HomeMy WebLinkAboutAppraisal P074_8Form ROW-A-5 (Rev. 08/11)
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REAL ESTATE APPRAISAL REPORT - TEXAS DEPARTMENT OF TRANSPORTATION
Address of Property: SE/C Ganzer Road and IH-35 , Denton, Texas District: Dallas
Property Owner: CatDenton 35 Inc Parcel: 074-8 AE & 074-8 LSE
Address of Property Owner: 16950 Dallas Pkwy, Suite 120, Dallas, TX 75248-1942 ROW CSJ: N/A
Occupant’s Name: Vacant Land Federal Project No: N/A
Whole: Partial: Acquisition Highway: IH 35 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 ValueMarket 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 AppraiserI hereby certify:
That it is my opinion the total compensation for the acquisition of the herein described property is $179,484 as of July 6, 2023,
based upon my independent appraisal and the exercise of my professional judgment;
That on July 6, 2023, I personally inspected in the field the property herein appraised; that I afforded CatDenton 35 Inc, the property
owner or the representative of the property owner, the opportunity to accompany me at the time of the inspection; the property
owner did not respond to our correspondence and was not present. That the comparables relied upon in making said appraisal were as represented by the photographs contained in the appraisal report and were inspected July 6, 2023 and other dates;
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
2. If so, is the denial of direct access material? No
3. The lack of any access denial or the material impairment of direct access on or off the remaining property affects the marketvalue of the remaining property in the sum of $0 .
I certify to the best of my knowledge and belief:
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;
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 noncompensableunder 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 for which such property is to be acquired, or by the likelihood that the property would be acquired for such 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.
Appraiser Signature
Brent Pitts, MAI, AI-GRS, R/W-AC
Certification Number -TX 1380206 G
August 14, 2023
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Aerial Photograph
The subject of this report is vacant land.
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Parcel: Property Type:Land
Owner of Record:
Occupant:
8/14/2023 Property Address:
Whole Values
696,960 square feet 16.0000 acres $3.25 per square foot $2,265,120
18,634 square feet 0.4278 acres $3.25 per square foot x 99% $59,955
24,360 square feet 0.5592 acres $3.25 per square foot x 99% $78,378
648,739 square feet 14.8930 acres $3.25 per square foot $2,108,402
5,227 square feet 0.1200 acres $3.25 per square foot x 1% $170
18,634 square feet 0.4278 acres $3.25 per square foot x 1% $606
24,360 square feet 0.5592 acres $3.25 per square foot x 1% $792
Whole Property
Estimated Values
$0 $0 $0
$0 $0 $0 $0
$1,087 $1,087 $0 $0
$1,087 $1,087 $0
$2,265,120 $138,333 $2,109,970
$2,266,207 $139,420 $2,109,970
$139,420
$16,817
$23,247
$179,484
Summary of Value
IRR File Number: 195-2023-0478
074-8 AE & 074-8 LSE
Project:N/A CatDenton 35 Inc
Whole Property:
SE/C Ganzer Road and IH-35
Vacant Land
Access Easement:
Lift Station Easement:
Effective Date of Appraisal:7/6/2023
Date of Report:
Land Areas Land Values
Remainder After:
Severed Area:
Remainder After Lift Station Easement:
Whole Property Components Part to be Acquired
Estimated Values
Remainder Before
the Acquisition Remainder After the Acquisition
$0
Remainder After Access Easement:
Accessory Improvements
Site Improvements
Fencing
Subtotal $0
Net Damages or Enhancements:
Cost to Cure:
Total Compensation:
$2,266,207 $139,420 $2,126,787 $2,109,970
Final Values
Estimated Value (Part Acquired):
Estimated Whole Value Estimated Value Part Acquired Remainder Before Remainder After
(Section 3) (Section 4) (Section 4) (Section 5)
Land $2,126,787
Total $2,126,787
Reconciliation
General Information
Page 1.3
General Information
Identification of Subject
Property Identification
Property Name 074-8 AE and 074-8 LSE
Address SE/C Ganzer Road and IH-35
Denton, Texas 75065
Tax ID 37353,37354
Owner of Record CatDenton 35 Inc
Legal Description 16 acres out of A0212A IDL COY, TR 1, OLD DCAD TR 1,2, Denton, Denton County, Texas
The subject property is identified by the client as Parcel 074-8 AE & 074-8 LSE which is a portion of a
parent tract, or "whole property" located on the southeast corner of Ganzer Road and IH 35 in the City
of Denton in Denton County. The property is zoned GO, RR, General Office and Rural Residential,
which permits residential, office, commercial, and industrial uses.
The parent tract consists of two tax parcels containing a total of 63.025 acres. The economic unit is
legally described as 16 acres out of A0212A IDL COY, TR 1, OLD DCAD TR 1,2, Denton, Denton County,
Texas. The client has proposed to acquire Parcel 074-8 AE & 074-8 LSE which consists of a total of
18,634 square feet or 0.4278 acres for an access easement and 24,360 square feet or 0.5592 acres for
a lift station easement. A legal description of the part acquired is found in the addenda. The
calculations are as follows:
Property Description Square Footage
Acreage
Calculated
Whole Land 696,960 16.0000
Access Easement 18,634 0.4278
Lift Station Easement 24,360 0.5592
Total Remainder 696,960 16.0000
Included in the Addendum is a survey of the lift station and access easement acquisitions as well as
the surveyor provided area calculations.
The whole property size was based on aerial measurements and part acquired was based on
information provided by the condemning authority and the calculations are based on the survey
provided by the client.
General Information
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Sale History
In accordance with the Uniform Standards of Professional Practice of the Appraisal Institute, a three-
year sales history of the subject property is required. The Texas Department of Transportation
requires a five-year history. A brief history is appropriate if the subject has been through a speculative
cycle in recent years whereby the property has been bought and sold several times.
According to the Denton County Appraisal District, the subject property is currently owned by
CatDenton 35 Inc. CatDenton 35 Inc has owned the subject since February 8, 2013. The subject was
previously owned by Galatyn Park Corp.
Sale Date February 8, 2013
Seller Galatyn Park Corp
Buyer CatDenton 35 Inc
Sale Price N/A
Recording Instrument Number 2013-15912
To the best of our knowledge, no other sale or transfer of ownership has taken place within a five-year
period prior to the effective appraisal date.
Pending Transactions
To the best of our knowledge, the property is not subject to an agreement of sale or an option to buy,
nor is it listed for sale, as of the effective appraisal date.
Purpose of the Appraisal
The purpose of the report is stated on Page 1. The date of the report is August 14, 2023. The appraisal
is valid only as of the stated effective date or dates.
Definition of Market Value
Market value is defined as:
“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.”
Market Value, as defined in this report, is defined by the case, City of Austin v. Cannizzo, 267 S.W.2d 808
(Tex. 1964).
Definition of Property Rights Appraised
Fee simple estate is defined as, “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.”
Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th ed. (Chicago: Appraisal
Institute, 2015)
General Information
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Easement
The International Right of Way Association’s Principles of Right of Way Glossary defines the term
“easement” as:
A nonpossessory interest held by one person in property of another where the first person is
accorded partial use of the property for a specific purpose. An easement restricts but does not
abrogate the fee owner’s rights to use and enjoyment of the property.
Use and Intended Users of the Appraisal
The appraisal may be used in connection with the utility relocation along IH 35 and the associated Just
Compensation of the acquisition associated with the subject property. Intended users include the
client, Cobb, Fendley & Associates on behalf of the assigns, and assigns. This report may also be used
by an outside entity hired by the client to assist in the assignment. The intended use of this appraisal
is to estimate the market value and assist the assigns in their determination of adequate
compensation to the real property owner in compliance with the Texas Constitution, Article 1, Section
17. No liability is assumed by the appraiser for unauthorized use of this appraisal report.
Jurisdictional Exception
The Jurisdictional Exception Rule provides for severability preserving the balance of the Uniform
Standards of Professional Appraisal Practice (USPAP). If one or more parts of USPAP are “contrary to
the law or public policy of any jurisdiction, only that part shall be void and of no force or effect in that
jurisdiction.” According to USPAP, “A law means a body of rules with binding legal force established
by controlling governmental authority.” This includes federal and state constitutions, legislative and
court made law, administrative rules, regulations and ordinances.
Hypothetical Conditions
The appraisal of the Whole Property considered all factors willing, knowledgeable buyers and sellers
would consider in negotiating the purchase price of the property, except the influence of the
proposed roadway improvements, as required by Standards Rule 1-4(f). This exception was made
under the Jurisdictional Exception provision of USPAP. It is the appraisers’ understanding that
enhancement caused by the public project is not to be considered as a matter of law. In addition, the
appraisal of the Remainder considered all factors a willing, knowledgeable buyers and sellers would
consider in negotiating the purchase of the property including the use to which the Part to be
Acquired is to be put to use and the effects of the condemnation, but excluded the effects of all non-
compensable elements. Such exclusion is permitted under the Jurisdictional Exception provision of
USPAP. Furthermore, the appraisal of the Remainder assumed that the project was complete as of
the effective date of valuation. This assumption is also permissible under the Jurisdictional Exception
of USPAP.
Extraordinary Assumptions
An extraordinary assumption is something that is assumed to be true, but it is not certain. If it turns
out to be untrue, the value conclusion could be impacted. Extraordinary assumptions are those
assumptions that are specific to the assignment, as opposed to general assumptions, which could be
applicable to any assignment. In this assignment, we have not made an extraordinary assumption.
General Information
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Applicable Requirements
This appraisal is intended to conform to the requirements of the following:
x Uniform Standards of Professional Appraisal Practice (USPAP);
x Uniform Act;
x Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal
Institute;
x Applicable state appraisal regulations;
x TXDOT Appraisal and Review Manual
Report Format
This report is prepared under the Appraisal Report option of Standards Rule 2-2(a) of USPAP. As
USPAP gives appraisers the flexibility to vary the level of information in an Appraisal Report depending
on the intended use and intended users of the appraisal, we adhere to the TXDOT A5 Long Form. This
format summarizes the information analyzed, the appraisal methods employed, and the reasoning
that supports the analyses, opinions, and conclusions.
Prior Services
USPAP requires appraisers to disclose to the client any other services they have provided in
connection with the subject property in the prior three years, including valuation, consulting, property
management, brokerage, or any other services. We have performed no 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 the agreement to perform this assignment.
General Information
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Scope of the Appraisal
The scope of this appraisal assignment includes conducting the research, confirmations, inspections
and analysis necessary to provide the client with an appraisal reporting the compensation estimate in
connection with the acquisition of the subject property on an appropriate Texas Department of
Transportation form. An inspection was made from the right of way and photographs taken. The
property contact was not present during our inspection. The following steps were executed in the
appraisal process.
Market Area and Analysis
of Market Conditions:
A complete analysis of market conditions has been made. The
appraiser maintains access to databases for this market area
and has reviewed the market for sales and listings relevant to
this analysis.
Inspection of Subject and
Comparable Data:
A thorough investigation into the subject market for both
general and specific data pertaining to the subject property has
been conducted. In the course of the investigation, a physical
inspection of the subject property and neighborhood was
performed. An inspection of comparables has also been made.
The primary source of obtaining sales data is through local real
estate brokers, other appraisers, multiple listing services, and
various companies that sell real property transaction
information.
Highest and Best Use
Analysis Whole:
A complete as vacant and as improved highest and best use
analysis has been developed. Legally permissible, physically
possible, and financially feasible uses were considered and the
maximally productive use was concluded.
Analysis of
Subject Property:
The market information was analyzed for an appraisal of the
Whole Property, the Part Acquired and value of the Remainder
Before and Remainder After the acquisition.
For credible assignment results, the subject property was
valued as a Whole, Part Acquired, and the Remainder After the
acquisition. In the case of partial acquisitions, the value of the
Part Acquired is deducted from the value of the Whole,
resulting in the Remainder Before. The value of the Remainder
Before is a forced calculation.
Highest and Best Use Analysis
Part Acquired:
A complete highest and best use analysis for the Part Acquired
has been made with consideration given to the acquisition’s
development potential as an individual economic unit and the
use that results in the highest net return to the acquisition.
