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City of Denton_Parcel 1_Hickory Creek Parallel Interceptor_Appraisal_TCE
HICKORY CREEK INTERCEPTOR III PARCEL 1 - TEMPORARY CONSTRUCTION EASEMENT 4048 Corbin Rd Denton, Texas 76207 APPRAISAL REPORT Date of Report: December 12, 2019 Colliers File #: DAL190855 PREPARED FOR Josh Ramirez City of Denton - Real Estate Division 216 E Mulberry St Denton, Texas 76201 PREPARED BY COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES LETTER OF TRANSMITTAL Colliers International Valuation & Advisory Services, and certain of its subsidiaries, is an independently owned and operated business and a member firm of Colliers International Property Consultants, an affiliation of independent companies with over 500+ offices throughout more than 68 countries worldwide. COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 1717 McKinney Avenue, Suite 900 Dallas, TX 75202 USA MAIN +1 214 692 1100 FAX +1 214 370 3992 WEB www.colliers.com/valuationadvisory December 12, 2019 Josh Ramirez City of Denton - Real Estate Division 216 E Mulberry St Denton, Texas 76201 RE: Hickory Creek Interceptor III 4048 Corbin Rd Denton, Texas 76207 Colliers File #: DAL190855 Parcel 1 Mr. Ramirez: This appraisal report satisfies the scope of work and requirements agreed upon by City of Denton - Real Estate Division and Colliers International Valuation & Advisory Services. The date of this report is December 12, 2019. At the request of the client, this appraisal is presented in an Appraisal Report format as defined by USPAP Standards Rule 2-2(a). My appraisal format provides a detailed description of the appraisal process, subject and market data and valuation analyses. The purpose of the appraisal is to estimate Just Compensation due to the property owner as a result of the proposed temporary construction easement. The following table summarizes the final opinion of market value of the subject Whole Property, Part Acquired, Remainder Before, Remainder After, and the estimate of Just Compensation that is developed within this appraisal report: LETTER OF TRANSMITTAL LETTER OF TRANSMITTAL CONTINUED DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES VALUE SUMMARY VALUE OF THE WHOLE PROPERTY Sales Comparison Approach - Land $1,342,528 Sales Comparison Approach - Improved N/A Cost Approach N/A Income Capitalization Approach N/A Reconciliation $1,342,528 VALUE OF THE PART ACQUIRED Sales Comparison Approach - Land N/A Sales Comparison Approach - Improved N/A Cost Approach N/A Income Capitalization Approach N/A Reconciliation N/A VALUE OF THE REMAINDER BEFORE $1,342,528 VALUE OF THE REMAINDER AFTER Sales Comparison Approach - Land $1,342,528 Sales Comparison Approach - Improved N/A Cost Approach N/A Income Capitalization Approach N/A Reconciliation $1,342,528 DAMAGES / ENHANCEMENTS $0 VALUE OF TEMPORARY EASEMENT $4,438 Fee Value $22,189 Land Cap Rate 10.0% Fair Rental Rate/Year $2,219 Duration (Years)2 COST TO CURE $0 JUST COMPENSATION $4,438 The subject Whole Property is a 51.367-acre site at 4048 Corbin Rd in Denton, Texas. The proposed temporary easement includes 36,982 square feet. The analyses, opinions and conclusions communicated within this appraisal report were developed based upon the requirements and guidelines of the current Uniform Standards of Professional Appraisal Practice (USPAP), the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute. This appraisal is prepared in strict accordance with the URA appraisal requirements. The report, in its entirety, including all assumptions and limiting conditions, is an integral part of, and inseparable from, this letter. USPAP defines an Extraordinary Assumption as, “an assumption, directly related to a specific assignment, as of the effective date of the assignment results, which, if found to be false, could alter the appraiser’s opinions or conclusions”. USPAP defines a Hypothetical Condition as, “that which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis”. LETTER OF TRANSMITTAL LETTER OF TRANSMITTAL CONTINUED DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES The Extraordinary Assumptions and/or Hypothetical Conditions that were made during the appraisal process to arrive at my opinion of value are fully discussed below. I advise the client to consider these issues carefully given the intended use of this appraisal, as their use might have affected the assignment results. EXTRAORDINARY ASSUMPTIONS The subject acquisition consists of a temporary easement only. I have included only the land component of the subject in this analysis. This appraisal is based on the Extraordinary Assumption that any improvements impacted by the temporary construction easement will be replaced or repaired directly by the City of Denton. If this is not the case, the value estimates herein may change. No other Extraordinary Assumptions were made for this assignment. HYPOTHETICAL CONDITIONS No Hypothetical Conditions were made for this assignment. RELIANCE LANGUAGE The Appraisal is for the sole use of the Client; however, Client may provide only complete, final copies of the Appraisal report in its entirety (but not component parts) to third parties who shall review such reports. Colliers International Valuation & Advisory Services hereby expressly grants to Client the right to copy the Appraisal and distribute it to other parties in the use for which the Appraisal has been prepared, including employees of Client. My opinion of value reflects current conditions and the likely actions of market participants as of the date of value. It is based on the available information gathered and provided to us, as presented in this report, and does not predict future performance. Changing market or property conditions can and likely will have an effect on the subject's value. The signature below indicates my assurance to the client that the development process and extent of analysis for this assignment adhere to the scope requirements and intended use of the appraisal. If you have any specific questions or concerns regarding the attached appraisal report, or if Colliers International Valuation & Advisory Services can be of additional assistance, please contact the individuals listed below. Sincerely, COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES Brent Pitts, MAI Valuation Services Director Certified General Real Estate Appraiser State of Texas License #TX 1380206 G +1 214 217 9331 brent.pitts@colliers.com TABLE OF CONTENTS TABLE OF CONTENTS DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES LETTER OF TRANSMITTAL INTRODUCTION _________________________________________________________________________ 1 Executive Summary _____________________________________________________________________ 1 Aerial Photograph ______________________________________________________________________ 2 Subject Property Photographs _____________________________________________________________ 4 Identification of Appraisal Assignment _______________________________________________________ 5 Scope of Work _________________________________________________________________________ 7 Site Description _______________________________________________________________________ 10 Assessment & Taxation _________________________________________________________________ 17 Zoning Analysis _______________________________________________________________________ 18 Market Analysis _______________________________________________________________________ 19 Highest & Best Use ____________________________________________________________________ 20 VALUATION ___________________________________________________________________________ 21 Valuation Methods _____________________________________________________________________ 21 Land Valuation ________________________________________________________________________ 21 Calculation of Land Value________________________________________________________________ 32 CERTIFICATION OF APPRAISAL ASSUMPTIONS & LIMITING CONDITIONS ADDENDA Survey Tax Records Qualifications of Appraiser Qualifications of Colliers International Valuation & Advisory Services EXECUTIVE SUMMARY TABLE OF CONTENTS DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 1 GENERAL INFORMATION Project Name Property Type Address City Denton State Texas Zip Code 76207 County Denton Core Based Statistical Area (CBSA)Dallas-Fort Worth-Arlington, TX Latitude 33.188327 Longitude -97.178415 Number Of Parcels 1 Assessor Parcel SITE INFORMATION Land Area Acres Square Feet Whole Property 51.367 2,237,547 TCE 0.849 36,982 Topography Rolling at street grade Shape Rectangular Access Average Exposure Average Current Zoning Flood Zone Seismic Zone Low Risk Hickory Creek Interceptor III Extraterritorial Jurisdiction (ETJ) 41547 4048 Corbin Rd Land - Easement Floodway (34%) / AE (18%) / X500 (2%) / X VALUE TYPE INTEREST APPRAISED DATE OF VALUE VALUE Whole Property Fee Simple December 10, 2019 $1,342,528 Part Acquired Easement December 10, 2019 N/A Remainder After Fee Simple December 10, 2019 $1,342,528 Damages / Enhancements $0 Temporary Easement Value $4,438 Cost to Cure $0 Just Compensation $4,438 AERIAL PHOTOGRAPH TABLE OF