reasonably practicable to personally inspect conditions beneath the soil
and the entire interior and exterior of the improvements on the subject property. Therefore, no representation is
made as to such matters.
2. The report, including its conclusions and any portion of such report (the “Report”), is as of the date set forth in the
letter of transmittal and based upon the information, market, economic, and property conditions and projected
levels of operation existing as of such date. The dollar amount of any conclusion as to value in the Report is based
upon the purchasing power of the U.S. Dollar on such date. The Report is subject to change as a result of
fluctuations in any of the foregoing. CBRE has no obligation to revise the Report to reflect any such fluctuations or
other events or conditions which occur subsequent to such date.
3. Unless otherwise expressly noted in the Report, CBRE has assumed that:
(i) Title to the subject property is clear and marketable and that there are no recorded or unrecorded matters or
exceptions to title that would adversely affect marketability or value. CBRE has not examined title records
(including without limitation liens, encumbrances, easements, deed restrictions, and other conditions that may
affect the title or use of the subject property) and makes no representations regarding title or its limitations on
the use of the subject property. Insurance against financial loss that may arise out of defects in title should be
sought from a qualified title insurance company.
(ii) Existing improvements on the subject property conform to applicable local, state, and federal building codes
and ordinances, are structurally sound and seismically safe, and have been built and repaired in a workmanlike
manner according to standard practices; all building systems (mechanical/electrical, HVAC, elevator, plumbing,
etc.) are in good working order with no major deferred maintenance or repair required; and the roof and
exterior are in good condition and free from intrusion by the elements. CBRE has not retained independent
structural, mechanical, electrical, or civil engineers in connection with this appraisal and, therefore, makes no
representations relative to the condition of improvements. CBRE appraisers are not engineers and are not
qualified to judge matters of an engineering nature, and furthermore structural problems or building system
problems may not be visible. It is expressly assumed that any purchaser would, as a precondition to closing a
sale, obtain a satisfactory engineering report relative to the structural integrity of the property and the integrity
of building systems.
(iii) Any proposed improvements, on or off-site, as well as any alterations or repairs considered will be completed in
a workmanlike manner according to standard practices.
(iv) Hazardous materials are not present on the subject property. CBRE is not qualified to detect such substances.
The presence of substances such as asbestos, urea formaldehyde foam insulation, contaminated groundwater,
mold, or other potentially hazardous materials may affect the value of the property.
(v) No mineral deposit or subsurface rights of value exist with respect to the subject property, whether gas, liquid,
or solid, and no air or development rights of value may be transferred. CBRE has not considered any rights
associated with extraction or exploration of any resources, unless otherwise expressly noted in the Report.
(vi) There are no contemplated public initiatives, governmental development controls, rent controls, or changes in
the present zoning ordinances or regulations governing use, density, or shape that would significantly affect the
value of the subject property.
(vii) All required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any
local, state, nor national government or private entity or organization have been or can be readily obtained or
renewed for any use on which the Report is based.
(viii) The subject property is managed and operated in a prudent and competent manner, neither inefficiently or
super-efficiently.
(ix) The subject property and its use, management, and operation are in full compliance with all applicable federal,
state, and local regulations, laws, and restrictions, including without limitation environmental laws, seismic
hazards, flight patterns, decibel levels/noise envelopes, fire hazards, hillside ordinances, density, allowable
uses, building codes, permits, and licenses.
(x) The subject property is in full compliance with the Americans with Disabilities Act (ADA). CBRE is not qualified
to assess the subject property’s compliance with the ADA, notwithstanding any discussion of possible readily
achievable barrier removal construction items in the Report.
Assumptions and Limiting Conditions
6.3
(xi) All information regarding the areas and dimensions of the subject property furnished to CBRE are correct, and
no encroachments exist. CBRE has neither undertaken any survey of the boundaries of the subject property nor
reviewed or confirmed the accuracy of any legal description of the subject property.