Highest and Best Use
Analysis Remainder After:
A complete highest and best use analysis for the Remainder
After has been made with consideration to the impact of the
property as a result of the proposed acquisition.
General Information
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Remainder After: Following the Highest and Best Use analysis, the same steps in
analyzing comparable data in regard to the subject property in
its condition after the acquisition is performed. If damages
exist they are calculated as the difference in value from the
Remainder Before and the Remainder After.
Cost to Cure Analysis: The subject property contains affected site improvements due
to the proposed acquisition and a Cost to Cure analysis is
necessary to determine the cost to restore the property to its
condition prior to the acquisition.
Compensation: An estimate of compensation is derived by combining the value
of the Part Acquired, Damages to the Remainder After, and
Cost to Cure figures. The proposed acquisition results in
Remainder damages.
Purpose of the Appraisal
The purpose of the appraisal is to estimate the Just Compensation for the partial acquisition related to
the subject property.
Marketing Period/Exposure Time
The term “marketing period” is defined as:
The time it takes an interest in real property to sell on the market subsequent to the date of
an appraisal. Reasonable marketing time is an estimate of the amount of time it might take to
sell an interest in real property at its estimated market value during the period immediately
after the effective date of the appraisal.
The term “exposure time” is defined as:
The time a property remains on the market. The estimated length of time the property
interest being appraised would have been offered on the market prior to the hypothetical
consummation of a sale at market value on the effective date of the appraisal; a retrospective
estimate based on an analysis of past events assuming a competitive and open market.
In the case of the subject, there is an active market for similar properties. The subject property is not a
highly specialized property and does not have a limited market given its physical and financial
characteristics. Regarding the supply of competing properties, there is not such an oversupply of
property that an extended marketing time should be forecasted. A marketing period and exposure
time of six to eighteen months is considered to be adequate for the property to receive exposure to a
satisfactory number of qualified buyers. Exposure times that exceed six to eighteen months are
typically a result of overpricing rather than of inadequate exposure.
General Information
Page 1.9
Case Law Precedents & Non-Compensable Elements
There are several cases determined by the Supreme Court of Texas that considered compensable
elements as it relates to a right-of-way property acquisition. In the State of Texas vs. Schmidt, the
Texas Supreme Court “held that owners were not entitled to compensation for diminution in value of
remainder property due to diversion of traffic, increased circuitry of travel to property, lessened
visibility to passersby, or inconvenience of construction activities.” These types of damages are
considered community damages which are non-compensable based on case law.
The property appraised in this report does not contain a denial of access. Effective September 1, 2011,
SB18 which amends Texas law, establishes a new standard for determining whether a property owner
is entitled damages for impairment to access resulting from an access control acquisition. According to
the Texas Department of Transportation a “material impairment” is as follows:
A “material impairment” is one that is significant or important in context of how the property is or
may be used. Although the change must be significant or important, it no longer must be “substantial”
(meaning considerable or large).
The subject property has frontage and access along Ganzer Road and IH-35. Following the acquisition,
access will remain the same. As such, the functional utility of the site does not materially change.
Appraisal Report Option
This is an Appraisal Report that complies with the reporting requirements set forth under Standards
Rule 2-2(a) of the Uniform Standards of Professional Appraisal Practice (USPAP). As previously
mentioned, the report is transmitted on a document comprised of Form ROW-A-5 and a narrative
appraisal report developed by the appraiser. The supplemental standards issued by TXDOT are
detailed in the ROW Appraisal and Review Manual, which is available from the Texas Department of
Transportation web page (www.dot.state.tx.us.)
Personal Property & Trade Fixtures
The estimate of compensation in this report is for real property interest, or real estate which includes
the physical land and improvements attached to the land. This report does not include a value
estimate for personal property or trade fixtures. The appraiser observed several items during the
inspection of the whole property that are considered non-realty items. These non-realty items were
not included in our value estimates. When non-realty items were included in sales and rentals
adjustments were applied to reflect real property only.
General Information
Page 1.10
Valuation Methodology
Appraisers usually consider the use of three approaches to value when developing a market value
opinion for real property. These are the cost approach, sales comparison approach, and income
capitalization approach. Use of the approaches in this assignment is summarized as follows:
Approaches to Value
Approach Applicability to Subject Use in Assignment
Cost Approach Applicable Utilized
Sales Comparison Approach Applicable Utilized
Income Capitalization Approach Not Applicable Not Utilized
The sales comparison approach is the most reliable valuation method for the subject due to the
following:
x There is an active market for similar properties, and sufficient sales data is available for
analysis.
x This approach directly considers the prices of alternative properties having similar utility.
x This approach is typically most relevant for vacant land.
The cost approach is applicable to the assignment because:
x The subject is vacant land with minor site improvements and a Cost Approach is developed.
The income capitalization approach is not applicable to the assignment considering the following:
x The subject is vacant land and there is not an active rental market for similar properties that
would permit us to develop an estimate of the property's income generating potential.
x This approach does not reflect the primary analysis undertaken by a typical purchaser.
Research and Analysis
The type and extent of our research and analysis is detailed in individual sections of the report. This
includes the steps we took to verify comparable sales, which are disclosed in the comparable sale
profile sheets in the addenda to the report. Although we make an effort to confirm the arms-length
nature of each sale with a party to the transaction, it is sometimes necessary to rely on secondary
verification from sources deemed reliable.
General Information
Page 1.11
Inspection
Property Inspection
Party Inspection Type Inspection Date
Brent Pitts, MAI, AI-GRS, R/W-AC On-site July 6, 2023
Andrew Everett None N/A
We contacted the subject owner via certified mail. A receipt was confirmed, but no contact was made
by the owner. Brent Pitts, MAI, AI-GRS, R/W-AC, inspected the property from the public right-of-way.
Significant Appraisal Assistance
Significant real property appraisal assistance was provided by Andrew Everett, who has signed this
certification.
General Information
Page 1.12
Certification
We certify that, 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 the property that is the subject of this report
and no personal interest with respect to the parties involved.
4. We have performed no 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
the agreement to perform this assignment.
5. We have no bias with respect to the property that is the subject of this report or to the parties
involved with this assignment.
6. Our engagement in this assignment was not contingent upon developing or reporting
predetermined results.
7. 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.
8. 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
applicable state appraisal regulations.
9. 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.
10. The use of this report is subject to the requirements of the Appraisal Institute relating to
review by its duly authorized representatives.
11. Brent Pitts, MAI, AI-GRS, R/W-AC has made a personal inspection of the property that is the
subject of this report. Andrew Everett has not personally inspected the subject.
12. Significant real property appraisal assistance was provided by Andrew Everett who has not
signed this certification.
13. We have experience in appraising properties similar to the subject and are in compliance with
the Competency Rule of USPAP.
14. As of the date of this report, Brent Pitts, MAI, AI-GRS, R/W-AC has completed the continuing
education program for Designated Members of the Appraisal Institute.
15. As of the date of this report, Andrew Everett has completed the Standards and Ethics
Education Requirements for Practicing Affiliates of the Appraisal Institute.
General Information
Page 1.13
Brent Pitts, MAI, AI-GRS, R/W-AC
Certified General Real Estate Appraiser
Texas Certificate # 1380206 G
Andrew Everett
Certified General Real Estate Appraiser
Texas Certificate # 1380442 G
Form ROW-A-5 (Rev. 08/11)
Page 2.0
PHOTOGRAPHS OF SUBJECT PROPERTY
Include Each Major Improvement
Parcel No.: 074-8 AE & 074-8 LSE Local Address: SE/C Ganzer Road and IH-35
Date Taken: July 6, 2023 Taken By: Brent Pitts, MAI, AI-GRS, R/W-AC
1. Point from which taken: Ganzer ROW Looking: East along Ganzer Road
2. Point from which taken: Ganzer ROW Looking: West along Ganzer Road
Form ROW-A-5 (Rev. 08/11)
Page 2.1
PHOTOGRAPHS OF SUBJECT PROPERTY
Include Each Major Improvement
Parcel No.: 074-8 AE & 074-8 LSE Local Address: SE/C Ganzer Road and IH-35
Date Taken: July 6, 2023 Taken By: Brent Pitts, MAI, AI-GRS, R/W-AC
3. Point from which taken: IH 35 ROW Looking: South at subject
4. Point from which taken: IH 35 ROW Looking: South along access easement
Form ROW-A-5 (Rev. 08/11)
Page 2.2
PHOTOGRAPHS OF SUBJECT PROPERTY
Include Each Major Improvement
Parcel No.: 074-8 AE & 074-8 LSE Local Address: SE/C Ganzer Road and IH-35
Date Taken: July 6, 2023 Taken By: Brent Pitts, MAI, AI-GRS, R/W-AC
5. Point from which taken: IH 35 ROW Looking: South at subject
6. Point from which taken: Ganzer ROW Looking: Northeast along IH 35 Exit
Form ROW-A-5 (Rev. 08/11)
Page 2.3
PHOTOGRAPHS OF SUBJECT PROPERTY
Include Each Major Improvement
Parcel No.: 074-8 AE & 074-8 LSE Local Address: SE/C Ganzer Road and IH-35
Date Taken: July 6, 2023 Taken By: Brent Pitts, MAI, AI-GRS, R/W-AC
7. Point from which taken: Ganzer ROW Looking: Southeast along acquisition
8. Point from which taken: Ganzer ROW Looking: South across subject
Denton County Area Analysis
Page 2.4
Economic Analysis
Denton County Area Analysis
Denton County is located in north central Texas. It is 878 square miles in size and has a population
density of 1,112 persons per square mile.
Population
Denton County has an estimated 2023 population of 977,184, which represents an average annual
2.5% increase over the 2020 census of 906,422. Denton County added an average of 23,587 residents
per year over the 2020-2023 period, and its annual growth rate exceeded the State of Texas rate of
1.0%.
Looking forward, Denton County's population is projected to increase at a 1.7% annual rate from
2023-2028, equivalent to the addition of an average of 17,223 residents per year. Denton County's
growth rate is expected to exceed that of Texas, which is projected to be 0.8%.
Employment
Total employment in Denton County was estimated at 300,470 jobs at year-end 2022. Between year-
end 2012 and 2022, employment rose by 110,701 jobs, equivalent to a 58.3% increase over the entire
period. There were gains in employment in ten out of the past ten years. Denton County's rate of
employment growth over the last decade surpassed that of Texas, which experienced an increase in
employment of 23.8% or 2,612,375 jobs over this period.
A comparison of unemployment rates is another way of gauging an area’s economic health. Over the
past decade, the Denton County unemployment rate has been consistently lower than that of Texas,
with an average unemployment rate of 4.2% in comparison to a 5.1% rate for Texas. A lower
unemployment rate is a positive indicator.
Recent data shows that the Denton County unemployment rate is 3.6% in comparison to a 4.1% rate
for Texas, a positive sign that is consistent with the fact that Denton County has outperformed Texas
in the rate of job growth over the past two years.
Population Compound Ann. % Chng
2020 Census 2023 Estimate 2028 Projection
Denton County 906,422 977,184 1,063,301 2.5% 1.7%
Texas 29,145,505 30,065,904 31,310,079 1.0% 0.8%
Source: Claritas
Population Trends
Denton County Area Analysis
Page 2.5
Major employers in Denton County are shown in the following table.
Gross Domestic Product
Gross Domestic Product (GDP) is a measure of economic activity based on the total value of goods and
services produced in a defined geographic area, and annual changes in Gross Domestic Product (GDP)
are a gauge of economic growth.
Economic growth, as measured by annual changes in GDP, has been considerably higher in Denton
County than Texas overall during the past decade. Denton County has grown at a 6.4% average annual
rate while Texas has grown at a 3.0% rate. Denton County continues to perform better than Texas.
GDP for Denton County rose by 8.2% in 2021 while Texas's GDP rose by 3.9%.
Employment Trends
Total Employment (Year End) Unemployment Rate (Ann. Avg.)