CONTENTS DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 2 COMPARABLE KEY AERIAL PHOTOGRAPH TABLE OF CONTENTS CONTINUED DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 3 AERIAL PHOTOGRAPH - WHOLE PROPERTY SUBJECT PROPERTY PHOTOGRAPHS DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 4 LOOKING WEST ALONG CORBIN RD LOOKING EAST ALONG CORBIN RD TOWARD CLOSURE LOOKING NORTH ALONG CORBIN RD TOWARD CLOSURE VIEW OF WHOLE PROPERTY INTERIOR VIEW OF GAS WELL SITE ACCESS ROAD LOOKING EAST TOWARD PROPOSED TEMPORARY CONSTRUCTION EASEMENT IDENTIFICATION OF APPRAISAL ASSIGNMENT TABLE OF CONTENTS DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 5 PROPERTY IDENTIFICATION The subject is a 51.367-acre site at 4048 Corbin Rd in Denton, Denton County, Texas. The assessor’s parcel number is: 41547. The legal description of the subject property is as follows: Tract 3, Abstract 357A, Dougherty Survey, Denton County, Texas. CLIENT IDENTIFICATION The client of this specific assignment is City of Denton - Real Estate Division. PURPOSE The purpose of this appraisal is to develop an opinion of the As-Is Market Value of the subject property’s fee simple interest. INTENDED USE The intended use of this appraisal is to estimate Just Compensation related to the proposed temporary easement. INTENDED USERS City of Denton - Real Estate Division is the only intended user of this report. Use of this report by third parties and other unintended users is not permitted. This report must be used in its entirety. Reliance on any portion of the report independent of others, may lead the reader to erroneous conclusions regarding the property values. Unless approval is provided by the authors no portion of the report stands alone. ASSIGNMENT DATES Date of Report December 12, 2019 Date of Inspection December 10, 2019 Valuation Date - As-Is December 10, 2019 PERSONAL INTANGIBLE PROPERTY No personal property or intangible items are included in this valuation. PROPERTY AND SALES HISTORY Current Owner The subject is currently owned by Havenhill Family Exempt Trust. The current ownership acquired title to the property via Certificate of Death on December 9, 2012. The owner or a related party has held the property in excess of five years. Sales History The subject has not sold in the five years preceding the effective date of this appraisal. Subject Sale Status The subject is not reported to be listed for sale and there are no known sales pending thereupon. DEFINITIONS This section summarizes the definitions of value, property rights appraised, and value scenarios that are applicable for this appraisal assignment. All other applicable definitions for this assignment are located in the Valuation Glossary section of the Addenda. IDENTIFICATION OF APPRAISAL ASSIGNMENT EXECUTIVE SUMMARY CONTINUED DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 6 DEFINITIONS OF VALUE 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 (Texas Supreme Court, City of Austin v. Cannizzo, 267 S.W.2d 808 (Tex. 1954). PROPERTY RIGHTS APPRAISED The property rights appraised constitute the fee simple interest for the Whole Property. The proposed acquisition consists of a temporary easement only. At the end of the duration of the easement, ownership of the area within the temporary easement will revert to the subject Whole Property owner. VALUE SCENARIOS The valuation scenarios developed in this appraisal report include the As-Is Market Value of the subject property’s fee simple interest. The value of the Part Acquired represents an easement value. SCOPE OF WORK TABLE OF CONTENTS DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 7 INTRODUCTION The appraisal development and reporting processes requires gathering and analyzing information about those assignment elements necessary to properly identify the appraisal problem to be solved. The scope of work decision must include the research and analyses that are necessary to develop credible assignment results given the intended use of the appraisal. Sufficient information includes disclosure of research and analyses performed and might also include disclosure of research and analyses not performed. The scope of work for this appraisal assignment is outlined below: The appraiser analyzed the regional and local area economic profiles including employment, population, household income, and real estate trends. The local area was further studied to assess the general quality and condition, and emerging development trends for the real estate market. The immediate market area was inspected and examined to consider external influences on the subject. The appraiser confirmed and analyzed legal and physical features of the subject property including sizes of the site, flood plain data, seismic zone, zoning, easements and encumbrances, access and exposure of the site. The appraiser completed a market analysis that included market and sub-market overviews. The overviews analyzed supply/demand conditions using vacancy, absorption, supply change and rent change statistics. Conclusions were drawn regarding the subject property’s competitive position given its physical and locational characteristics, the prevailing economic conditions and external influences. The appraiser conducted Highest and Best Use analysis and conclusions were drawn for the highest and best use of the subject property As-Vacant. The analysis considered legal, locational, physical and financial feasibility characteristics of the subject site. The appraiser confirmed and analyzed financial features of the subject property including potential entitlement issues, and tax and assessment records. This information as well as trends established by confirmed market indicators was used to forecast performance of the subject property. Selection of the valuation methods was based on the identifications required in USPAP relating to the intended use, intended users, definition and date of value, relevant property characteristics and assignment conditions. This appraisal developed the Sales Comparison Approach to value, which was adjusted and reconciled as appropriate. The appraisal develops an opinion of the As-Is Market Value of the subject property’s fee simple interest. Reporting of this appraisal is in an Appraisal Report format as required in USPAP Standard 2. The appraiser’s analysis and conclusions are fully described within this document. I understand the Competency Rule of USPAP and the author of this report meets the standards. SOURCES OF INFORMATION The following sources were contacted to obtain relevant information: SOURCES OF INFORMATION ITEM SOURCE Tax Information Denton County Tax Assessor Zoning Information City of Denton Zoning Code Site Size Information Denton County Tax Assessor New Construction City of Denton / Denton County Flood Map InterFlood Demographics Pitney Bowes/Gadberry Group - GroundView® Comparable Information See Comparable Datasheets for details Legal Description Denton County Tax Assessor / Deed Records SCOPE OF WORK EXECUTIVE SUMMARY CONTINUED DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 8 SUBJECT PROPERTY INSPECTION SUBJECT PROPERTY INSPECTION APPRAISER INSPECTED EXTENT DATE OF INSPECTION Brent Pitts, MAI Yes Site Only December 10, 2019 I attempted to contact the property owner via certified letter. The property owner did not respond to my correspondence and the inspection was carried out from the public right of way. LOCAL AREA MAP TABLE OF CONTENTS DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 9 SITE DESCRIPTION TABLE OF CONTENTS DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 10 General Description The subject site consists of 1 parcel. As noted below, the subject Whole Property has 2,237,547 SF (51.367 AC) of land area. The following discussion summarizes the subject site size and characteristics. Assessor Parcel Land Area Acres Square Feet Source Whole Property 51.367 2,237,547 Denton County Appraisal District TCE 0.849 36,982 Survey from Client Shape Rectangular - See Exhibits for Exact Shape Topography Rolling at street grade Drainage Assumed Adequate Utilities Public Sewer / Water Well 41547 Street Improvements Street Direction No. Lanes Street Type CurbsSidewalksStreetlightsCenter LaneGuttersTurn LaneCorbin Rd Secondary Street two-way two-lane connector street Frontage The property has approximately 3,060 feet of frontage along Corbin Rd. Accessibility Average - The property has access along Corbin Rd. Exposure Average - The property has exposure along Corbin Rd. The Corbin Rd right of way extends north and east of the property, but the road is closed in both directions limiting the subject's access to Springside Dr to the west. Seismic The subject is in the Low Risk zone. Flood Zone According to Panel 48121C0355G effective April 18, 2011, a significant portion of the property is within the floodway or in Flood Zone AE, within the 100-year floodplain. The flood area is located in the eastern portion of the Whole Property. Areas within the floodway typically cannot be developed with any use that has an impact on downstream flow, including permanent building and site improvements. The floodway limits potential