Unless otherwise expressly noted in the Report, no issues regarding the foregoing were brought to CBRE’s
attention, and CBRE has no knowledge of any such facts affecting the subject property. If any information
inconsistent with any of the foregoing assumptions is discovered, such information could have a substantial
negative impact on the Report. Accordingly, if any such information is subsequently made known to CBRE, CBRE
reserves the right to amend the Report, which may include the conclusions of the Report. CBRE assumes no
responsibility for any conditions regarding the foregoing, or for any expertise or knowledge required to discover
them. Any user of the Report is urged to retain an expert in the applicable field(s) for information regarding such
conditions.
4. CBRE has assumed that all documents, data and information furnished by or behalf of the client, property owner,
or owner’s representative are accurate and correct, unless otherwise expressly noted in the Report. Such data and
information include, without limitation, numerical street addresses, lot and block numbers, Assessor’s Parcel
Numbers, land dimensions, square footage area of the land, dimensions of the improvements, gross building
areas, net rentable areas, usable areas, unit count, room count, rent schedules, income data, historical operating
expenses, budgets, and related data. Any error in any of the above could have a substantial impact on the Report.
Accordingly, if any such errors are subsequently made known to CBRE, CBRE reserves the right to amend the
Report, which may include the conclusions of the Report. The client and intended user should carefully review all
assumptions, data, relevant calculations, and conclusions of the Report and should immediately notify CBRE of any
questions or errors within 30 days after the date of delivery of the Report.
5. CBRE assumes no responsibility (including any obligation to procure the same) for any documents, data or
information not provided to CBRE, including without limitation any termite inspection, survey or occupancy permit.
6. All furnishings, equipment and business operations have been disregarded with only real property being
considered in the Report, except as otherwise expressly stated and typically considered part of real property.
7. Any cash flows included in the analysis are forecasts of estimated future operating characteristics based upon the
information and assumptions contained within the Report. Any projections of income, expenses and economic
conditions utilized in the Report, including such cash flows, should be considered as only estimates of the
expectations of future income and expenses as of the date of the Report and not predictions of the future. Actual
results are affected by a number of factors outside the control of CBRE, including without limitation fluctuating
economic, market, and property conditions. Actual results may ultimately differ from these projections, and CBRE
does not warrant any such projections.
8. The Report contains professional opinions and is expressly not intended to serve as any warranty, assurance or
guarantee of any particular value of the subject property. Other appraisers may reach different conclusions as to
the value of the subject property. Furthermore, market value is highly related to exposure time, promotion effort,
terms, motivation, and conclusions surrounding the offering of the subject property. The Report is for the sole
purpose of providing the intended user with CBRE’s independent professional opinion of the value of the subject
property as of the date of the Report. Accordingly, CBRE shall not be liable for any losses that arise from any
investment or lending decisions based upon the Report that the client, intended user, or any buyer, seller, investor,
or lending institution may undertake related to the subject property, and CBRE has not been compensated to
assume any of these risks. Nothing contained in the Report shall be construed as any direct or indirect
recommendation of CBRE to buy, sell, hold, or finance the subject property.
9. No opinion is expressed on matters which may require legal expertise or specialized investigation or knowledge
beyond that customarily employed by real estate appraisers. Any user of the Report is advised to retain experts in
areas that fall outside the scope of the real estate appraisal profession for such matters.
10. CBRE assumes no responsibility for any costs or consequences arising due to the need, or the lack of need, for
flood hazard insurance. An agent for the Federal Flood Insurance Program should be contacted to determine the
actual need for Flood Hazard Insurance.
11. Acceptance or use of the Report constitutes full acceptance of these Assumptions and Limiting Conditions and any
special assumptions set forth in the Report. It is the responsibility of the user of the Report to read in full,
comprehend and thus become aware of all such assumptions and limiting conditions. CBRE assumes no
responsibility for any situation arising out of the user’s failure to become familiar with and understand the same.
12. The Report applies to the property as a whole only, and any pro ration or division of the title into fractional
interests will invalidate such conclusions, unless the Report expressly assumes such pro ration or division of
interests.