Year Denton County
%
Change Texas
%
Change Denton County Texas
2012 189,769 10,964,215 5.7% 6.7%
2013 199,183 5.0% 11,248,559 2.6% 5.4% 6.3%
2014 211,482 6.2% 11,672,985 3.8% 4.5% 5.2%
2015 224,936 6.4% 11,831,449 1.4% 3.6% 4.5%
2016 233,551 3.8% 11,972,594 1.2% 3.4% 4.6%
2017 244,353 4.6% 12,224,998 2.1% 3.4% 4.4%
2018 253,596 3.8% 12,539,711 2.6% 3.2% 3.9%
2019 267,253 5.4% 12,802,919 2.1% 3.0% 3.5%
2020 267,588 0.1% 12,264,651 -4.2% 6.5% 7.7%
2021 290,438 8.5% 13,025,292 6.2% 4.4% 5.6%
2022 300,470 3.5% 13,576,590 4.2% 3.2% 3.9%
Overall Change 2012-2022 110,701 58.3% 2,612,375 23.8%
Avg Unemp. Rate 2012-2022 4.2% 5.1%
Unemployment Rate - May 2023 3.6% 4.1%
Source: U.S. Bureau of Labor Statistics and Moody's Analytics. Employment figures are from the Quarterly Census of Employment and Wages
(QCEW). Unemployment rates are from the Current Population Survey (CPS). The figures are not seasonally adjusted.
Name Number of Employees
1 University of North Texas 4,614
2 Denton ISD 4,417
3 Peterbilt Motors 3,075
4 Texas Woman's University 1,875
5 Denton State Supported Living Center 1,700
6 Denton County 1,681
7 City of Denton 1,623
8 Texas Health Presbyterian Hospital Denton 1,076
9Medical City - Denton 950
10 Sally Beauty Company, Inc. 950
Major Employers - Denton County
Source: Denton County Economic Development Partnership
Denton County Area Analysis
Page 2.6
Denton County has a per capita GDP of $40,194, which is 35% less than Texas's GDP of $61,469. This
means that Denton County industries and employers are adding relatively less value to the economy
than their counterparts in Texas.
Income, Education and Age
Denton County is more affluent than Texas. Median household income for Denton County is $102,095,
which is 43.9% greater than the corresponding figure for Texas.
Residents of Denton County have a higher level of educational attainment than those of Texas. An
estimated 46% of Denton County residents are college graduates with four-year degrees, versus 31%
of Texas residents. People in Denton County are older than their Texas counterparts. The median age
for Denton County is 38 years, while the median age for Texas is 36 years.
Gross Domestic Product
Year
($,000s)
Denton County % Change
($,000s)
Texas % Change
2011 20,269,416 1,353,600,400
2012 21,336,311 5.3% 1,421,180,100 5.0%
2013 22,803,464 6.9% 1,484,700,100 4.5%
2014 24,756,191 8.6% 1,529,617,100 3.0%
2015 26,705,082 7.9% 1,605,901,700 5.0%
2016 28,377,505 6.3% 1,619,954,200 0.9%
2017 30,280,682 6.7% 1,659,453,300 2.4%
2018 31,446,463 3.8% 1,728,304,000 4.1%
2019 33,230,943 5.7% 1,779,781,400 3.0%
2020 34,968,093 5.2% 1,747,562,000 -1.8%
2021 37,848,696 8.2% 1,815,063,600 3.9%
Compound % Chg (2011-2021) 6.4% 3.0%
GDP Per Capita 2021 $40,194 $61,469
Source: U.S. Bureau of Economic Analysis and Moody's Analytics; data released December 2022.
The release of state and local GDP data has a longer lag time than national data. The data represents inflation-adjusted ""real""
GDP stated in 2012 dollars.
Median
Denton County $102,095
Texas $70,946
Comparison of Denton County to Texas + 43.9%
Source: Claritas
Median Household Income - 2023
Denton County Area Analysis
Page 2.7
Conclusion
The Denton County economy will benefit from a growing population base and higher income and
education levels. Denton County experienced growth in the number of jobs and has maintained a
consistently lower unemployment rate than Texas over the past decade. It is anticipated that the
Denton County economy will improve and employment will grow, strengthening the demand for real
estate.
Education & Age - 2023
Source: Claritas
10%
20%
30%
40%
50%
60%
70%
80%
Denton County Texas
46%
31%
Percent College Graduate
10
15
20
25
30
35
40
45
50
Denton County Texas
38 36
Median Age
Denton County Area Analysis
Page 2.8
Area Map
Surrounding Area Analysis
Page 2.9
Surrounding Area Analysis
Location
The subject is located in the northern portion of Denton County, within the City of Denton.
Access and Linkages
Primary access to the subject neighborhood is provided by IH35. IH35 is the central backbone of the
subject neighborhood and provides access to Fort Worth to the south and Oklahoma the north.
Overall, access to the subject neighborhood is considered average.
Demographics
A demographic profile of the surrounding area, including population, households, and income data, is
presented in the following table.
As shown above, the current population within a 3-mile radius of the subject is 12,062, and the
average household size is 2.7. Population in the area has grown since the 2020 census, and this trend
is projected to continue over the next five years. Compared to Denton County overall, the population
within a 3-mile radius is projected to grow at a similar rate.
Median household income is $83,366, which is lower than the household income for Denton County.
Residents within a 3-mile radius have a considerably lower level of educational attainment than those
of Denton County, while median owner-occupied home values are considerably lower.
Surrounding Area Analysis
Page 2.10
Land Use
Predominant land uses in the immediate vicinity of the subject include a mix of retail, industrial, and
vacant land. Land use characteristics of the area are summarized below.
Surrounding Area Land Uses
Character of Area Suburban
Predominant Age of Improvements (Years) 10-30 years
Predominant Quality and Condition Average
Infrastructure and Planning Average
Immediate Surroundings
North Ganzer Road / Vacant land
South Vacant Land
East Vacant Land
West IH 35 / Industrial / Automobile Center
Outlook and Conclusions
The area is in the growth stage of its life cycle. Given the history of the area and the growth trends, it
is anticipated that property values will remain stable in the near future.
In comparison to other areas in the region, the area is rated as follows:
Surrounding Area Ratings
Highway Access Average
Demand Generators Average
Convenience to Support Services Average
Convenience to Medical Services Average
Convenience to Public Transit Average
Employment Stability Average
Neighborhood Amenities Average
Police and Fire Protection Average
Barriers to Competitive Entry Average
Price/Value Trends Average
Property Compatibility Average
Surrounding Area Analysis
Page 2.11
Surrounding Area Map
Property Analysis
Parcel 074-8 AE & 074-8 LSE Page 2.12
Property Analysis
Parent Tract
The subject property (Parent Tract) consists of two tax parcels for a total of 2,745,369 square feet, or
63.025 acres. The parent tract is rectangular in shape and is zoned General Office (GO) and Residential
Rural (RR). The parent tract is primarily within Flood Zone X; however, approximately 25% of the site is
within the Floodway and Flood Zone AE. The proposed lift station and access easement are located in
the northwestern portion of the tract. Based on development trends in the neighborhood, we have
estimated an economic unit of 16.00 acres, which will contain both proposed easements. The map
below shows the parent tract, outlined in blue.
Note that this aerial includes a strip along IH 35 and Ganzer Road that will be acquired by TxDOT as
part of the IH 35 expansion and that we have excluded these areas from the economic unit.
Property Analysis
Parcel 074-8 AE & 074-8 LSE Page 2.13
Economic Unit (Whole Property)
Based on size of the parent tract and recent developments along IH 35, we have utilized an economic
unit of 16.00 acres for our analysis. The economic unit is at the southeast corner of Ganzer Road and
IH 35 and will contain both easements. The Floodway and Flood Zone AE run though the central
portion of the economic unit and is approximately 45% encumbered. The map below shows the
approximate boundaries of the economic unit outlined in blue.
Property Analysis
Parcel 074-8 AE & 074-8 LSE Page 2.14
Location
The property forms the southeast corner of Ganzer Road and IH 35 in Denton.
Land Area
The following table summarizes the size of the whole property (economic unit) based on aerial GIS
measurements.
Land Area Summary
Tax ID SF Acres
Whole Property 696,960 16.0000
Source: GIS Measurements
Shape and Dimensions
The site is rectangular in shape, with dimensions of approximately 1,050 feet in width and 700 feet in
depth. Site utility based on shape and dimensions is average.
Topography
The site is generally level and at street grade. The topography does not result in any particular
development limitations.
Drainage
No particular drainage problems were observed or disclosed at the time of field inspection. This
appraisal assumes that there are not any unusual drainage issues that would affect the development
of the subject.
Property Analysis
Parcel 074-8 AE & 074-8 LSE Page 2.15
Flood Map
Property Analysis
Parcel 074-8 AE & 074-8 LSE Page 2.16
Flood Hazard Status
The following table provides flood hazard information.
Flood Hazard Status
Community Panel Number 48121C0220G
Date April 18, 2011
Zone X and AE
Description Outside the 500-year floodplain and Inside the 100-year floodplain
Insurance Required? Yes
The subject is primarily located within Flood Zone X, outside of the 500-year floodplain. The subject is
also located within the Floodway and Flood Zone AE. Typically, no development can occur within the
floodway. Flood Zone AE also limits the development potential of the site.
Environmental Hazards
An environmental assessment report was not provided for review, and during our inspection, we did
not observe any obvious signs of contamination on or near the subject. However, environmental
issues are beyond our scope of expertise. It is assumed that the property is not adversely affected by
environmental hazards.
Ground Stability
A soils report was not provided for our review. Based on our inspection of the subject and observation
of development on nearby sites, there are no apparent ground stability problems. However, we are
not experts in soils analysis. We assume that the subject’s soil bearing capacity is sufficient to support
a variety of uses, including those permitted by zoning.
Streets, Access and Frontage
Details pertaining to street access and frontage are provided in the following table.
Streets, Access and Frontage
Street Ganzer Road IH 35 Service Road
Frontage Feet 800 560
Paving Asphalt Asphalt
Curbs No No
Sidewalks No No
Lanes 2 way, 1 lane each way 1 way, 2 lanes
Direction of Traffic E/W N/S
Condition Average Average
Traffic Levels Moderate Low
Signals/Traffic Control Stop sign Stop sign
Access/Curb Cuts 0 0
Visibility Good Good
Property Analysis
Parcel 074-8 AE & 074-8 LSE Page 2.17
Utilities
The availability of utilities to the subject is summarized in the following table.
Utilities
Service Provider
Water City
Sewer City
Electricity Oncor
Natural Gas Atmos
Local Phone AT&T
Zoning
The subject is zoned GO, RR, General Office and Rural Residential, by City of Denton. The GO, RR zone
is intended to provide for residential, office, commercial, and industrial uses. The following table
summarizes our understanding and interpretation of the zoning requirements that affect the subject.
Zoning Summary
Zoning Jurisdiction City of Denton
Zoning Designation GO, RR
Description General Office and Rural Residential
Legally Conforming? Appears to be legally conforming
Zoning Change Likely? No
Permitted Uses Residential, office, commercial, and industrial uses
Property Analysis
Parcel 074-8 AE & 074-8 LSE Page 2.18
According to the local planning department, there are no pending or prospective zoning changes. It
appears that the property conforms with zoning requirements.
Other Land Use Regulations
We are not aware of any other land use regulations that would affect the property.
Easements, Encroachments and Restrictions
We were not provided a current title report to review. We are not aware of any other adverse
easements, encroachments, or restrictions that would adversely affect value. Our valuation assumes
no adverse impacts from easements, encroachments, or restrictions, and further assumes that the
subject has clear and marketable title.
Conclusion of Site Analysis
Overall, the physical characteristics of the site and the availability of utilities result in functional utility
suitable for a variety of uses including those permitted by zoning. Uses permitted by zoning include
residential, office, commercial, and industrial uses. We are not aware of any other particular
restrictions on development.