developments on the eastern portion of the tract. Site Rating Overall, the subject site is considered average in terms of its location, linkages, exposure, and access to residential and employment centers. Easements A title commitment was not provided. According to the survey provided by the client, there is a variable width flood plain easement around the flood-impacted area on the subject property. Additionally, there is a 20' all-purpose utility easement to the City of Denton running through the eastern portion of the property within the flood area. The proposed temporary easement runs alongside this existing all-purpose utility easement. Soils A detailed soils analysis was not available for review. Based on the development of the subject, it appears the soils are stable and suitable for development. Hazardous Waste We have not conducted an independent investigation to determine the presence or absence of toxins on the subject property. If questions arise, the reader is SITE DESCRIPTION EXECUTIVE SUMMARY CONTINUED DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 11 strongly cautioned to seek qualified professional assistance in this matter. Please see the Assumptions and Limiting Conditions for a full disclaimer. Improvement Description The subject is improved with a single-family residence and related site improvements as well as some agricultural related improvements. The existing structures are well removed from the proposed temporary easement and I have included only the land component in this analysis. EXHIBITS TABLE OF CONTENTS DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 12 TAX MAP EXHIBITS EXECUTIVE SUMMARY CONTINUED DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 13 AERIAL - WHOLE PROPERTY The Whole Property is outlined in yellow above. The closed portions of Corbin Rd are delineated as well. EXHIBITS EXECUTIVE SUMMARY CONTINUED DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 14 ZONING MAP The subject property is just outside the city limits in the ETJ. EXHIBITS EXECUTIVE SUMMARY CONTINUED DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 15 FLOOD MAP EXHIBITS EXECUTIVE SUMMARY CONTINUED DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 16 AERIAL WITH FLOOD BOUNDARIES The red and blue striped area above represents the boundaries of the floodway, within which development is typically not allowed. The blue shaded area represents Flood Zone AE, the 100-year floodplain. The orange shaded area is Flood Zone X500, the 500-year floodplain. ASSESSMENT & TAXATION TABLE OF CONTENTS DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 17 INTRODUCTION Assessment of real property is established by an assessor that is an appointed or elected official charged with determining the value of each property. The assessment is used to determine the necessary rate of taxation required to support the municipal budget. A property tax is a levy on the value of property that the owner is required to pay to the municipality in which it is situated. Multiple jurisdictions may tax the same property. The subject property is located within Denton County. The assessed value and property tax for the current year are summarized in the following table. ASSESSMENT & TAXES Tax Year 2019 Tax Rate 1.695278% Tax Rate Area Denton County Taxes Current Yes APN LAND IMPV TOTAL EXEMPTIONS TAXABLE BASE TAX 41547 $1,006,177 $200,482 $1,206,659 $980,693 $225,966 $3,831 Totals $1,006,177 $200,482 $1,206,659 $980,693 $225,966 $3,831 Source: Denton County Assessment & Taxation SUBJECT PROPERTY ANALYSIS The total assessment for the subject property is $1,206,659. The subject property is under an agricultural and homestead exemption, reducing the taxable assessment to $225,966. Total taxes for the property are $3,831. As part of the scope of work, I researched assessment and tax information related to the subject property. The following are key factors related to local assessment and taxation policy. Real property in Denton County is assessed at 100% of market value. Real property is reassessed annually. ZONING ANALYSIS TABLE OF CONTENTS DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 18 INTRODUCTION Zoning requirements typically establish permitted and prohibited uses, building height, lot coverage, setbacks, parking and other factors that control the size and location of improvements on a site. The zoning characteristics for the subject property are summarized below: ZONING SUMMARY Municipality Governing Zoning City of Denton Planning & Zoning Department Current Zoning Extraterritorial Jurisdiction (ETJ) Permitted Uses The subject property is within the extraterritorial jurisdiction of the City of Denton and is therefore not currently required to conform with zoning regulations.The property will be zoned upon eventual annexation.The property is shown as industrial on the 2030 future land use map. Prohibited Uses N/A Current Use Agricultural / Residential Is Current Use Legally Permitted?Yes Zoning Change Anticipated upon Annexation ZONING REQUIREMENTS Conforming Use The subject is improved with a single-family residence and related site improvements as well as some agricultural-related improvements.The property is a legal use and is not subject to zoning requirements. Source: City of Denton Planning & Zoning Department ZONING CONCLUSIONS The subject is improved with a single-family residence and related site improvements, as well as some agricultural-related improvements. The existing improvements are a legal use as the property is not currently zoned. Detailed zoning studies are typically performed by a zoning or land use expert, including attorneys, land use planners, or architects. The depth of my analysis correlates directly with the scope of this assignment, and it considers all pertinent issues that have been discovered through my due diligence. Please note that this appraisal is not intended to be a detailed determination of compliance, as that determination is beyond the scope of this real estate appraisal assignment. MARKET ANALYSIS TABLE OF CONTENTS DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 19 INTRODUCTION As concluded ahead, the highest and best use of the subject site as-vacant is hold for future development. Therefore, this section provides a brief study of supply/demand conditions for the Market and Submarket and transaction trends. These findings are used to support my conclusions for the competitive position, and exposure period of the subject site. TRANSACTION TRENDS In the open market, the subject property type would command most interest from regional and local buyers that are actively pursuing similar standard investment properties. There is currently steady buyer demand for substitute properties of the subject based on the volume of sale transactions and reports by buyers, sellers and other market participants during confirmation of market transactions. The most probable buyer is a regional and local investor. Based on the preceding analysis, there is an established sales market for the subject property. As previously discussed, the velocity of sale transactions has been steady over the past six months. Currently there is steady buyer demand, while there is general availability for this property type on the supply side. Based on these factors, conditions are in equilibrium in regard to negotiating sale terms. SUBJECT PROPERTY ANALYSIS Based on my analysis of the subject property and investigation of substitute properties in the marketplace, the subject is considered to have Average overall buyer appeal with an Average competitive position if the asset was exposed to the open market. EXPOSURE TIME & MARKETING PERIOD Exposure time is defined as "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 opinion based on an analysis of past events assuming a competitive and open market" (The Dictionary of Real Estate Appraisal, Appraisal Institute, 2015). Reasonable exposure time is impacted by the aggressiveness and effectiveness of a property’s exposure to market participants, availability and cost of financing, and demand for similar investments. Exposure time is best established based the recent history of marketing periods for comparable sales, discussions with market participants and information from published surveys. The availability of acquisition financing factors into exposure time. In recent quarters, financing has been available for well-positioned commercial real estate, particularly for quality assets within core MSAs and owner/user deals. For second tier or marginal properties, financing has been available but subject to more stringent requirements. Based on review of the local capital market, I conclude that adequate financing options would have been available to consummate a sale of the property on the date of value. Exposure Time Conclusion The available information generally supports an exposure time range of nine to twelve months for sites similar to the subject. Based on its overall physical and locational characteristics, the subject site has average overall appeal to potential buyers. Considering these factors, a reasonable estimate of exposure time for the subject property