Assumptions and Limiting Conditions
6.4
13. The allocations of the total value estimate in the Report between land and improvements apply only to the existing
use of the subject property. The allocations of values for each of the land and improvements are not intended to
be used with any other property or appraisal and are not valid for any such use.
14. The maps, plats, sketches, graphs, photographs, and exhibits included in this Report are for illustration purposes
only and shall be utilized only to assist in visualizing matters discussed in the Report. No such items shall be
removed, reproduced, or used apart from the Report.
15. The Report shall not be duplicated or provided to any unintended users in whole or in part without the written
consent of CBRE, which consent CBRE may withhold in its sole discretion. Exempt from this restriction is
duplication for the internal use of the intended user and its attorneys, accountants, or advisors for the sole benefit
of the intended user. Also exempt from this restriction is transmission of the Report pursuant to any requirement of
any court, governmental authority, or regulatory agency having jurisdiction over the intended user, provided that
the Report and its contents shall not be published, in whole or in part, in any public document without the written
consent of CBRE, which consent CBRE may withhold in its sole discretion. Finally, the Report shall not be made
available to the public or otherwise used in any offering of the property or any security, as defined by applicable
law. Any unintended user who may possess the Report is advised that it shall not rely upon the Report or its
conclusions and that it should rely on its own appraisers, advisors and other consultants for any decision in
connection with the subject property. CBRE shall have no liability or responsibility to any such unintended user.
16. CBRE, Inc. is not qualified to detect the existence of any potentially hazardous materials such as lead paint,
asbestos, urea formaldehyde foam insulation, or other potentially hazardous construction materials on or in the
land or improvements. The existence of such substances may affect the value of the property. For the purpose of
this assignment, we have assumed there are no hazardous materials that would cause a loss in value to the
subject.
17. A soils analysis for the site has not been provided for the preparation of this appraisal. In the absence of a soils
report, it is a specific assumption that the site has adequate soils to support the highest and best use.
Addenda
7.0
7 ADDENDA
Addenda
Addendum A
PROJECT INFORMATION
Addenda
Addendum B
SUBJECT INFORMATION
11/2/2020 Denton Central Appraisal District | Details
https://www.dentoncad.com/home/details?search=245161&year=2020 1/4
Details for Property 245161
Values are 2020 Certified ▼
3550 POCKRUS PAGE RD TX 76210 $1,659,173.00
Owner Name
Owner ID
Owner Mailing Address
Doing Business As
Property Type
Area
Class
Legal Description
Geographic ID
Subdivision
Taxing Jurisdictions
Direct Link to this property
View on map
View plat
Download Appraisal Notice for Owner/Agent ID 891366
General Information
HOLLINGSWORTH, ARTHUR W - 100%
893101
4455 LYNDON B JOHNSON FWY 300
DALLAS, TX 75244-5934
UNITED RENTALS
Real Property
7,800ft
910
HOUSE SMART ADDN BLK A LOT 1
SD4007A-00000A-0000-0001-0000
HOUSE SMART ADDN - SD4007A
C05 (DENTON CITY OF)
G01 (DENTON COUNTY)
S05 (DENTON ISD)
2
Total Improvement Value
Land Homesite Value
Land Non-Homesite Value
Agricultural Market Value
Timber Market Value
Total Market Value
Agricultural Use Reduction
Timber Use Reduction
Homestead Cap
Appraised Value
Assessed Value
2020 Values ▼
$314,913.00