Property Analysis
Parcel 074-8 AE & 074-8 LSE Page 2.19
Real Estate Taxes
The subject property is located in the City of Denton, Denton County, Texas. Real estate taxes in this
state and jurisdiction represent ad valorem taxes, meaning a tax applied in proportion to value. Real
estate tax assessments are administered by the Denton County Appraisal District. Taxable values are
based on a current conversion rate of 100% of assessor’s estimate of market value. The real estate
taxes for an individual property may be estimated by dividing the assessed value of a property by
$100, then multiplying the estimate by the aggregate tax rate of all applicable taxation jurisdictions.
Real estate taxes and assessments for the Parent Tract for the current tax year are shown in the
following table.
Taxes and Assessments - 2023
Assessed Value Taxes and Assessments
Tax ID Land Improvements Total Tax Rate
Ad Valorem
Taxes Total
37353 $329,731 $0 $329,731 2.153325% $7,100 $7,100
37354 $640,633 $0 $640,633 2.153325% $13,795 $13,795
$970,364 $0 $970,364 $20,895 $20,895
The assessment per square foot above is based on the size reported by the Denton County Appraisal
District. Taxes are based on the 2023 assessed values tax rates including city, school and county taxing
agencies. The 2023 tax amount for the subject property is $20,895 based on a 2023 assessed value of
$970,364 and an overall tax rate of $2.177000 per $100 of assessed value. Based on the concluded
market value of the subject, the assessed value appears low.
Form ROW-A-5 (Rev. 08/11)
Page PVS - 3.0
PROPERTY VALUATION SUMMARY
Whole: Part to be Acquired: Remainder After:
HIGHEST AND BEST USE ANALYSIS: Page 3.1
VALUATION APPROACHES
Cost Approach .................................................................. $2,266,207
Sales Comparison Approach ............................................. N/A
Income Approach ............................................................. N/A
Reconciliation of Approaches to Value: ......................... $2,266,207
Contributory Value of Improvements (Itemized)
Contributory Value of Primary and Accessory Improvements -$
Site Improvements
Fencing 1,087$
Contributory Value of Site Improvements 1,087$
Contributory Value of All Improvements 1,087$
Land Value ......... 696,960 square feet @ $3.25 per square foot =…………………………………$2,265,120
Reconciled Final Value .................................................................................................. $2,266,207
Each approach developed follows this page and is sequenced as shown below.
Land Value,
Page 3.9
Cost Approach,
Page 3.13
Sales Comparison Approach,
Page 3.14
Income Approach,
Page 3.15
Highest and Best Use
Page SCA - 3.1
Highest and Best Use
Process
Before a property can be valued, an opinion of highest and best use must be developed for the subject
site, both as vacant, and as improved. By definition, the highest and best use must be:
x Physically possible.
x Legally permissible under the zoning regulations and other restrictions that apply to the site.
x Financially feasible.
x Maximally productive, i.e., capable of producing the highest value from among the
permissible, possible, and financially feasible uses.
Highest and Best Use “As Though Vacant” - Whole Property
Legally Permissible:
The subject property is zoned GO, RR by the City of Denton. This district is intended to provide
residential, office, commercial, and industrial uses. There are no known deed restrictions on the
subject property. This zoning district does not adversely affect the development potential of the site.
The rezoning of the residential zoned area is considered possible to facilitate commercial development
along IH 35. A variety of commercial and residential uses are legally permissible on the property, and a
copy of the zoning ordinance is retained on file with the appraiser.
Physically Possible:
The larger parcel is 16.0000 acres or 696,960 square feet in size and has a rectangular configuration. It
is generally level and at street grade. The site has frontage and access from Ganzer Road and IH 35
Service Road. Overall, the site has good access and exposure, and all public utilities are available. The
property is located in Flood Zone X, X and AE ,and the Floodway, which limits the development
potential on a portion of the site. The subject is of sufficient size and configuration for various forms of
development. The site is not physically restricted to any particular use.
Financially Feasible:
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 considered to be financially feasible.
Maximally Productive
There does not appear to be any reasonably probable use of the site that would generate a higher
residual land value than commercial use. Accordingly, it is our opinion that commercial use, developed
to the normal market density level permitted by zoning, is the maximally productive use of the
property.
Highest and Best Use “As Improved” – Whole Property
The subject of this report is vacant land and a Highest and Best Use “As Improved” is not necessary.
Most Probable Buyer
Taking into account the functional utility of the site and area development trends, the most probable
buyer is a local investor.
Highest and Best Use
Page SCA - 3.2
Valuation Methodology
Appraisers usually consider three approaches to estimating the market value of real property. These
are the cost approach, sales comparison approach and the income capitalization approach.
The cost approach assumes that the informed purchaser would pay no more than the cost of
producing a substitute property with the same utility. This approach is particularly applicable when
the improvements being appraised are relatively new and represent the highest and best use of the
land or when the property has unique or specialized improvements for which there is little or no sales
data from comparable properties.
The sales comparison approach assumes that an informed purchaser would pay no more for a
property than the cost of acquiring another existing property with the same utility. This approach is
especially appropriate when an active market provides sufficient reliable data. The sales comparison
approach is less reliable in an inactive market or when estimating the value of properties for which no
directly comparable sales data is available. The sales comparison approach is often relied upon for
owner-user properties.
The income capitalization approach reflects the market’s perception of a relationship between a
property’s potential income and its market value. This approach converts the anticipated net income
from ownership of a property into a value indication through capitalization. The primary methods are
direct capitalization and discounted cash flow analysis, with one or both methods applied, as
appropriate. This approach is widely used in appraising income-producing properties.
Reconciliation of the various indications into a conclusion of value is based on an evaluation of the
quantity and quality of available data in each approach and the applicability of each approach to the
property type.
The methodology employed in this assignment is summarized as follows:
Approaches to Value
Approach Applicability to Subject Use in Assignment
Cost Approach Applicable Utilized
Sales Comparison Approach Applicable Utilized
Income Capitalization Approach Not Applicable Not Utilized
Sales Comparison Approach - Land
Page SCA - 3.3
Sales Comparison Approach - Land
To develop an opinion of the subject’s land value, as if vacant and available to be developed to its highest
and best use, we utilize the sales comparison approach. This approach develops an indication of value by
researching, verifying, and analyzing sales of similar properties.
Our sales research focused on transactions within the following parameters:
x Location: Denton and surrounding counties
x Size: 5-50 acres
x Use: Vacant land
x Transaction Date: January 2020+
For this analysis, we use price per square foot as the appropriate unit of comparison because market
participants typically compare sale prices and property values on this basis. The most relevant sales are
summarized in the following table.
Sales Comparison Approach - Land
Page SCA - 3.4
Comparable Land Sales Map
Sales Comparison Approach - Land
Page SCA - 3.5
Sale 1
Land - Sanger, TX
Sale 2
Land - Denton, TX
Sale 3
IH-35W Land
Sale 4
50 acres in Argyle
Sale 5
60.2 acres on Keller Haslet Rd
Form ROW-A-5 (Rev. 08/11)
Page SCA - 3.6
COMPARABLE DATA SUPPLEMENT
District: Dallas Parcel No.: 074-8 AE & 074-8 LSE Highway: IH 35
County: Denton ROW CSJ: N/A
Land Sale: 1 Improved Sale Rental Data
Grantor/Lessor: PAAGE, LTD., and Randall Smith Grantee/Lessee: All in Properties, LLC
Date: November 10, 2021 Recording Information: 2021-211206
Address: East side of IH-35, south of Lois Rd. E. Zip Code: 76266
Legal Description: 39.63 acres in the R Beebe Survey, Abstract No. 0029A
Confirmed Price: $5,086,065 Verified with: Confirmed-Seller: Brian Kohlwes (402)
404-2261
Terms and Conditions of Sale: Fee Simple; Cash to seller
Rental Data: N/A
Land Size: 39.6300 Acres; 1,726,283 Square Feet Unit Price as Vacant: $2.95 per square foot
Type Street: 1 way, 2 lanes Utilities All Available
Improvement(s) Description: N/A
Improvement(s) Size: N/A (GBA) N/A (NRA) Unit Price as Improved: N/A
Condition and Functional Design: N/A
Current Use: Vacant Land Highest & Best Use: Commercial
Date of Inspection: July 6, 2023 Zoning: I-1; Industrial District Flood Plain: Zone X
Additional Information: Property is located east side of IH 35. This tract of land was purchased for future
commercial development.
Appraiser: Brent Pitts, MAI, AI-GRS, R/W-AC Date: August 14, 2023
(Typed, not signed)
Form ROW-A-5 (Rev. 08/11)
Page SCA - 3.7
COMPARABLE DATA SUPPLEMENT
District: Dallas Parcel No.: 074-8 AE & 074-8 LSE Highway: IH 35
County: Denton ROW CSJ: N/A
Land Sale: 2 Improved Sale Rental Data
Grantor/Lessor: Phase 18 Investments, LP Grantee/Lessee: CCS Denton Devco, LLC
Date: June 11, 2021 Recording Information: 2021-106106
Address: West side of IH-35, north of Barthold Rd. Zip Code: 76240
Legal Description: Lot 1, Block A, I-35 Warehouse Addition, Denton, Denton County
Confirmed Price: $3,307,858 Verified with: Confirmed-Seller Broker: Randall
Schwimmer (214) 433-6408
Terms and Conditions of Sale: Fee Simple; Cash to seller
Rental Data: N/A
Land Size: 23.6170 Acres; 1,028,757 Square Feet Unit Price as Vacant: $3.22 per square foot
Type Street: 1 way, 1 lane Utilities All Available
Improvement(s) Description: N/A
Improvement(s) Size: N/A (GBA) N/A (NRA) Unit Price as Improved: N/A
Condition and Functional Design: N/A
Current Use: Vacant Land Highest & Best Use: Commercial
Date of Inspection: July 6, 2023 Zoning: GO; General Office Flood Plain: Zone X
Additional Information: Property is located on the west side of IH35 in northern Denton. This comparable
represents a purchase of two (2) adjoining tracts of vacant land for future commercial development. The
property possesses level terrain and open pasture area.
Appraiser: Brent Pitts, MAI, AI-GRS, R/W-AC Date: August 14, 2023
(Typed, not signed)
Form ROW-A-5 (Rev. 08/11)
Page SCA - 3.8
COMPARABLE DATA SUPPLEMENT
District: Dallas Parcel No.: 074-8 AE & 074-8 LSE Highway: IH 35
County: Denton ROW CSJ: N/A
Land Sale: 3 Improved Sale Rental Data
Grantor/Lessor: James F Mason Trustee c/o Mason
Properties
Grantee/Lessee: B BP Chill Denton LLC
Date: April 13, 2022 Recording Information: 2022-55755
Address: 2298 Interstate 35 Zip Code: 76207
Legal Description: A0056A O. Brewster, TR 48
Confirmed Price: $1,910,215 Verified with: Secondary Verification: –
Terms and Conditions of Sale: Fee Simple; Cash to seller
Rental Data: N/A
Land Size: 19.5000 Acres; 849,420 Square Feet Unit Price as Vacant: $2.25 per square foot
Type Street: 1-way, 2 lanes Utilities: In Vicinity
Improvement(s) Description: N/A
Improvement(s) Size: N/A (GBA) N/A (NRA) Unit Price as Improved: N/A
Condition and Functional Design: N/A
Current Use: Land Highest & Best Use: Commercial
Date of Inspection: July 6, 2023 Zoning: Heavy Industrial;
Heavy Industrial
Flood Plain: Zone A
Additional Information: Property is only accessible via Corbin Road.