is 9 to 12 months. Marketing Period Conclusion Marketing period is very similar to exposure time, but reflects a projected time period to sell the property, rather than a retrospective estimate. Having reviewed open listings and discussed the market with local participants, and given the nature of this site, I feel that a time period of 9 to 12 months is supported for the subject's marketing period. HIGHEST & BEST USE ANALYSIS TABLE OF CONTENTS DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 20 INTRODUCTION The highest and best use of an improved property is defined as that reasonable and most probable use that will support its highest present value. The highest and best use, or most probable use, must be legally permissible, physically possible, financially feasible, and maximally productive. This section develops the highest and best use of the subject property As-Vacant. AS-VACANT ANALYSIS Legal Factors The legal factors that possibly influence the highest and best use of the subject site are discussed in this section. Private restrictions, zoning, building codes, historic district controls, and environmental regulations are considered, if applicable to the subject site. The subject is just outside the city limits in the ETJ. Since there is no zoning in place, most uses of the property would be legally permissible. The property is shown as industrial on the Denton Future Land Use Map (2030). Physical & Locational Factors Regarding physical characteristics, the subject site is rectangular in shape and has rolling topography. The tract has access and frontage along a secondary roadway. Corbin Rd is closed both north and east of the property, limiting the subject’s accessibility. There is substantial floodway and floodplain area in the eastern portion of the subject. There is sufficient area on the western portion of the property to support a variety of uses. Given the limited accessibility of the property and the physical characteristics of the site, near-term speculative development is considered unlikely. Feasibility Factors In general, the subject area is experiencing a typical amount of new construction. There is substantial vacant land available for development in the subject’s immediate area, but much of it is former agricultural land that would require significant site work prior to development. There is some new development noted east of the subject along IH 35W. The immediate area surrounding the subject is made up primarily of residential and agricultural uses given the vicinity’s limited accessibility. Near-term speculative development on the subject does not appear to be feasible. Given the city’s future land use plan and the subject’s location in the ETJ, the only feasible use for the subject is to hold for future development. As-Vacant Conclusion Based on the previous discussion, the subject’s highest and best use as-vacant is concluded to be hold for future development. AS-IMPROVED ANALYSIS I have analyzed only the subject land component. Therefore, a conclusion of the highest and best use as improved is not applicable. WHOLE PROPERTY ANALYSIS EXECUTIVE SUMMARY DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 21 INTRODUCTION The following presentation of the appraisal process deals directly with the valuation of the Whole Property. The As-Is Market Value of the subject’s fee simple interest is estimated using the Sales Comparison Approach, which is recognized as the standard appraisal technique for commercial land. The Cost and Income Capitalization Approaches are not applicable when valuing unimproved commercial land and are therefore excluded. Their exclusion is not detrimental to the reliability or credibility of the final value conclusion. SALES COMPARISON APPROACH The Sales Comparison Approach is based on the principle of substitution, which asserts that no one would pay more for a property than the value of similar properties in the market. This approach analyzes comparable sales by applying transactional and property adjustments in order to bracket the subject property on an appropriate unit value comparison. The sales comparison approach is applicable when sufficient data on recent market transactions is available. Alternatively, this approach may offer limited reliability because many properties have unique characteristics that cannot be accounted for in the adjustment process. LAND VALUATION As previously discussed within the Valuation Methods section, the subject is valued as one marketable economic site in this appraisal. Land value is influenced by a number of factors; most prominent of which is development and use potential. These factors, as well as others, are considered in the following analysis. UNIT OF COMPARISON The most relevant unit of comparison is the price per square foot. This indicator best reflects the analysis used by buyers and sellers in this market for land with similar utility and zoning in this marketplace. COMPARABLE SELECTION A thorough search was made for similar land sales in terms of proximity to the subject, size, location, development potential, and date of sale. In selecting comparables, emphasis was placed on confirming recent sales of commercial sites that are similar to the subject property in terms of location and physical characteristics. Overall, the sales selected represent the best comparables available for this analysis. ADJUSTMENT PROCESS Quantitative adjustments are made to the comparable sales. The following adjustments or general market trends were considered for the basis of valuation. Transactional Adjustments Dollar adjustments to the comparable sales were considered and made when warranted for transactional adjustments in the sequence shown below: Property Rights Transferred The valuation of the subject site was completed on a fee simple basis. If warranted, leased fee, leasehold and/or partial interest land sales were adjusted accordingly. Financing Terms The subject site was valued on a cash equivalent basis. Adjustments were made to the comparables involving financing terms atypical of the marketplace. Conditions of Sale This adjustment accounts for extraordinary motivation on the part of the buyer or seller often associated with distressed sales and/or assemblages. Expenditures After Purchase Adjustments were applied if site conditions warranted expenditures on the part of the buyer to create a buildable site. Examples include costs for razing pre- PART ACQUIRED ANALYSIS EXECUTIVE SUMMARY CONTINUED DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 22 existing structures, general site clearing and/or mitigation of environmental issues. Market Conditions Market conditions adjustments were based on a review of historical sale data, market participant interviews and review of current versus historical pricing. Based on my research, the following table summarizes the market conditions adjustment applied in this analysis. MARKET CONDITIONS ADJUSTMENT Per Year As Of December 2019 (As-Is)3% The analysis applies an upward market conditions adjustment of 3% annually reflecting the conditions between the oldest comparable sale date up through the effective valuation date. Property Adjustments Quantitative percentage adjustments are also made for location and physical characteristics such as size, shape, access, exposure, topography, zoning and overall utility. Where possible the adjustments applied are based on paired data or other statistical analysis. For example, location adjustments are based primarily on review of land values in the market areas for the comparables relative to the subject. It should be stressed that the adjustments are subjective in nature and are meant to illustrate my logic in deriving a value opinion for the subject site. LAND VALUATION PRESENTATION The following Land Sales Summation Table, Location Map and datasheets summarize the sales data used in this analysis. Following these items, the comparable land sales are adjusted for applicable elements of comparison and the opinion of site value is concluded. PART ACQUIRED ANALYSIS EXECUTIVE SUMMARY CONTINUED DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 23 LAND SALES SUMMATION TABLE COMPARABLE SUBJECT COMPARABLE 1 COMPARABLE 2 COMPARABLE 3 COMPARABLE 4 COMPARABLE 5 Address 4048 Corbin Rd 4552 Jim Christal Rd NE/C Old Justin Road & IH 35W S/C IH 35W & Cleveland Gibbs Rd NW/C FM 428 & Long Rd 650 Schoolhouse Rd City Denton Denton Argyle Northlake Denton Haslet State TX TX TX TX TX TX Zip County Denton Denton Denton Denton Denton Tarrant APN 41547 36657 R339705 R724504, R724506, R724505 37127; PHYSICAL INFORMATION Acres 51.367 77.940 49.800 50.330 90.940 27.120 SF 2,237,547 3,395,066 2,169,394 2,192,547 3,961,465 1,181,347 Shape Rectangular Generally Rectangular Generally Rectangular Irregular Generally Rectangular Irregular Zoning ETJ LI CF RR NR-4 / ETJ R2 Flood Zone Floodway (34%) / AE (18%) / X500 (2%) / X Floodway (23%) / AE (5%) / X X X X Floodway (9%) / Zone AE (7%) / Zone X500 / Zone X Topography Rolling Rolling Flat Rolling Generally Level Rolling Easements Utility / Gas Well Site Gas Well Site (2)Standard Gas Pad Sites (2)HVTL Standard SALE INFORMATION