$0.00
$1,344,260.00
$0.00
$0.00
$1,659,173.00
$0.00
$0.00
$0.00
$1,659,173.00
$1,659,173.00
Value History Export
11/2/2020 Denton Central Appraisal District | Details
https://www.dentoncad.com/home/details?search=245161&year=2020 2/4
Improvements
Class Description SquareFeet Number OfUnits Effective YearBuilt YearBuilt 2020 ImprovementValue
910 MAIN AREA 4800 2005
910 OPEN PORCH 465 2005
910 OPEN PORCH 525 2005
910 MAIN AREA 2000 2005
910 ATTACHED
ADDITION 1000 2005
ImprovementTotal 8790 N/A $186,939.00
CON PAVING
Improvement
Total 65276 N/A $97,783.00
MASN FENCING 11425 2005
Improvement
Total 11425 N/A $30,191.00
Land Segments
Type Acres Area
6 - COMMERCIAL 3.086 134426 ft2
11/2/2020 Denton Central Appraisal District | Details
https://www.dentoncad.com/home/details?search=245161&year=2020 3/4
2020 Estimated Taxes
Owner ID: 893101
Entity Tax Rate Per $100 Taxable Value Estimated Taxes Tax Ceiling Amount
DENTON CITY OF - C05 0.590454%$1,659,173 $9,796.65 $0.00
DENTON COUNTY - G01 0.225278%$1,659,173 $3,737.75 $0.00
DENTON ISD - S05 1.47%$1,659,173 $24,389.84 $0.00
Estimated Total Taxes $37,924.24
DO NOT PAY BASED ON THESE ESTIMATED TAXES. You will receive an official tax bill from the appropriate agency when they
are prepared. Taxes are collected by the agency sending you the official tax bill. To see a listing of agencies that collect taxes
for your property, click here
The estimated taxes are provided as a courtesy and should not be relied upon in making financial or other decisions. The
Denton Central Appraisal District (DCAD) does not control the tax rate nor the amount of the taxes, as that is the
responsibility of each Taxing Jurisdiction. Questions about your taxes should be directed to the appropriate taxing jurisdiction.
These tax estimates are calculated by using the taxable value as of 6:00AM multiplied by the most current tax rate. It does not
take into account other special or unique tax scenarios.
Prior Taxing Unit Tax Rates
Deed History
Date Type Seller Buyer Deed
Number Sale Price
2015-01-
01 SW HOLLINGSWORTH REAL EST
HOLDINGS LP HOLLINGSWORTH, ARTHUR W 2015-21929 Unavailable
2002-12-
31 SW NEW HOPE PROPERTIES LP HOLLINGSWORTH REAL EST
HOLDINGS LP 02-168669 $2,100,000.00
2001-07-
27 KO PRIOR OWNER NEW HOPE PROPERTIES LP 01-76135 Unavailable
By Abstract/Subdivision: SD4007A
By City: DENTON CITY OF
By School: DENTON ISD
Sales within
Sales within
Sales within
Real Estate Sales
11/2/2020 Denton Central Appraisal District | Details
https://www.dentoncad.com/home/details?search=245161&year=2020 4/4
Agent History
Year Name
2020 INTERNATIONAL APPRAISAL COMPANY - 2940 JOHNSON FERRY ROAD STE B-248 MARIETTA, GA 30062
2019 INTERNATIONAL APPRAISAL COMPANY - 2940 JOHNSON FERRY ROAD STE B-248 MARIETTA, GA 30062
2018 INTERNATIONAL APPRAISAL COMPANY - 2940 JOHNSON FERRY ROAD STE B-248 MARIETTA, GA 30062
2017 INTERNATIONAL APPRAISAL COMPANY - 2940 JOHNSON FERRY ROAD STE B-248 MARIETTA, GA 30062
2016 INTERNATIONAL APPRAISAL COMPANY - 2940 JOHNSON FERRY ROAD STE B-248 MARIETTA, GA 30062
2015 INTERNATIONAL APPRAISAL COMPANY - 2940 JOHNSON FERRY ROAD STE B-248 MARIETTA, GA 30062
2014 INTERNATIONAL APPRAISAL CO - 110 PLEASANT AVE UPPER SADDLE RIVER, NJ 07458
Select Language ▼
Addenda
Addendum C
QUALIFICATIONS
Allison Jackson, RWA, R/W-AC
Vice President, Dallas/Fort Worth
̶̶̶̶̶̶̶̶̶̶̶̶̶̶̶ Experience ̶̶̶̶̶̶̶̶̶̶̶̶̶̶̶
Allison Jackson, RWA, R/W-AC, is a Vice President of the Valuation & Advisory Services Group
within the South Central Region. Located in the Fort Worth office, Ms. Jackson has over eight
years of real estate appraisal and consulting experience throughout the State of Texas, with a
primary focus on right of way valuations.