Appraiser: Brent Pitts, MAI, AI-GRS, R/W-AC Date: August 14, 2023
(Typed, not signed)
Form ROW-A-5 (Rev. 08/11)
Page SCA - 3.9
COMPARABLE DATA SUPPLEMENT
District: Dallas Parcel No.: 074-8 AE & 074-8 LSE Highway: IH 35
County: Denton ROW CSJ: N/A
Land Sale: 4 Improved Sale Rental Data
Grantor/Lessor: Hugh Z Pruett Grantee/Lessee: SERIES VII, A SERIES OF HENRY
PROPERTY DEVELOPMENT LLC
Date: January 17, 2023 Recording Information: 2023-5675
Address: Northeast corner of IH-35W and Old Justin Road; also NWC of C. Taylor Road and
Old Justin Road
Zip Code: 76226
Legal Description: Lot 1, Block 1, Salmon Estates /Tax #339705
Confirmed Price: $8,713,693 Verified with: Confirmed-Buyer Broker: Everette
Newland
Terms and Conditions of Sale: Fee Simple; Cash to seller
Rental Data: N/A
Land Size: 46.7100 Acres; 2,034,688 Square Feet Unit Price as Vacant: $4.28 per square foot
Type Street: 2 way, 1 lane each way Utilities In Vicinity
Improvement(s) Description: N/A
Improvement(s) Size: N/A (GBA) N/A (NRA) Unit Price as Improved: N/A
Condition and Functional Design: N/A
Current Use: Land Highest & Best Use: Commercial
Date of Inspection: July 6, 2023 Zoning: CF; Community
Facilities
Flood Plain: Zone X
Additional Information: The property does not have access from IH 35W. Gravel pad only (not gas pad)
located at northeast corner of site.
Appraiser: Brent Pitts, MAI, AI-GRS, R/W-AC Date: August 14, 2023
(Typed, not signed)
Form ROW-A-5 (Rev. 08/11)
Page SCA - 3.10
COMPARABLE DATA SUPPLEMENT
District: Dallas Parcel No.: 074-8 AE & 074-8 LSE Highway: IH 35
County: Denton ROW CSJ: N/A
Land Sale: 5 Improved Sale Rental Data
Grantor/Lessor: Egelston Marcia Trust Grantee/Lessee: Magnolia Pads Ltd
Date: August 12, 2020 Recording Information: 220197492
Address: 2700 Keller Haslet Rd. Zip Code: 76177
Legal Description: Tax ID 05671450, Tract 1G, Abstract 1898, N S Creed Survey, City of Fort Worth, Tarrant County,
Texas
Confirmed Price: $9,000,000 Verified with: Confirmed-Seller Broker: Robert Phipps
Terms and Conditions of Sale: Fee Simple; Cash to seller
Rental Data: N/A
Land Size: 60.2000 Acres; 2,622,312 Square Feet Unit Price as Vacant: $3.43 per square foot
Type Street: 2 way, 1 lane each way Utilities: All Available
Improvement(s) Description: N/A
Improvement(s) Size: N/A (GBA) N/A (NRA) Unit Price as Improved: N/A
Condition and Functional Design: N/A
Current Use: Land Highest & Best Use: Commercial
Date of Inspection: July 6, 2023 Zoning: K; Heavy Industrial Flood Plain: Zone A
Additional Information: 60.2 acres of commercial land located off Keller Haslet Rd in Fort Worth. Zoned for
heavy industrial use. 60.2 acres of commercial land sold for $9M in August 2020. It is partially located
within the flood zone; however, it is not detrimental to its use as it has been developed with an industrial
property. The property is located just east of Interstate Highway 35 West and southeast of Alliance Airport.
It is located within the Alliance Airport Overlay District.
Appraiser: Brent Pitts, MAI, AI-GRS, R/W-AC Date: August 14, 2023
(Typed, not signed)
Form ROW-A-5 (Rev. 08/11)
Page SCA - 3.11
SALES COMPARISON APPROACH Whole: Part to be Acquired: Remainder After:
Land: Improved:
Land Sales Adjustment Grid - Whole
Subject Comparable 1 Comparable 2 Comparable 3 Comparable 4 Comparable 5
Grantor PAAGE, LTD., and
Randall Smith
Phase 18
Investments, LP
James F Mason
Trustee c/o Mason
Properties
Hugh Z Pruett Egelston Marcia
Trust
Grantee All in Properties,
LLC
CCS Denton Devco,
LLC
B BP Chill Denton
LLC
SERIES VII, A SERIES
OF HENRY
PROPERTY
DEVELOPMENT LLC
Magnolia Pads Ltd
Address SE/C Ganzer Road
and IH-35
East side of IH-35,
south of Lois Rd. E.
West side of IH-35,
north of Barthold
Rd.
2298 Interstate 35 Northeast corner
of IH-35W and Old
Justin Road; also
NWC of C. Taylor
Road and Old
Justin Road
2700 Keller Haslet
Rd.
City Denton Sanger Denton Denton Argyle Fort Worth
County Denton Denton Denton Denton Denton Tarrant
State Texas TX TX TX TX TX
Sale Date Nov-21 Jun-21 Apr-22 Jan-23 Aug-20
Sale Status Closed Closed Recorded Closed Closed
Sale Price $5,086,065 $3,307,858 $1,910,215 $8,713,693 $9,000,000
Effective Sale Price $5,086,065 $3,307,858 $1,910,215 $8,713,693 $9,000,000
Square Feet 696,960 1,726,283 1,028,757 849,420 2,034,688 2,622,312
Acres 16.0000 39.6300 23.6170 19.5000 46.7100 60.2000
Price per Square Foot $2.95 $3.22 $2.25 $4.28 $3.43
Transactional Adjustments
Property Rights Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple
% Adjustment –––––
Financing Terms Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller
% Adjustment –––––
Conditions of Sale Arm's-length Arm's-length Arm's-length Arm's-length Arm's-Length
% Adjustment –––––
Expenditures Made Immediately After Purchase
$ Adjustment –––––
Market Conditions 7/6/2023 Nov-21 Jun-21 Apr-22 Jan-23 Aug-20
Annual % Adjustment 5% 8% 10% 6% 2% 14%
Cumulative Adjusted Price $3.18 $3.54 $2.38 $4.37 $3.91
Property Adjustments
Location –––––
Access/Exposure – – – – –
Size 5% – – 5% 10%
Shape and Topography – – – – –
Zoning – – – – –
Floodplain -20% -20% -20% -20% -20%
Utilities – – 5% 5% –
Net Property Adjustments ($) -$0.48 -$0.71 -$0.36 -$0.44 -$0.39
Net Property Adjustments (%) -15% -20% -15% -10% -10%
Final Adjusted Price $2.70 $2.83 $2.03 $3.93 $3.52
Range of Adjusted Prices $2.03 - $3.93
Average $3.00
Indicated Value $3.25
Estimated Value by Sales Comparison Approach----------------------------------$2,265,120
Sales Comparison Approach - Land
Page SCA - 3.12
Analysis and Adjustment of Sales
The sales are compared to the subject and adjusted to account for material differences that affect value.
Adjustments are considered for the following factors, in the sequence shown below.
Adjustment Factor Accounts For Comments
Effective Sale Price Atypical economics of a transaction,
such as demolition cost or
expenditures by buyer at time of
purchase.
All sales are similar, and no
adjustments are applied.
Real Property Rights Fee simple, leased fee, leasehold,
partial interest, etc.
All sales are similar, and no
adjustments are applied.
Financing Terms Seller financing, or assumption of
existing financing, at non-market
terms.
All sales are similar, and no
adjustments are applied.
Conditions of Sale Extraordinary motivation of buyer
or seller, assemblage, forced sale.
All sales are similar, and no
adjustments are applied.
Market Conditions Changes in the economic
environment over time that affect
the appreciation and depreciation
of real estate.
All sales were adjusted upward 5.0%
annually to account for improving
market conditions.
Location Market or submarket area
influences on sale price;
surrounding land use influences.
All sales are similar, and no
adjustments are applied.
Access/Exposure Convenience to transportation
facilities; ease of site access;
visibility; traffic counts.
All sales are similar, and no
adjustments are applied.
Size Inverse relationship that often
exists between parcel size and unit
value.
Sales 1, 4, and 5 are larger and
adjusted upward.
Shape and Topography Primary physical factors that affect
the utility of a site for its highest
and best use.
All sales are similar, and no
adjustments are applied.
Zoning Government regulations that affect
the types and intensities of uses
allowable on a site.
All sales are similar, and no
adjustments are applied.
Sales Comparison Approach - Land
Page SCA - 3.13
Adjustment Factor Accounts For Comments
Floodplain Floodplain characteristics impacting
the development potential of the
site.
All of the sales are superior and are
adjusted downward. We have
estimated an adjustment based on
the size and location of the subject
with the paired sales analysis
presented below. It should be noted
the paired sales represent floodway
impact.
Utilities The presence or lack of utilities can
impact the price and readiness of
development.
Sales 3 and 4 are adjusted upward
for inferior utilities.
Land Value Conclusion
Prior to adjustments, the sales reflect a range of $2.25 - $4.28 per square foot. After adjustment, the
range is narrowed to $2.03 - $3.93 per square foot, with an average of $3.00 per square foot. To arrive at
an indication of value, we place equal weight on all sales.
Based on the preceding analysis, we reach a land value conclusion as follows:
Land Value Conclusion
Indicated Value per Square Foot $3.25
Subject Square Feet 696,960
Indicated Value $2,265,120
Address Adjusted $/SF Flood Impact Indicated Adjustment
9000 Crowley Rd $1.21 27%
9200 Crowley Rd $1.39 1%
9001 N Beach St $3.07 62%
10001 N Beach St $4.65 0%
4200 S IH 35E $2.67 60%
IH 35E & Lake Sharon Dr $5.10 0%
-13%
-34%
-48%
Floodplain Adjustment
Form ROW-A-5 (Rev. 08/11)
Page CA - 3.14
Cost Approach
COST APPROACH Whole: X Part to be acquired: Remainder After:
Improvement Number of sq ft $ per sq ft Cost New
Depreciation
Factor Depreciation Functional
Obsolescence Value
- $ - - $ - -$ $ -
- $ - - $ - -$ $ -
- $ - - $ - -$ $ -
- $ - - $ - -$ $ -
- $ - - $ - -$ $ -
-$
--$ - -$ -$ -$
--$ - -$ -$ -$
--$ - -$ -$ -$
--$ - -$ -$ -$
--$ - -$ -$ -$
Contributory Value of the Accessory Improvements -$
Fencing 150 $14.49 2,174$ 50.00% 1,087$ -$ 1,087$
--$ - -$ -$ -$
--$ - -$ -$ -$
--$ - -$ -$ -$
--$ - -$ -$ -$
1,087$
1,087$
Land Value 696,960 square feet x $3.25 = 2,265,120$
2,266,207$
Site Improvements
Contributory Value of the Site Improvements
Contributory Value of all Improvements
per square foot
Estimated Value by Cost Approach
Estimated Replacement/Reproduction Cost
Contributory Value of the Buildings
Accessory Improvements
Cost Approach - Discussion
Page CA - 3.15
Cost Approach - Discussion
Replacement Cost is defined in The Dictionary of Real Estate Appraisers, page 255, as:
The cost of construction, at current prices, of a building having utility equivalent to the building
being appraised but built with modern materials and according to current standards, design and
layout.
The replacement cost of the site improvements has been estimated based on costs quotes provided by
local contractor Arrowhead Screens and Fence (972) 921-5139. These figures include all direct and
indirect costs. Indirect costs include architectural fees, appraisal fees, survey fees, engineering fees,
legal fees, developers profit, commissions, points, closing costs, etc. Entrepreneurial profit has been
added to this figure.
Improvement Type Amount Unit % of Whole Unit Value Cost New Depreciation
Depreciated
Value Total
Fencing 150 Linear Ft. 100% $14.49 $2,174 $1,087 $7.25 $1,087
Site Improvements located within Part Acquired
Depreciation
Depreciation is defined as a loss in value from any cause that is subtracted from cost new of the
estimated replacement cost. Depreciation is attributable to factors of deterioration, obsolescence, or a
combination thereof.
Depreciation is divided into three major categories:
(1) Physical Depreciation,
(2) Functional Depreciation, and
(3) Economic or External Depreciation.
(1) Physical Depreciation is a decrease in utility resulting from the physical condition of the property.
Physical depreciation is divided into two main categories: curable and incurable.
(a) Curable Physical Depreciation refers to items of deferred maintenance or items that require
immediate repair. Curable Physical Depreciation occurs when the cost to cure the physical
depreciation is less than or equal to the expected increase in market value as a result of the
cure. No curable physical deterioration was noted upon the physical inspection of the
property.