Date 5/22/2018 2/16/2018 12/22/2017 9/14/2018 2/19/2019 Status Recorded Recorded Recorded Recorded Recorded Rights Transferred Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Transaction Price $1,650,000 $1,900,000 $2,000,000 $1,908,900 $725,000 Analysis Price $1,650,000 $1,900,000 $2,000,000 $1,908,900 $725,000 $/Acre $21,170 $38,153 $39,738 $20,991 $26,733 $/SF Land $0.49 $0.88 $0.91 $0.48 $0.61 PART ACQUIRED ANALYSIS EXECUTIVE SUMMARY CONTINUED DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 24 LAND SALES LOCATION MAP COMPARABLE KEY COMP DISTANCE ADDRESS SALE DATE ACRES SF $/SF SUBJECT -4048 Corbin Rd, Denton, TX -51.4 2,237,547 $0.60 No. 1 2.6 Miles 4552 Jim Christal Rd, Denton, TX 5/22/2018 77.9 3,395,066 $0.49 No. 2 5.1 Miles NE/C Old Justin Road & IH 35W, Argyle, TX 2/16/2018 49.8 2,169,394 $0.88 No. 3 8.1 Miles S/C IH 35W & Cleveland Gibbs Rd, Northlake, TX 12/22/2017 50.3 2,192,547 $0.91 No. 4 6.6 Miles NW/C FM 428 & Long Rd, Denton, TX 9/14/2018 90.9 3,961,465 $0.48 No. 5 18.4 Miles 650 Schoolhouse Rd, Haslet, TX 2/19/2019 27.1 1,181,347 $0.61 PART ACQUIRED ANALYSIS EXECUTIVE SUMMARY CONTINUED DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 25 LAND SALES EXHIBITS COMPARABLE 1 LOCATION INFORMATION Name Vacant Land Address 4552 Jim Christal Rd City, State, Zip Code Denton, TX, 76207 County Denton APN 36657 SALE INFORMATION Buyer Mar-Properties, Ltd. Seller Brenda Bradford Head, et al Transaction Date 05/22/2018 Transaction Status Recorded Transaction Price $1,650,000 Analysis Price $1,650,000 Recording Number 2018-59934 VACANT LAND Rights Transferred Fee Simple ANALYSIS INFORMATION Financing Conventional Price $/Acre $/SF Conditions of Sale Arms-Length Gross $21,170 $0.49 PHYSICAL INFORMATION Net $21,170 $0.49 Intended Use Vacant Land CONFIRMATION Location Average Name Graham Stiles Flood Zone Floodway (23%) / AE (5%) / X Company RE/MAX Trinity Frontage Average Source Seller's Broker Site Size Acres SF Date / Phone Number 12/10/2019 +1 817 564 2927 Net 77.94 3,395,066 REMARKS Gross 77.94 3,395,066 Zoning LI Shape Generally Rectangular Topography Rolling Easements Gas Well Site (2) Utilities Public Sewer / Water In Vicinity Vacant tract zoned LI -Light Industrial.The property has two gas well sites. There are public sewer lines running along the property's southern,eastern,and northern boundaries.There are water lines east and west of the subject along Jim Christal Rd, as well as to the north along W University Dr. PART ACQUIRED ANALYSIS EXECUTIVE SUMMARY CONTINUED DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 26 COMPARABLE 2 LOCATION INFORMATION Name Land Address NE/C Old Justin Road & IH 35W City, State, Zip Code Argyle, TX, 76226 County Denton MSA Dallas-Fort Worth-Arlington, TX APN R339705 SALE INFORMATION Buyer Hugh Z. Pruett Seller Clarence Randolph Salmon, Jr. and Nancy Kay Hallmark Transaction Date 02/16/2018 Transaction Status Recorded Transaction Price $1,900,000 Analysis Price $1,900,000 LAND Recording Number 2018-19152 ANALYSIS INFORMATION Rights Transferred Fee Simple Price $/Acre $/SF Financing Conventional Gross $38,153 $0.88 Conditions of Sale Arms-Length Net $38,153 $0.88 PHYSICAL INFORMATION CONFIRMATION Intended Use Vacant Land Name Everette Newland Location Average Company Newland Real Estate, Inc Flood Zone X Source Seller's Broker Frontage Average Date / Phone Number 02/5/2019 +1 940 565 8326 Site Size Acres SF REMARKS Net 49.80 2,169,394 Gross 49.80 2,169,394 Zoning CF Shape Generally Rectangular Topography Flat Easements Standard Utilities All Available Property is located at northeast corner of Old Justin Rd and IH 35W.There is an abandoned gas pad site in the northwest corner of the subject property.Property was zoned AG - Agricultural at the time of sale but has since been rezoned to CF - Community Facilities. PART ACQUIRED ANALYSIS EXECUTIVE SUMMARY CONTINUED DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 27 COMPARABLE 3 LOCATION INFORMATION Name Land Address S/C IH 35W & Cleveland Gibbs Rd City, State, Zip Code Northlake, TX, 76262 County Denton MSA Dallas-Fort Worth-Arlington, TX APN R724504, R724506, R724505 SALE INFORMATION Buyer AIL Investment LP Seller Jacqueline S. Ligon, Lane E. Ligon, Elane A. Ligon, Irene J. Ligon Transaction Date 12/22/2017 Transaction Status Recorded Transaction Price $2,000,000 Analysis Price $2,000,000 LAND Recording Number 2017-156464 ANALYSIS INFORMATION Rights Transferred Fee Simple Price $/Acre $/SF Financing Undisclosed Gross $39,738 $0.91 Conditions of Sale Arms-Length Net $39,738 $0.91 PHYSICAL INFORMATION CONFIRMATION Intended Use Vacant Land Name Ben McCutchin Location Average Company Younger Partners Dallas, LLC Flood Zone X Source Seller's Broker Frontage Average Date / Phone Number 02/5/2019 +1 214 502 2324 Site Size Acres SF REMARKS Net 50.33 2,192,547 Gross 50.33 2,192,547 Zoning RR Shape Irregular Topography Rolling Easements Gas Pad Sites (2) Utilities All Available Property includes two gas pad sites and related easements.Zoned RR -Rural Residential by Town of Northlake. PART ACQUIRED ANALYSIS EXECUTIVE SUMMARY CONTINUED DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 28 COMPARABLE 4 LOCATION INFORMATION Name Vacant Land Address NW/C FM 428 & Long Rd City, State, Zip Code Denton, TX, 76208 County Denton APN 37127; 744186 SALE INFORMATION Buyer Beazer Homes Texas, LP Seller Astra Investments I, LLC Transaction Date 09/14/2018 Transaction Status Recorded Transaction Price $1,908,900 Analysis Price $1,908,900 Recording Number 2018-110980 VACANT LAND Rights Transferred Fee Simple ANALYSIS INFORMATION Financing Conventional Price $/Acre $/SF Conditions of Sale Arms-Length Gross $20,991 $0.48 PHYSICAL INFORMATION Net $20,991 $0.48 Intended Use Vacant Land CONFIRMATION Location Average Name Justin Newland Flood Zone X Company Newland Real Estate Group, LLC Frontage Average Source Seller's Broker Site Size Acres SF Date / Phone Number 12/13/2019 +1 940 400 0600 Net 90.94 3,961,465 REMARKS Gross 90.94 3,961,465 Zoning NR-4 / ETJ Density 4 Shape Generally Rectangular Topography Generally Level Corner Yes Easements HVTL Utilities All Available HVTL runs east to west through central portion of property.Western portion of property in Denton ETJ.Road frontage within city limits and zoned NR-4 - Neighborhood Residential. PART ACQUIRED ANALYSIS EXECUTIVE SUMMARY CONTINUED DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 29 COMPARABLE 5 LOCATION INFORMATION Name Vacant Land Address 650 Schoolhouse Rd City, State, Zip Code Haslet, TX, 76052 County Tarrant APN 5695627 SALE INFORMATION Buyer 120 Land Corporation, et al Seller Daniel Elwood Muse and Bettie Joyce Muse Transaction Date 02/19/2019 Transaction Status Recorded Transaction Price $725,000 Analysis Price $725,000 Recording Number D219034523 VACANT LAND Rights Transferred Fee Simple ANALYSIS INFORMATION Financing Conventional Price $/Acre $/SF Conditions of Sale Arms-Length Gross $26,733 $0.61 Marketing Time 42 Months Net $26,733 $0.61 PHYSICAL INFORMATION CONFIRMATION Intended Use Vacant Land Name Jerry Quicksall Location Average Company Quicksall Real Estate Flood Zone Floodway (9%) / Zone AE (7%) / Zone X500 / Zone X Source Buyer Frontage Average Date / Phone Number 09/3/2019 +1 817 232 5055 Site Size Acres SF REMARKS Net 27.12 1,181,347 Gross 27.12 1,181,347 Zoning R2 Shape Irregular Topography Rolling Easements Standard Utilities In Proximity Property zoned for residential use but shown as mixed-use on future land use map.There is a creek running through the eastern portion of the property with related floodway area. PART ACQUIRED ANALYSIS EXECUTIVE SUMMARY CONTINUED DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 30 LAND SALES ADJUSTMENT TABLE COMPARABLE SUBJECT COMPARABLE 1 COMPARABLE 2 COMPARABLE 3 COMPARABLE 4 COMPARABLE 5 Address 4048 Corbin Rd 4552 Jim Christal Rd NE/C Old Justin Road & IH 35W S/C IH 35W & Cleveland Gibbs Rd NW/C FM 428 & Long Rd 650 Schoolhouse Rd City Denton Denton Argyle Northlake Denton Haslet Acres 51.37 77.94 49.80 50.33 90.94 27.12 SF 2,237,547 3,395,066 2,169,394 2,192,547 3,961,465 1,181,347 Shape Rectangular Generally Rectangular Generally Rectangular Irregular Generally Rectangular Irregular Flood Zone Floodway (34%) / AE (18%) / X500 (2%) / X Floodway (23%) / AE (5%) / X X X X Floodway (9%) / Zone AE (7%) / Zone X500 / Zone X Easements Utility / Gas Well Site Gas Well Site (2)Standard Gas Pad Sites (2)HVTL Standard SALE INFORMATION Date 5/22/2018 2/16/2018 12/22/2017 9/14/2018 2/19/2019 Status Recorded Recorded Recorded Recorded Recorded Rights Transferred Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Analysis Price $1,650,000 $1,900,000 $2,000,000 $1,908,900 $725,000 Price/Acre $21,170 $38,153 $39,738 $20,991 $26,733 Price/SF $0.49 $0.88 $0.91 $0.48 $0.61 TRANSACTIONAL ADJUSTMENTS Property Rights 0%0%0%0%0% Conditions of Sale 0%0%0%0%0% Financing 0%0%0%0%0% Expenditures After the Sale 0%0%0%0%0% Market Conditions¹5%6%6%4%2% Subtotal Transactional Adj Price $0.51 $0.93 $0.96 $0.50 $0.62 PROPERTY ADJUSTMENTS Location 0%0%0%0%0% Size 0%0%0%0%0% Exposure 0%-20%-20%0%0% Access 0%0%0%0%0% Shape 0%0%0%0%5% Flood Zone 