Prior to joining CBRE in 2018, Ms. Jackson was with JLL after their 2016 acquisition of her
previous employer, Integra Realty Resources. Ms. Jackson was with Integra Realty Resources for
over eight years serving as an Analyst before being promoted to Senior Analyst. During her
tenure, she assisted in valuation and consulting services on various property types, working
extensively on eminent domain assignments. Her experience in appraisal includes projects for the
Texas Department of Transportation (TxDOT), various local municipalities, Trinity River Authority
(TRA), ONCOR, Tarrant Regional Water District, TEXRail and various other pipeline and electrical
transmission line companies.
̶̶̶̶̶̶ Professional Affiliations / Accreditations ̶̶̶̶̶̶
• Certified General Real Estate Appraiser, State of Texas (License No. TX-1380451-G)
• Certified as Department of Transportation Appraiser, State of Texas
• Awarded Department of Transportation Professional Real Estate Appraisal Services (PREAS)
contract, State of Texas
• Appraisal Institute – Candidate for Designation
• International Right of Way Association, Chapter 36 – Member (RWA & R/W-AC Designations)
̶̶̶̶̶̶̶̶̶̶̶̶̶̶̶̶ Education ̶̶̶̶̶̶̶̶̶̶̶̶̶̶̶̶
• Texas A&M University, College Station, Texas
̶ Master of Real Estate (2009)
• Texas A&M University, College Station, Texas
̶ Bachelor of Business Administration, Marketing (2008)
• Successfully completed numerous real estate related courses and seminars sponsored by the
Appraisal Institute and the International Right of Way Association
T 817.806.1042 M 817.899.6440 Allison.Jackson@cbre.com
301 Commerce Street
Suite 3131
Fort Worth, TX 76102
T.J. Smith
Vice President, Fort Worth
̶̶̶̶̶̶̶̶̶̶̶̶̶̶̶ Experience ̶̶̶̶̶̶̶̶̶̶̶̶̶̶̶
Prior to joining CBRE in late 2017, Mr. Smith was with JLL after their 2016 acquisition of his
previous employer, Integra Realty Resources, where he served as a Senior Analyst for almost 11
years. During his tenure, he has assisted in valuation and consulting services on various property
types, working extensively on eminent domain assignments. His experience in appraisal includes
projects for the Texas Department of Transportation (TxDOT), various local municipalities, Trinity
River Authority (TRA), ONCOR, Tarrant Regional Water District, and various other pipeline and
electrical transmission line companies.
̶̶̶̶̶̶ Professional Affiliations / Accreditations ̶̶̶̶̶̶
•Certified General Real Estate Appraiser: State of Texas No. TX1380471-G
•Member - International Right of Way Association
̶̶̶̶̶̶̶̶̶̶̶̶̶̶̶̶ Education ̶̶̶̶̶̶̶̶̶̶̶̶̶̶̶̶
•Texas A&M University, Master of Land Economics & Real Estate 2006
•Texas A&M University, BA Economics 2005
•University of Texas at Arlington, Master of Science in Interdisciplinary Studies – Sustainability
2012
T 817.569.6136
M 469.337.4413
tj.smith@cbre.com
301 Commerce Street
Suite 3131
Fort Worth, TX 76102
Addenda
T.J. SMITH
Valuation & Advisory Services
817-569-6136
Tj.Smith@cbre.com
ALLISON JACKSON, RWA, R/W-AC
Valuation & Advisory Services
817-806-1042
Allison.jackson@cbre.com
www.cbre.com
CBRE VALUATION & ADVISORY SERVICES