(b) Incurable Physical Depreciation refers to items that cannot economically be corrected as
of the date of the appraisal. This occurs when the cost to cure the physical depreciation is
greater than the expected increase in market value as a result of the cure. Incurable
Age Effective Age Life Depreciation
Barbed Wire Fencing 8 8 16 50%
Incurable Physical Depreciation Calculations
Cost Approach - Discussion
Page CA - 3.16
physical depreciation is measured as the ratio between the effective age of the building and
its estimated economic life. The effective age and economic life of the various components
of the subject property are summarized below:
It is noted unit costs are based on quotes provided by local contractors and crosschecked with
Marshall & Swift Cost Estimators. As such, current, local, and indirect multipliers are not necessary.
(2) Functional Obsolescence is a loss in value resulting from defects in design. Functional depreciation
can also be curable or incurable.
(a) Curable Functional Obsolescence occurs when the cost to cure the obsolescence is less than
or equal to the expected increase in market value as a result of the cure. No curable
functional depreciation was noted.
(b) Incurable Functional Obsolescence occurs when the cost to cure the obsolescence is greater
than the expected increase in market value as a result of the cure. An inspection of the
subject property and plans revealed no incurable functional depreciation.
(3) External Obsolescence is a loss in value caused by negative factors outside the property such as
changes in supply and demand, general property uses in the area, zoning, etc. External depreciation is
incurable on the part of the owner, landlord or tenant. External depreciation can also be caused by
supply demand factors. No external obsolescence was noted.
Form ROW-A-5 (Rev. 08/11)
Page SCA - 3.17
Sales Comparison Approach – As Improved
Sales Comparison Approach – As Improved
SALES COMPARISON APPROACH Whole: Part to be Acquired: Remainder After:
Land: Improved:
VALUATION GRID Representative Comparable Sales
Subject Comp. No. Comp. No.
Comp. No.
Grantor
Grantee
Date of Sale
Unit Price
Relative Location
Financing
Conditions of Sale
Market Conditions
Physical
Indicated Unit Value
$
$
$
Estimated Unit Value
$
Estimated Value by Sales Comparison Approach $
The subject is vacant land, and the Sales Comparison - Improved is not applicable.
Form ROW-A-5 (Rev. 08/11)
Page IA - 3.18
Income Capitalization Approach
INCOME APPROACH Whole: X Part to be acquired: Remainder After:
Potential Gross Income
Base Rent $ -
Reinbursement Income $ -
Total Potential Gross Income $ -
Vacancy & Collection Loss @ – $
$
Expenses:
$-
$-
$-
$-
$-
$-
$-
$-
Total Expenses $
Net Operating Income $
Income Capitalized @ $
$
$Estimated Value by Income Approach -
Plus: Value of Excess Land (if any)
-
-
-
Effective Gross Income -
The subject is vacant land, and the Income Approach is not applicable.
Reconciliation of Approaches to Value
Page - 3.19
Reconciliation of Approaches to Value
The indications of value have been developed for the subject property prior to the acquisition and
they are as follows:
Cost Approach: $2,266,207
Sales Comparison Approach: N/A
Income Approach: N/A
The Cost Approach assumes that an informed purchaser would pay no more than the cost of
producing a substitute property with the same utility. This approach is particularly applicable when
the improvements are relatively new and represent the highest and best use of the land, or when the
property has unique or specialized improvements for which there are few or no sales or rentals of
comparable properties. A Cost Approach was developed as the subject property is vacant land with
minor site improvements.
The Sales Comparison Approach is a comparison of known market transactions of similar properties.
When sufficient information is available in order to make a unit comparison, a supportable indication
of value can be obtained. The underlying economic factor in this approach is the Principle of
Substitution, which states that a prudent purchaser would pay no more for a property than the cost of
acquiring an equally desirable substitute property. This approach to value is most applicable when a
sufficient number of comparable sales are available. The subject is appraised as vacant land and this
approach was developed.
The Income Capitalization Approach reflects the market’s perception of a relationship between a
property’s potential income and its market value, a relationship expressed as a capitalization rate.
Direct income capitalization is a method of converting a single year’s estimate of net operating income
into an indicated present value. This approach converts the anticipated benefits to be derived from
the ownership of property into a value indication through capitalization. The Income Capitalization
Approach is not warranted as the subject is vacant land.
Applicability of Valuation Approaches
The subject Whole Property is appraised as vacant development land with limited site improvements.
Only the Sales Comparison Approach-land only has been utilized to develop an opinion of market
value.
Based on the analysis of the information contained in this report, the estimated “as is” market value
of the fee simple interest of the subject Whole Property is as follows:
$2,266,207
Form ROW-A-5 (Rev. 08/11)
Page - 4.0
PART TO BE ACQUIRED
HIGHEST AND BEST USE ANALYSIS: Page 4.3
-$
1,087$
1,087$
-$
1,087$
$1,087
Access Easement 18,634 square feet @ $3.25 x 99% = $59,955
Lift Station Easement 24,360 square feet @ $3.25 x 99% = $78,378
Total Land $138,333
$139,420
Contributory Value of Improvements (Itemized)
Fencing
Contributory Value of Primary and Accessory Improvements
Site Improvements
Total Adjustments
Total Adjustments
Indicated Value
Contributory Value of Site Improvements
Total Contributory Value of Improvements
TOTAL VALUE AS A UNIT
REMAINDER BEFORE THE ACQUISITION
-$
-$
-$
-$
$0
Access Easement 18,634 square feet @ $3.25 x 1% = $606
Lift Station Easement 24,360 square feet @ $3.25 x 1% = $792
Fee Part 653,966 square feet @ $3.25 = $2,125,389
Total Land $2,126,787
$2,126,787
Contributory Value of Improvements (Itemized)
Contributory Value of the Accessory Improvements
Contributory Value of the Buildings
Contributory Value of Primary and Accessory Improvements
Site Improvements
TOTAL VALUE AS A UNIT
Contributory Value of Site Improvements
Total Contributory Value of Improvements
Analysis of the Part Acquired
Page - 4.1
Analysis of the Part Acquired
The Part Acquired may be valued in two different manners. If the Part Acquired can be considered an
individual economic entity, then it is valued as a separate parcel. This separate valuation may require
that all three approaches to value be completed with a new set of market data considered. However,
if the Part Acquired is not large enough to be considered an economic unit on its own, it is appraised
in conjunction with the parent tract or a portion of the parent tract that results in the highest return
to the subject property.
Depending on the size of the hypothetical attachment, a new data set may also be required. If it is
determined that it is to be used in conjunction with the parent tract the value of the part to be
acquired would not be independent and the part to be acquired represents the prorated value from
the Whole Property. The subject consists of an access easement acquisition containing an area of
0.4278 acres or 18,634 square feet and a lift station easement containing an area of 0.559 acres or
24,360 square feet. The acquisition is not considered an economic unit primarily based on its shape
and size. Therefore, it is appraised as though used in conjunction with the remainder to form an
economic unit of 16.0000 acres or 696,960 square feet (the size of the subject Whole Property).
Property Description - Part Acquired
The subject consists of an access easement acquisition containing an area of 0.4278 acres or 18,634
square feet and a lift station easement containing an area of 0.559 acres or 24,360 square feet. The
Part Acquired includes 150 linear feet of barbed wire fencing. An aerial exhibit and survey of the Part
Acquired is on the proceeding page.
Analysis of the Part Acquired
Page - 4.2
Aerial Photograph Showing Part Acquired
The Whole Property is outlined in blue. The access easement is outlined in red. The lift station easement
is outlined in yellow.
Part Acquired Survey – Access Easement
Page - 4.3
Part Acquired Survey – Access Easement
Part Acquired Survey – Lift Station Easement
Page - 4.4
Part Acquired Survey – Lift Station Easement
Highest and Best Use - Part Acquired
Page - 4.5
Part to Be Acquired
The subject consists of an access easement acquisition containing an area of 0.4278 acres or 18,634
square feet and a lift station easement containing an area of 0.559 acres or 24,360 square feet. This
shape and size is based on our review of the field notes and sketch for the proposed fee simple
acquisition. These sizes will be utilized in the calculations herein and are considered to be accurate.
Economic Unit
The acquisition is not an appropriate configuration to be considered an economic unit on its own;
therefore, it is appraised as if used in conjunction with the remainder to form an economic unit that
yields the highest net return to the land. In order to take full advantage of the physical characteristics
of the subject property, the part to be acquired is used in conjunction with the Remainder After (the
size of the Whole Property). The economic unit meets all the tests of highest and best use of the
subject property as discussed below.
Highest and Best Use - Part Acquired
Based on the size and shape of the Part Acquired, the acquisition does not support an individual
economic unit. Therefore, the highest and best use of the Part Acquired is to use in conjunction with
the remainder and hold for development when demand warrants. Please refer to the Highest and
Best Use analysis of the Whole Property herein for a discussion of Highest and Best Use for the
subject.
Land Value - Part Acquired
Since the economic unit analyzed to derive a value estimate for the Part Acquired is the same size as
the subject Whole Property, the same set of land sales are utilized in estimating the value of the Part
Acquired as were used in the analysis of the Whole Property. Therefore, the value of the Part
Acquired is estimated at $3.25 per square foot.
Since the subject acquisition is an easement and not a fee simple acquisition, a percentage of the fee
simple interest will remain with the property owner after the acquisition.
Highest and Best Use - Part Acquired
Page - 4.6
EASEMENT VALUATION MATRIX
As noted, the part to be acquired contains fee acquisitions and easement areas. The following chart
(Right of Way Magazine, “Easement Valuation”, Sherwood, May 2006) outlines a very basic analysis of
typical easement encumbrances. It can be used as a generic guide to in order to analyze the extent of
ownership the fee owner loses as a result of the encumbrance brought about by an easement.
The subject Part Acquired is a proposed lift station easement and access easement. The area within
the easement will not be accessible after the proposed acquisition and it is unlikely that any
improvements will be permitted within the proposed easements. The rights of retained by the
property owner are highly limited and therefore, a reasonable percentage of the fee value attributable
to the easement is 90% to 99%, leaving 1% to 10% of the fee value with the property owner. In this
case, 99% of the fee value has been attributed to the easements.
Access Easement – 18,634 square feet X 99% X $3.25 per square foot = $59,955
Lift Station Easement – 24,360 square feet X 99% X $3.25 per square foot = $78,378
Land Value Summary
As previously mentioned, the highest and best use of the part acquired is to be assembled with the
whole property. Recognizing the rights to be acquired, the easement is valued at 99%of the fee
simple estate.
(B) Value of the Part Acquired $139,420
By Sales Comparison Approach - Easement
Access Easement
$3.25 x 18,634 SF x 99% = $59,955
Lift Station Easement
$3.25 x 24,360 SF x 99% = $78,378
The figure above includes $1,087 of affected improvements value.
Highest and Best Use - Part Acquired
Page - 4.7
Remainder Before
The indicated value of the remainder before the acquisition is derived by deducting the estimated value
of the acquisition from the value of the whole property. The calculations are as follows:
(A) Value of the Whole Property $2,266,207
By Sales Comparison Approach N/A
By Cost Approach $2,266,207
By Income Capitalization Approach N/A
(B) Value of the Part Acquired $139,420
By Sales Comparison Approach - Easement
Access Easement
$3.25 x 18,634 SF x 99% = $59,955
Lift Station Easement
$3.25 x 24,360 SF x 99% = $78,378
(C) Value of the Remainder Before $2,126,787
Form ROW-A-5 (Rev. 08/11)
Page PVS – 5.0
PROPERTY VALUATION SUMMARY
Whole: Part to be Acquired: Remainder After:
HIGHEST AND BEST USE ANALYSIS: Page 5.3
VALUATION APPROACHES
Cost Approach .................................................................. N/A
Sales Comparison Approach- land only ............................ $2,109,970
Income Approach ............................................................. N/A
Reconciliation of Approaches to Value: ......................... $2,109,970
Contributory Value of Improvements (Itemized)
Contributory Value of Primary and Accessory Improvements
Site Improvements
Contributory Value of Site Improvements
Contributory Value of All Improvements
Land Value Remainder - 648,739 square foot @ $3.25 per square foot=………………………………$2,108,402
Land Value Remainder Access Easement - 18,634 square foot @ $3.25 per square foot X 1% = $606
Land Value Remainder Lift Station Easement - 24,360 square foot @ $3.25 per square foot X 1% = $792
Land Value Remainder Severed Area - 5,227 square foot @ $3.25 per square foot X 1% = $170
Reconciled Final Value ..................................................................................................$2,109,970
Land Value,
Page 5.4
Cost Approach,
Page 5.6
Sales Comparison Approach,
Page 5.7
Income Approach,
Page 5.8
Analysis of the Remainder After
Page PVS – 5.1
Analysis of the Remainder After
The value of the Remainder After is appraised as a new appraisal on the remainder property and takes
into consideration the effect the subject acquisition has on the remainder. This estimate is based
upon a new site analysis, highest and best use analysis, as well as the employment of the three
approaches to value, where applicable.