0%-10%-10%-10%0% Easements 5%-5%5%10%-5% Subtotal Property Adjustment 5%-35%-25%0%0% TOTAL ADJUSTED PRICE $0.54 $0.60 $0.72 $0.50 $0.62 STATISTICS UNADJUSTED ADJUSTED LOW $0.48 $0.50 HIGH $0.91 $0.72 MEDIAN $0.61 $0.60 AVERAGE $0.67 $0.60 ¹ Market Conditions Adjustment: 3% Date of Value (for adjustment calculations): 12/10/19 PART ACQUIRED ANALYSIS EXECUTIVE SUMMARY CONTINUED DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 31 LAND SALES ANALYSIS Introduction The comparable land sales indicate an adjusted value range from $0.50 to $.72/SF, with a median of $.60/SF and an average of $.60/SF. The range of total gross adjustment applied to the comparables was from 10% to 41%, with an average gross adjustment across all comparables of 26%. The level of total adjustment applied to the comparables is considered minimal, an indication that the dataset is applicable to the subject and increases the credibility of the analysis. The adjustment process for each comparable land sale is discussed in the following paragraphs. Discussion of Adjustments Comparable 1 ($.54/SF as adjusted) required a total upward transaction adjustment of 5%. This sale was adjusted upward for improving market conditions. This comparable required a total upward adjustment of 5% for property characteristics. This sale was adjusted upward for inferior easements. The total gross adjustment applied to this comparable was 10%. The minimal amount of gross adjustments required for this comparable suggests it is similar to the subject, increasing its applicability for this analysis. Overall this comparable warrants primary consideration as a value indicator for the subject. Comparable 2 ($.60/SF as adjusted) required a total upward transaction adjustment of 6%. This sale was adjusted upward for improving market conditions. This comparable required a total downward adjustment of - 35% for property characteristics. This sale was adjusted downward for superior exposure, superior floodplain influence, and superior easements. The total gross adjustment applied to this comparable was 41%. The moderate level of gross adjustments required for this comparable indicates that it can be adequately relied upon for valuation of the subject. This comparable is given secondary consideration as a value indicator for the subject. Comparable 3 ($.72/SF as adjusted) required a total upward transaction adjustment of 6%. This sale was adjusted upward for improving market conditions. This comparable required a total downward adjustment of - 25% for property characteristics. This sale was adjusted downward for superior exposure and superior floodplain influence and upward for inferior easements. The total gross adjustment applied to this comparable was 41%. The moderate level of gross adjustments required for this comparable indicates that it can be adequately relied upon for valuation of the subject. This comparable is given secondary consideration as a value indicator for the subject. Comparable 4 ($.50/SF as adjusted) required a total upward transaction adjustment of 4%. This sale was adjusted upward for improving market conditions. This comparable required adjustments for property characteristics, however these resulted in a net adjustment of 0%. This sale was adjusted downward for superior floodplain influence and upward for inferior easements. The total gross adjustment applied to this comparable was 24%. The minimal amount of gross adjustments required for this comparable suggests it is similar to the subject, increasing its applicability for this analysis. Overall this comparable warrants primary consideration as a value indicator for the subject. Comparable 5 ($.62/SF as adjusted) required a total upward transaction adjustment of 2%. This sale was adjusted upward for improving market conditions. This comparable required adjustments for property characteristics, however these resulted in a net adjustment of 0%. This sale was adjusted upward for inferior shape and downward for superior easements. The total gross adjustment applied to this comparable was 12%. The minimal amount of gross adjustments required for this comparable suggests it is similar to the subject, increasing its applicability for this analysis. Overall this comparable warrants primary consideration as a value indicator for the subject. PART ACQUIRED ANALYSIS EXECUTIVE SUMMARY CONTINUED DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 32 CALCULATION OF VALUE The comparable land sales indicate an adjusted value range from $0.50 to $.72/SF, with a median of $.60/SF and an average of $.60/SF. Based on the results of the preceding analysis, Comparable 1 ($0.54/SF adjusted), Comparable 4 ($0.50/SF adjusted) and Comparable 5 ($0.62/SF adjusted) are given primary consideration for the subject’s opinion of land value. The following table summarizes the analysis of the comparables, reports the reconciled price per square foot value conclusion, and presents the concluded value of the subject Whole Property (land only). CALCULATION OF LAND VALUE - WHOLE PROPERTY ANALYSIS ADJUSTMENT NET GROSS OVERALL COMP PRICE TRANSACTIONAL¹ADJUSTED PROPERTY²FINAL ADJ %ADJ %COMPARISON 1 $0.49 5%$0.51 5%$0.54 10%10%PRIMARY 2 $0.88 6%$0.93 -35%$0.60 -32%41%SECONDARY 3 $0.91 6%$0.96 -25%$0.72 -21%41%SECONDARY 4 $0.48 4%$0.50 0%$0.50 4%24%PRIMARY 5 $0.61 2%$0.62 0%$0.62 2%12%PRIMARY LOW $0.50 AVERAGE $0.60 HIGH $0.72 MEDIAN $0.60 COMPONENT SUBJECT SF $/SF CONCLUSION VALUE TOTAL PROPERTY 2,237,547 $0.60 $1,342,528 ¹Cumulative ²Additive Rounded to nearest $1 LAND VALUE CONCLUSION The Sales Comparison Approach was utilized for valuation of the subject site, as it best reflects the decision- making of buyers and sellers of residential lots in the local marketplace. The purpose of this appraisal is to develop an opinion of the As-Is Market Value of the subject property’s fee simple interest. The following table conveys the final opinion of market value of the subject property that is developed within this appraisal report. My opinion of value reflects current conditions and the likely actions of market participants as of the date of value. It is based on the available information gathered and provided to us, as presented in this report, and does not predict future performance. Changing market or property conditions can and likely will have an effect on the subject's value. ANALYSIS OF VALUE CONCLUSIONS VALUATION INDICES AS-IS MARKET VALUE INTEREST APPRAISED FEE SIMPLE DATE OF VALUE DECEMBER 10, 2019 FINAL VALUE CONCLUSION $1,342,528 $/SF $0.60/SF Exposure Time 9 to 12 Months Marketing Period 9 to 12 Months PART ACQUIRED ANALYSIS EXECUTIVE SUMMARY DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 33 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 be completed with a new set of market data considered. However, if the Part Acquired is not large enough or not appropriately configured to be considered an individual economic unit, it is appraised in conjunction with the Whole Property or the portion of the Whole Property that results in the highest net return to the land. ECONOMIC UNIT Depending on the size of the hypothetical economic unit to which the Part Acquired is attached, a new data set may also be required. If it is determined that use in conjunction with the Whole Property (no separate economic unit) is the highest and best use of the Part Acquired, the value of the acquisition would represent the prorated value (same unit value) as the Whole Property. The subject acquisition is a 36,982 square foot temporary construction easement running through the northeast corner of the property. The entirety of the temporary easement is located within the floodway or 100-year floodplain. The easement is not of an appropriate configuration to be considered an economic unit. Therefore, the easement area is appraised as though used in conjunction with the Whole Property. No other division of the site is considered to result in a higher net return to the subject land. PROPERTY DESCRIPTION The Part Acquired consists of a temporary construction easement in the northeastern corner of the subject property. The total area within the temporary easement is 36,982 square feet. An aerial approximating the boundaries of the easement is located on the following page. PART ACQUIRED ANALYSIS EXECUTIVE SUMMARY CONTINUED DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 34 PART ACQUIRED AERIAL - TEMPORARY EASEMENT The boundaries of the proposed temporary easement are approximated in light blue above. The yellow line approximates the boundaries of the Whole Property. PART ACQUIRED ANALYSIS EXECUTIVE SUMMARY CONTINUED DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 35 PART ACQUIRED SURVEY PART ACQUIRED ANALYSIS EXECUTIVE SUMMARY CONTINUED DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 36 PART ACQUIRED ANALYSIS EXECUTIVE SUMMARY CONTINUED DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 37 HIGHEST AND BEST USE - PART ACQUIRED Based on the shape of the Part Acquired, the acquisition is not considered to be an independent economic unit. Therefore, the highest and best use of the Part Acquired is for use in conjunction with the Whole