Damages or enhancements to the remainder are calculated by subtracting the value of the Remainder
After from the value of the Remainder Before the acquisition. If the calculation is positive, damages
exist. However, if the figure is negative enhancements are present. If an enhancement exists, it is
noted; however, enhancements are not deducted from the total compensation.
Property Description - Remainder After
Following the acquisition, the remainder after consists of 696,960 square feet or 16.0000 acres with
42,994 square feet encumbered by the proposed easements. The sizes and shapes of the Remainder
will have utility for independent development. It has all of the physical characteristics of the whole
property and can be developed independently. Therefore, the highest and best use is unchanged. The
lift station easement and access easement will include perimeter fencing that will restrict access to a
strip of land on the northern portion of the site. The severed area measures approximately 5,227
square feet.
The boundaries of the Remainder After are approximated on the aerial photograph on the following
page.
Aerial - Remainder
Page PVS – 5.2
Aerial - Remainder
The boundaries of the part acquired are approximated in red and yellow. The black outline represents
the severed area resulting from the proposed easement acquisition. The access easement and lift
station easement will be fenced as part of the cost to cure. The severed area will not be accessible, and
has reduced utility similar to the areas within the proposed easements. We have estimated the value of
this area at 1% of the previously concluded fee value consistent with the valuation of the proposed
easements. The severed area is estimated at 5,227 square feet based on GIS measurements.
Highest and Best Use - Remainder After
Page PVS – 5.3
Highest and Best Use - Remainder After
AS IF VACANT
Since the Remainder After is an economic unit similar to the Whole Property, the highest and best use
of the Remainder After and the subject Whole Property is the same.
AS IMPROVED
The subject property is appraised as vacant land and a highest and best-use “as improved” is not
warranted.
Most Probable Buyer
Taking into account the functional utility of the site and area development trends, the probable buyer
is a local investor.
Land Value – Remainder After
The same set of sales used for the Whole Property is used to estimate the value of the Remainders
After. The analysis of the Remainder After is the same as the analysis of the Whole Property. The
Remainder After consists of a total of 16.0000 acres or 696,960 square feet. An adjustment grid for
Remainder is located on the following page.
Form ROW-A-5 (Rev. 08/11)
Page SCA – 5.4
Land Value – Remainder
SALES COMPARISON APPROACH Whole: Part to be Acquired: Remainder After:
Land: Improved:
Land Sales Adjustment Grid - Remainder
Subject Comparable 1 Comparable 2 Comparable 3 Comparable 4 Comparable 5
Grantor PAAGE, LTD., and
Randall Smith
Phase 18
Investments, LP
James F Mason
Trustee c/o Mason
Properties
Hugh Z Pruett Egelston Marcia
Trust
Grantee All in Properties,
LLC
CCS Denton Devco,
LLC
B BP Chill Denton
LLC
SERIES VII, A SERIES
OF HENRY
PROPERTY
DEVELOPMENT LLC
Magnolia Pads Ltd
Address SE/C Ganzer Road
and IH-35
East side of IH-35,
south of Lois Rd. E.
West side of IH-35,
north of Barthold
Rd.
2298 Interstate 35 Northeast corner
of IH-35W and Old
Justin Road; also
NWC of C. Taylor
Road and Old
Justin Road
2700 Keller Haslet
Rd.
City Denton Sanger Denton Denton Argyle Fort Worth
County Denton Denton Denton Denton Denton Tarrant
State Texas TX TX TX TX TX
Sale Date Nov-21 Jun-21 Apr-22 Jan-23 Aug-20
Sale Status Closed Closed Recorded Closed Closed
Sale Price $5,086,065 $3,307,858 $1,910,215 $8,713,693 $9,000,000
Effective Sale Price $5,086,065 $3,307,858 $1,910,215 $8,713,693 $9,000,000
Square Feet 648,739 1,726,283 1,028,757 849,420 2,034,688 2,622,312
Acres 14.8930 39.6300 23.6170 19.5000 46.7100 60.2000
Price per Square Foot $2.95 $3.22 $2.25 $4.28 $3.43
Transactional Adjustments
Property Rights Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple
% Adjustment –––––
Financing Terms Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller
% Adjustment –––––
Conditions of Sale Arm's-length Arm's-length Arm's-length Arm's-length Arm's-Length
% Adjustment –––––
Expenditures Made Immediately After Purchase
$ Adjustment –––––
Market Conditions 7/6/2023 Nov-21 Jun-21 Apr-22 Jan-23 Aug-20
Annual % Adjustment 5% 8% 10% 6% 2% 14%
Cumulative Adjusted Price $3.18 $3.54 $2.38 $4.37 $3.91
Property Adjustments
Location –––––
Access/Exposure – – – – –
Size 5% – – 5% 10%
Shape and Topography – – – – –
Zoning –––––
Floodplain -20% -20% -20% -20% -20%
Utilities – – 5% 5% –
Net Property Adjustments ($) -$0.48 -$0.71 -$0.36 -$0.44 -$0.39
Net Property Adjustments (%) -15% -20% -15% -10% -10%
Final Adjusted Price $2.70 $2.83 $2.03 $3.93 $3.52
Range of Adjusted Prices $2.03 - $3.93
Average $3.00
Indicated Value $3.25
Form ROW-A-5 (Rev. 08/11)
Page SCA – 5.5
Explanation of Adjustments-
The same set of sales used to estimate the value for the whole property are utilized for the
Remainder. Please refer to Pages 3.12 – 3.13 for explanation of adjustments and descriptions of the
land sales. All adjustments are the same. The unit value is estimated as follows:
(D) Value of the Remainder After the Acquistion $2,109,970
By Sales Comparison Approach
Value of The Remainder After - Whole
$3.25 x 648,739 SF x 100% = $2,108,402
Value of the Access Easement
$3.25 x 18,634 SF x 1% = $606
Value of the Lift Station Easement
$3.25 x 24,360 SF x 1% = $792
Value of the Severed Area
$3.25 x 5,227 SF x 1% = $170
By Cost Approach N/A
By Income Capitalization Approach N/A
Reconciliation $2,109,970
Form ROW-A-5 (Rev. 08/11)
Page CA – 5.6
Cost Approach – Remainder After
COST APPROACH Whole: Part to be acquired: Remainder After: X
Improvement Number of sq ft $ per sq ft Cost New Depreciation Depreciation Functional Value
Contributory Value of the Accessory Improvements
Fencing
Estimated Value by Cost Approach
Site Improvements
Contributory Value of the Site Improvements
Contributory Value of all Improvements
Accessory Improvements
Estimated Replacement/Reproduction Cost
Contributory Value of the Buildings
The subject is vacant land, and the Cost Approach is not applicable.
Form ROW-A-5 (Rev. 08/11)
Page SCA – 5.7
Sales Comparison Approach -Improved Remainder
SALES COMPARISON APPROACH Whole: Part to be Acquired: Remainder After:
Land: Improved:
VALUATION GRID Representative Comparable Sales
Subject Comp. No. Comp. No.
Comp. No.
Grantor
Grantee
Date of Sale
Unit Price
Relative Location
Financing
Conditions of Sale
Market Conditions
Physical
Indicated Unit Value
$
$
$
Estimated Unit Value
$
Estimated Value by Sales Comparison Approach $
The subject is vacant land and the Sales Comparison Approach – Improved is not applicable.
Form ROW-A-5 (Rev. 08/11)
Page IA – 5.8
Income Approach – Remainder After
INCOME APPROACH Whole: Part to be acquired: Remainder After: X
Potential Gross Income
Base Rent $ -
Reinbursement Income $ -
Total Potential Gross Income $ -
Vacancy & Collection Loss @ 0% $
$
Expenses:
$-
$-
$-
$-
$-
$-
$-
$-
Total Expenses $
Net Operating Income $
Income Capitalized @ $
$
$Estimated Value by Income Approach -
Plus: Value of Excess Land (if any)
-
-
-
Effective Gross Income -
The subject is vacant land, and the Income Approach is not applicable.
Reconciliation
Page – 5.9
Reconciliation
The indications of value have been developed for the subject property following the acquisition and
they are as follows:
Cost Approach: N/A
Sales Comparison Approach (Land Only): $2,109,970
Income Approach: N/A
The Cost Approach assumes that an informed purchaser would pay no more than the cost of
producing a substitute property with the same utility. This approach is particularly applicable when
the improvements are relatively new and represent the highest and best use of the land, or when the
property has unique or specialized improvements for which there are few or no sales or rentals of
comparable properties. The Cost Approach is not an applicable approach to value vacant tracts of land
similar to the subject and was not utilized in our analysis.
The Sales Comparison Approach is a comparison of known market transactions of similar properties.
When sufficient information is available in order to make a unit comparison, a supportable indication
of value can be obtained. The underlying economic factor in this approach is the Principle of
Substitution, which states that a prudent purchaser would pay no more for a property than the cost of
acquiring an equally desirable substitute property. This approach to value is most applicable when a
sufficient number of comparable sales are available.
The Income Capitalization Approach reflects the market’s perception of a relationship between a
property’s potential income and its market value, a relationship expressed as a capitalization rate.
Direct income capitalization is a method of converting a single year’s estimate of net operating income
into an indicated present value. This approach converts the anticipated benefits to be derived from
the ownership of property into a value indication through capitalization. The Income Capitalization
Approach is not an applicable approach to value vacant tracts of land similar to the subject and was
not utilized in our analysis.
Applicability of Valuation Approaches - Remainder After
The subject Remainder After is appraised as vacant land. Therefore, we have utilized the Sales
Comparison Approach only in our estimate of value for the Remainder After. Based on the analysis of
the information contained in this report, the estimated “as is” market value of the fee simple interest
of the subject Remainder After (land only) is as follows:
$2,109,970
Form ROW-A-5 (Rev. 08/11)
Page 6.0
Summary of Just Compensation
WHOLE PROPERTY:
The market value of the whole property is $2,266,207
PART TO BE ACQUIRED:
REMAINING PROPERTY:
The value of the remainder immediately before the taking is $2,126,787
$2,109,970
NET DAMAGES OR ENHANCEMENTS, if any $16,817
ACCESS:
$0
COST TO CURE:$23,247
TOTAL COMPENSATION $179,484
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
EXPLANATION OF ENHANCEMENTS (if any): The subject has damages, which can be attributed to the severed area.
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
$139,420
Considering the uses to which the part taken is to be subjected to, the
market value of the remainder immediately after the acquisition is
Damages or Enhancements
Damages or enhancements are calculated as the difference between the value of the remainder
immediately before the taking less the market value of the remainder immediately after the
acquisition. In regard to the subject property, there are remainder damages present as a result of the
proposed acquisition along IH 35 resulting from a portion of the remainder being severed by the
proposed easement and suffering reduced utility as a result.
Form ROW-A-5 (Rev. 08/11)
Page 6.1
Cost to Cure
Following the proposed acquisition, the subject will require new fencing and gates along the proposed
easements. According to the City of Denton, fencing will not be permitted within the proposed
easement areas. Therefore, we have included the refencing of the outside of the proposed easement.