Property. Please refer to the highest and best use analysis of the Whole Property herein for a complete discussion of highest and best use. LAND VALUE - PART ACQUIRED The subject acquisition is a temporary easement only. There are no permanent components of the proposed acquisition. The temporary easement will have a two year duration based on information from the city of Denton. After the expiration of the temporary easement, the area within the easement will revert to the subject owner. Since the easement is temporary, there is no value attributable to the Part Acquired. The temporary easement is valued separately in the following discussion. VALUE OF TEMPORARY EASEMENT The subject temporary easement will be used during the construction phase of surrounding improvements as part of the Hickory Creek Interceptor III project. According to the survey provided by the City of Denton, the temporary construction easement contains a total of 36,982 square feet. The easement is located in the northeastern portion of the property. According to the City of Denton, the easement will have a two year duration. Since easement similar to the subject are not typically rented in the open market, an annual rental rate can be estimated by applying a market land capitalization rate to the fee simple value for the land over the duration of the easement in place. The fee simple value for the area within the temporary construction easement is estimated consistent with the Whole Property at $0.60 per square foot, or $22,189. Market land capitalization rates typically range from 4% to 10%. A rate at the upper limit of this range is reasonable considering the subject easement’s size and location. The calculations estimating a reasonable annual rent for and the concluded value of the temporary construction easement are as follows. VALUE OF TEMPORARY EASEMENT UNIT VALUE X AREA (SF)X LAND CAP =ANNUAL RENT X DURATION (YEARS)=TEMPORARY EASEMENT VALUE $0.60 X 36,982 X 10%=$2,219 X 2 =$4,438 REMAINDER BEFORE Since the acquisition consists only of a temporary easement, the value of the Remainder Before is the same as the value of the Whole Property, or $453,198. VALUE OF REMAINDER BEFORE Value of Whole Property $1,342,528 Less: Value of Part Acquired N/A Equals: Value of Remainder Before $1,342,528 REMAINDER AFTER ANALYSIS EXECUTIVE SUMMARY DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 38 ANALYSIS OF THE REMAINDER AFTER The valuation of the Remainder After takes into consideration the effect the subject acquisition has on the remaining property. The estimate is based on a complete site analysis, highest and best use analysis, and the application of the approaches to value, where applicable. Damages or enhancements to the Remainder After are calculated by subtracting the value of the Remainder After from the Remainder Before. If the calculation is positive, damages exist and are included in the total estimate of Just Compensation. However, if the figure is negative, an enhancement is present. If an enhancement exists, it is noted, but is not deducted from the estimate of Just Compensation. PROPERTY DESCRIPTION - REMAINDER AFTER The Part Acquired consists of a temporary easement only. After the expiration of the temporary easement, the Remainder After will be the same size as the Whole Property, or 2,237,547 square feet. Since the physical characteristics of the Remainder After are identical to those of the Whole Property, the Remainder After has the same unit value and overall value as the Whole Property. Based on our analysis, the subject temporary easement does not result in damages to the Remainder After. HIGHEST AND BEST USE - REMAINDER AFTER Since the Remainder After is identical to the Whole Property, the highest and best use of the Remainder After and Whole Property are the same. LAND VALUE - REMAINDER AFTER The same set of sales utilized in the analysis of the Whole Property is used to estimate the value of the Remainder After. Since the highest and best use of the property is the same both before and after the taking, no additional adjustments to the comparable sales were warranted. Since the acquisition consists of a temporary easement only, the entire Remainder After is considered to be held in fee. The value of the Remainder After is summarized below. CALCULATION OF LAND VALUE - REMAINDER AFTER ANALYSIS ADJUSTMENT NET GROSS OVERALL COMP PRICE TRANSACTIONAL¹ADJUSTED PROPERTY²FINAL ADJ %ADJ %COMPARISON 1 $0.49 5%$0.51 5%$0.54 10%10%PRIMARY 2 $0.88 6%$0.93 -35%$0.60 -32%41%SECONDARY 3 $0.91 6%$0.96 -25%$0.72 -21%41%SECONDARY 4 $0.48 4%$0.50 0%$0.50 4%24%PRIMARY 5 $0.61 2%$0.62 0%$0.62 2%12%PRIMARY LOW $0.50 AVERAGE $0.60 HIGH $0.72 MEDIAN $0.60 COMPONENT SUBJECT SF $/SF CONCLUSION % OF FEE VALUE Fee Area 2,237,547 x $0.60 x 100%=$1,342,528 REMAINDER AFTER $1,342,528 ¹Cumulative ²Additive Rounded to nearest $1 JUST COMPENSATION EXECUTIVE SUMMARY DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 39 VALUE SUMMARY VALUE OF THE WHOLE PROPERTY Sales Comparison Approach - Land $1,342,528 Sales Comparison Approach - Improved N/A Cost Approach N/A Income Capitalization Approach N/A Reconciliation $1,342,528 VALUE OF THE PART ACQUIRED Sales Comparison Approach - Land N/A Sales Comparison Approach - Improved N/A Cost Approach N/A Income Capitalization Approach N/A Reconciliation N/A VALUE OF THE REMAINDER BEFORE $1,342,528 VALUE OF THE REMAINDER AFTER Sales Comparison Approach - Land $1,342,528 Sales Comparison Approach - Improved N/A Cost Approach N/A Income Capitalization Approach N/A Reconciliation $1,342,528 DAMAGES / ENHANCEMENTS $0 VALUE OF TEMPORARY EASEMENT $4,438 Fee Value $22,189 Land Cap Rate 10.0% Fair Rental Rate/Year $2,219 Duration (Years)2 COST TO CURE $0 JUST COMPENSATION $4,438 CERTIFICATION OF APPRAISAL TABLE OF CONTENTS DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 40 I certify that, to the best of my knowledge and belief: The statements of fact contained in this report are true and correct. The reported analyses, opinions, and conclusions of the signer are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. The signer of this report has 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. Brent Pitts, MAI has 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 acceptance of this assignment. The signer is not biased with respect to the property that is the subject of this report or to the parties involved with this assignment. The engagement in this assignment was not contingent upon developing or reporting predetermined results. The 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. The reported analysis, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice and the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. Brent Pitts, MAI inspected the property that is the subject of this report. No one provided significant real property appraisal assistance to the person signing this certification. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. As of the date of this report Brent Pitts, MAI completed the continuing education program for Designated Members of the Appraisal Institute. December 12, 2019 Brent Pitts, MAI Valuation Services Director Certified General Real Estate Appraiser State of Texas License #TX 1380206 G +1 214 217 9331 brent.pitts@colliers.com Date ASSUMPTIONS & LIMITING CONDITIONS TABLE OF CONTENTS DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 41 This appraisal is subject to the following assumptions and limiting conditions: The appraiser may or may not have been provided with a survey of the subject property. If further verification is required, a survey by a registered surveyor is advised. We assume no responsibility for matters legal in character, nor do we render any opinion as to title, which is assumed to be marketable. All existing liens, encumbrances, and assessments have been disregarded, unless otherwise noted, and the property is appraised as though free and clear, under responsible ownership, and competent management. The exhibits in this report are included to assist the reader in visualizing the property. We have made no survey of the property and assume no responsibility in connection with such matters. Unless otherwise noted herein, it is assumed that there are no encroachments, zoning, or restrictive violations existing in the subject property. The appraiser assumes no responsibility for determining if the property requires environmental approval by the appropriate governing agencies, nor if it is in violation thereof, unless otherwise noted herein. Information presented in this report has been obtained from reliable sources, and it is assumed that the information is accurate. This report shall be used for its intended purpose only, and by the party to whom it is addressed. Possession of this report does not include the right of publication. The appraiser may not be required to give testimony or to appear in court by reason of this appraisal, with reference to the property in question, unless prior arrangements have been made therefore. The statements of value and all conclusions shall apply as of the dates shown herein. There is no present or contemplated future