Below are the costs associated with the reconfiguration.
Base Cost Current
Multiplier
Local
Multiplier Indirect Costs Entrepreneur
ial Profit
Total Unit
Cost Total Unit Cost
Fencing 1,600 Linear Ft. $12.60 1.00 1.00 1.00 1.15 $14.49 $23,184
Gates 2 Each $500.00 1.00 1.00 1.00 1.15 $575.00 $1,150
Cost to Cure Subtotal $24,334
-$1,087
Total Cost to Cure Rounded $23,247
Cost to Cure
Units
Less Depreciated Amount Paid in Part Acquired
Assumptions and Limiting Conditions
Assumptions and Limiting Conditions
This appraisal and any other work product related to this engagement are limited by the following
standard assumptions, except as otherwise noted in the report:
1. The title is marketable and free and clear of all liens, encumbrances, encroachments,
easements and restrictions. The property is under responsible ownership and competent
management and is available for its highest and best use.
2. There are no existing judgments or pending or threatened litigation that could affect the value
of the property.
3. There are no hidden or undisclosed conditions of the land or of the improvements that would
render the property more or less valuable. Furthermore, there is no asbestos in the property.
4. The property is in compliance with all applicable building, environmental, zoning, and other
federal, state and local laws, regulations and codes.
5. The information furnished by others is believed to be reliable, but no warranty is given for its
accuracy.
This appraisal and any other work product related to this engagement are subject to the following
limiting conditions, except as otherwise noted in the report:
1. An appraisal is inherently subjective and represents our opinion as to the value of the
property appraised.
2. The conclusions stated in our appraisal apply only as of the effective date of the appraisal, and
no representation is made as to the effect of subsequent events.
3. No changes in any federal, state or local laws, regulations or codes (including, without
limitation, the Internal Revenue Code) are anticipated.
4. No environmental impact studies were either requested or made in conjunction with this
appraisal, and we reserve the right to revise or rescind any of the value opinions based upon
any subsequent environmental impact studies. If any environmental impact statement is
required by law, the appraisal assumes that such statement will be favorable and will be
approved by the appropriate regulatory bodies.
5. Unless otherwise agreed to in writing, we are not required to give testimony, respond to any
subpoena or attend any court, governmental or other hearing with reference to the property
without compensation relative to such additional employment.
6. We have made no survey of the property and assume no responsibility in connection with
such matters. Any sketch or survey of the property included in this report is for illustrative
purposes only and should not be considered to be scaled accurately for size. The appraisal
covers the property as described in this report, and the areas and dimensions set forth are
assumed to be correct.
Assumptions and Limiting Conditions
7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if any, and we
have assumed that the property is not subject to surface entry for the exploration or removal
of such materials, unless otherwise noted in our appraisal.
8. We accept no responsibility for considerations requiring expertise in other fields. Such
considerations include, but are not limited to, legal descriptions and other legal matters such
as legal title, geologic considerations such as soils and seismic stability; and civil, mechanical,
electrical, structural and other engineering and environmental matters. Such considerations
may also include determinations of compliance with zoning and other federal, state, and local
laws, regulations and codes.
9. The distribution of the total valuation in the report between land and improvements applies
only under the reported highest and best use of the property. The allocations of value for land
and improvements must not be used in conjunction with any other appraisal and are invalid if
so used. The appraisal report shall be considered only in its entirety. No part of the appraisal
report shall be utilized separately or out of context.
10. Neither all nor any part of the contents of this report (especially any conclusions as to value,
the identity of the appraisers, or any reference to the Appraisal Institute) shall be
disseminated through advertising media, public relations media, news media or any other
means of communication (including without limitation prospectuses, private offering
memoranda and other offering material provided to prospective investors) without the prior
written consent of the persons signing the report.
11. Information, estimates and opinions contained in the report and obtained from third-party
sources are assumed to be reliable and have not been independently verified.
12. Any income and expense estimates contained in the appraisal report are used only for the
purpose of estimating value and do not constitute predictions of future operating results.
13. If the property is subject to one or more leases, any estimate of residual value contained in
the appraisal may be particularly affected by significant changes in the condition of the
economy, of the real estate industry, or of the appraised property at the time these leases
expire or otherwise terminate.
14. Unless otherwise stated in the report, no consideration has been given to personal property
located on the premises or to the cost of moving or relocating such personal property; only
the real property has been considered.
15. The current purchasing power of the dollar is the basis for the values stated in the appraisal;
we have assumed that no extreme fluctuations in economic cycles will occur.
16. The values found herein are subject to these and to any other assumptions or conditions set
forth in the body of this report but which may have been omitted from this list of Assumptions
and Limiting Conditions.
17. The analyses contained in the report necessarily incorporate numerous estimates and
assumptions regarding property performance, general and local business and economic
conditions, the absence of material changes in the competitive environment and other
matters. Some estimates or assumptions, however, inevitably will not materialize, and
unanticipated events and circumstances may occur; therefore, actual results achieved during
Assumptions and Limiting Conditions
the period covered by our analysis will vary from our estimates, and the variations may be
material.
18. The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not
made a specific survey or analysis of the property to determine whether the physical aspects
of the improvements meet the ADA accessibility guidelines. We claim no expertise in ADA
issues, and render no opinion regarding compliance of the subject with ADA regulations.
Inasmuch as compliance matches each owner’s financial ability with the cost to cure the non-
conforming physical characteristics of a property, a specific study of both the owner’s financial
ability and the cost to cure any deficiencies would be needed for the Department of Justice to
determine compliance.
19. The appraisal report is prepared for the exclusive benefit of the Client, its subsidiaries and/or
affiliates. It may not be used or relied upon by any other party. All parties who use or rely
upon any information in the report without our written consent do so at their own risk.
20. No studies have been provided to us indicating the presence or absence of hazardous
materials on the subject property or in the improvements, and our valuation is predicated
upon the assumption that the subject property is free and clear of any environment hazards
including, without limitation, hazardous wastes, toxic substances and mold. No
representations or warranties are made regarding the environmental condition of the subject
property. Integra Realty Resources – Fort Worth , Integra Realty Resources, Inc., Integra
Strategic Ventures, Inc. and/or any of their respective officers, owners, managers, directors,
agents, subcontractors or employees (the “Integra Parties”), shall not be responsible for any
such environmental conditions that do exist or for any engineering or testing that might be
required to discover whether such conditions exist. Because we are not experts in the field of
environmental conditions, the appraisal report cannot be considered as an environmental
assessment of the subject property.
21. The persons signing the report may have reviewed available flood maps and may have noted
in the appraisal report whether the subject property is located in an identified Special Flood
Hazard Area. We are not qualified to detect such areas and therefore do not guarantee such
determinations. The presence of flood plain areas and/or wetlands may affect the value of the
property, and the value conclusion is predicated on the assumption that wetlands are non-
existent or minimal.
22. Integra Realty Resources – Fort Worth is not a building or environmental inspector. Integra
Fort Worth does not guarantee that the subject property is free of defects or environmental
problems. Mold may be present in the subject property and a professional inspection is
recommended.
23. The appraisal report and value conclusions for an appraisal assume the satisfactory
completion of construction, repairs or alterations in a workmanlike manner.
24. It is expressly acknowledged that in any action which may be brought against any of the
Integra Parties, arising out of, relating to, or in any way pertaining to this engagement, the
appraisal reports, and/or any other related work product, the Integra Parties shall not be
responsible or liable for any incidental or consequential damages or losses, unless the
appraisal was fraudulent or prepared with intentional misconduct. It is further acknowledged
that the collective liability of the Integra Parties in any such action shall not exceed the fees
paid for the preparation of the appraisal report unless the appraisal was fraudulent or
Assumptions and Limiting Conditions
prepared with intentional misconduct. Finally, it is acknowledged that the fees charged herein
are in reliance upon the foregoing limitations of liability.
25. Integra Realty Resources – Fort Worth , an independently owned and operated company, has
prepared the appraisal for the specific intended use stated elsewhere in the report. The use of
the appraisal report by anyone other than the Client is prohibited except as otherwise
provided. Accordingly, the appraisal report is addressed to and shall be solely for the Client’s
use and benefit unless we provide our prior written consent. We expressly reserve the
unrestricted right to withhold our consent to your disclosure of the appraisal report or any
other work product related to the engagement (or any part thereof including, without
limitation, conclusions of value and our identity), to any third parties. Stated again for
clarification, unless our prior written consent is obtained, no third party may rely on the
appraisal report (even if their reliance was foreseeable).
26. The conclusions of this report are estimates based on known current trends and reasonably
foreseeable future occurrences. These estimates are based partly on property information,
data obtained in public records, interviews, existing trends, buyer-seller decision criteria in the
current market, and research conducted by third parties, and such data are not always
completely reliable. The Integra Parties are not responsible for these and other future
occurrences that could not have reasonably been foreseen on the effective date of this
assignment. Furthermore, it is inevitable that some assumptions will not materialize and that
unanticipated events may occur that will likely affect actual performance. While we are of the
opinion that our findings are reasonable based on current market conditions, we do not
represent that these estimates will actually be achieved, as they are subject to considerable
risk and uncertainty. Moreover, we assume competent and effective management and
marketing for the duration of the projected holding period of this property.
27. All prospective value opinions presented in this report are estimates and forecasts which are
prospective in nature and are subject to considerable risk and uncertainty. In addition to the
contingencies noted in the preceding paragraph, several events may occur that could
substantially alter the outcome of our estimates such as, but not limited to changes in the
economy, interest rates, and capitalization rates, behavior of consumers, investors and
lenders, fire and other physical destruction, changes in title or conveyances of easements and
deed restrictions, etc. It is assumed that conditions reasonably foreseeable at the present
time are consistent or similar with the future.
Addenda
Parcel
Addendum A
Appraiser Qualifications
About IRR
Integra Realty Resources, Inc. (IRR) provides world-class commercial real estate valuation, counseling,
and advisory services. Routinely ranked among leading property valuation and consulting firms, we are
now the largest independent firm in our industry in the United States, with local offices coast to coast
and in the Caribbean.
IRR offices are led by MAI-designated Senior Managing Directors, industry leaders who have over 25
years, on average, of commercial real estate experience in their local markets. This experience, coupled
with our understanding of how national trends affect the local markets, empowers our clients with the
unique knowledge, access, and historical perspective they need to make the most informed decisions.
Many of the nation's top financial institutions, developers, corporations, law firms, and government
agencies rely on our professional real estate opinions to best understand the value, use, and feasibility
of real estate in their market.
Local Expertise...Nationally!
irr.com
Addenda
Parcel 074-8 AE & 074-8 LSE
Addendum B
Property Information
June 26, 2023
Catdenton 35, Inc.
16950 Dallas Parkway, Suite 120
Dallas, TX 75248
RE: SE/C IH 35 and Ganzer Rd E, Denton, TX 76207
074-8 AE and 074-8 LSE – Denton IH-35 Utility Relocations
To Whom it May Concern,
On behalf of the City of Denton and CobbFendley as subconsultant, Integra Realty Resources Fort Worth
has been retained as an independent appraiser of the above referenced property. The purpose of the
appraisal is to estimate the compensation related to the easement acquisition(s) associated with the IH
35 Utility Relocation project.
As part of the appraisal process and according to our engagement by and agreement with CobbFendley
and the City of Denton, it is necessary we contact the property owner during the appraisal process.
According to Appraisal District records, you are the property owner or the representative of the property
owner of the above-mentioned property. We would like to extend to you or your designated
representative the opportunity to accompany us on a property inspection and to disclose any information
about the property you feel is important.
I can be reached by cell phone at (817) 614-4989 or email at bpitts@irr.com. Please contact me at your
earliest convenience to set up an inspection.
In addition, please complete the enclosed Property Owner Information Sheet and return it as soon as
possible by email or traditional mail as indicated on the enclosed document.
Respectfully submitted,
Brent Pitts, MAI, AI-GRS, R/W-AC
General Certified Real Estate Appraiser
TX 1380206-G
Addenda
Addendum C
Survey