interest in the property by the appraiser which is not specifically disclosed in this report. Without the written consent or approval of the author neither all, nor any part of, the contents of this report shall be conveyed to the public through advertising, public relations, news, sales, or other media. This applies particularly to value conclusions and to the identity of the appraiser and the firm with which the appraiser is connected. This report must be used in its entirety. Reliance on any portion of the report independent of others, may lead the reader to erroneous conclusions regarding the property values. Unless approval is provided by the author no portion of the report stands alone. The valuation stated herein assumes professional management and operation of the buildings throughout the lifetime of the improvements, with an adequate maintenance and repair program. The liability of Colliers International Valuation & Advisory Services, its principals, agents, and employees is limited to the client. Further, there is no accountability, obligation, or liability to any third party. If this report is placed in the hands of anyone other than the client, the client shall make such party aware of all limiting conditions and assumptions of the assignment and related discussions. The appraiser is in no way responsible for any costs incurred to discover or correct any deficiency in the property. The appraiser is not qualified to detect the presence of toxic or hazardous substances or materials which may influence or be associated with the property or any adjacent properties, has made no investigation or analysis as to the presence of such materials, and expressly disclaims any duty to note the degree of fault. Colliers International Valuation & Advisory Services and its principals, agents, employees, shall not be liable for any costs, expenses, assessments, or penalties, or diminution in value, property damage, or ASSUMPTIONS & LIMITING CONDITIONS EXECUTIVE SUMMARY CONTINUED DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 42 personal injury (including death) resulting from or otherwise attributable to toxic or hazardous substances or materials, including without limitation hazardous waste, asbestos material, formaldehyde, or any smoke, vapors, soot, fumes, acids, alkalis, toxic chemicals, liquids, solids or gasses, waste materials or other irritants, contaminants or pollutants. The appraiser assumes no responsibility for determining if the subject property complies with the Americans with Disabilities Act (ADA). Colliers International Valuation & Advisory Services, its principals, agents, and employees, shall not be liable for any costs, expenses, assessments, penalties or diminution in value resulting from non-compliance. This appraisal assumes that the subject meets an acceptable level of compliance with ADA standards; if the subject is not in compliance, the eventual renovation costs and/or penalties would negatively impact the present value of the subject. If the magnitude and time of the cost were known today, they would be reduced from the reported value conclusion. An on-site inspection of the subject property was conducted. No evidence of asbestos materials on-site was noted. A Phase 1 Environmental Assessment was not provided for this analysis. This analysis assumes that no asbestos or other hazardous materials are stored or found in or on the subject property. If evidence of hazardous materials of any kind occurs, the reader should seek qualified professional assistance. If hazardous materials are discovered and if future market conditions indicate an impact on value and increased perceived risk, a revision of the concluded values may be necessary. A detailed soils study was not provided for this analysis. The subject's soils and sub-soil conditions are assumed to be suitable based upon a visual inspection, which did not indicate evidence of excessive settling or unstable soils. No certification is made regarding the stability or suitability of the soil or sub-soil conditions. This analysis assumes that the financial information provided for this appraisal, including rent rolls and historical income and expense statements; accurately reflect the current and historical operations of the subject property. ADDENDA TABLE OF CONTENTS DAL190855 © 2019 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 43 Survey Tax Records Qualifications of Appraiser Qualifications of Colliers International Valuation & Advisory Services Property Details for Account: 41547 Denton Central Appraisal District Generated on: 2019-Dec-13 General Market Value $1,206,659.00 Address 4048 CORBIN RD TX 76207-4705 Owner HAVENHILL FAMILY EXEMPT TRUST—100% Mailing Address 4048 CORBIN RD DENTON TX 76207-4705 Property Type Real Property Area 2565ft² Class 9 Legal Description A0357A DOUGHERTY, TR 3, 51.367 ACRES, OLD DCAD TR 1A(PT),1A(1)(PT) Geo ID A0357A-000-0003-0000 Subdivision DOUGHERTY—A0357A Neighborhood A0353A & A1174A (OUTSIDE CITY)—DC05303 Homestead Cap $0.00 Taxing Jurisdictions DENTON COUNTY—G01 DENTON ISD—S05 Subdivision Stats DOUGHERTY Minimum Market $1,206,659.00 Median Market $1,206,659.00 Maximum Market $1,206,659.00 Median Living Area 2565ft² Difference from Median Market 0.00% Difference from Median Living Area 0.00% Values Imp. Total $200,482.00 Land Homesite $22,966.00 Land Non-Homesite $0.00 Agricultural Market $983,211.00 Timber Market $0.00 Timber Reduction $0.00 Homestead Cap $0.00 Appraised Value $225,966.00 Assessed Value $225,966.00 Property Details for Account: 41547 Denton Central Appraisal District Generated on: 2019-Dec-13 Deed History Date Type Seller Buyer Deed Number Sale Price 2014-12-09 CERTIFICATE OF DEATH HAVENHILL, JESSIE H TR OF HAVENHILL FAMILY EXEMPT TRUST HAVENHILL FAMILY EXEMPT TRUST SEE IMAGE - PTD Unavailable 2005-07-20 PARTITION DEED HAVENHILL, JESSIE HAVENHILL, JESSIE H TR OF HAVENHILL FAMILY EXEMPT TRUST 05-88434 Unavailable 1990-05-04 CONVERSION HAVENHILL, JESSIE HAVENHILL, JESSIE Unavailable CONVERSION HAVENHILL, RALPH C HAVENHILL, JESSIE Unavailable Improvements Class Description Square Feet Effective Year Built Year Built Value 9 MAIN AREA 2565ft²1990 1983 9 ATTACHED GARAGE 598ft²1990 1983 9 OPEN PORCH 231ft²1990 1983 Improvement Total 3394ft²$200,482.00 Land Segments Type Acres Area 1 - HOMESITE 1 43560 ft2 PN 2 - NATIVE PASTURE II 47.367 2063307 ft2 PN 2 - NATIVE PASTURE II 3 130680 ft2 Brent Pitts, MAI, R/W-AC, ARWP VALUATION SERVICES DIRECTOR Valuation & Advisory Services brent.pitts@colliers.com EDUCATION AND QUALIFICATIONS BBA Energy Commerce – Texas Tech University MBA Finance – Texas Tech University Graduate School STATE CERTIFICATION Kansas Missouri Oklahoma Louisiana Texas CONTACT DETAILS MOB +1 817 614 4989 FAX +1 214 723 7561 Colliers International 1717 McKinney Avenue Suite 900 Dallas, TX 75202 1828 Walnut St 3rd Floor Kansas City, MO 64108 www.colliers.com Brent Pitts is a Valuation Services Director for Colliers International Valuation & Advisory Services. Mr. Pitts has been involved in valuation and advisory since early 2010. Brent has prepared assignments on various property types, including vacant land, net leased retail, restaurants, industrial properties, gasoline station/convenience stores, offices, retail centers, mobile home parks, apartments, condominiums, automotive related properties, hospitality properties, religious facilities, single-family residences and subdivisions, timeshares, and special purpose properties. Valuation clients include banks, lending institutions, government agencies, brokers, law firms, estates, and individuals. Brent has also appraised multiple properties for whole takings, partial takings, and easement acquisitions in eminent domain proceedings, with many of these appraisals requiring consideration of damages to the remainder. Brent has also qualified as an expert witness and testified in multiple special commissioners’ hearings as well as in trial settings. EXPERIENCE Appraiser – Appraisal Source, Inc., Fort Worth, Texas Appraiser – National Appraisal Partners, LLP, Houston, Texas MEMBERSHIPS, LICENSES AND PROFESSIONAL AFFILIATIONS Appraisal Institute – Member # 541404 International Right of Way Association – Associate Right of Way Professional APPRAISAL INSTITUTE COURSES Uniform Standards of Professional Appraisal Practice (USPAP) Advanced Concepts & Case Studies Advanced Market Analysis and Highest & Best Use Advanced Income Capitalization Quantitative Analysis Real Estate Finance Statistics & Valuation Modeling Business Practices & Ethics OTHER RELATED COURSES International Right of Way Association (IRWA) – Principles of Land Acquisition IRWA – Ethics and the Right of Way Professsion IRWA – The Uniform Act Executive Summary IRWA – Principles of Real Estate Negotiation IRWA – Easement Valuation IRWA – When Public Agencies Collide IRWA – Environmental Awareness Douglas E. Oldmixon Commissioner Texas Appraiser Licensing and Certification BoardTexas Appraiser Licensing and Certification BoardTexas Appraiser Licensing and Certification BoardTexas Appraiser Licensing and Certification Board P.O. Box 12188 Austin, Texas 78711-2188 Certified General Real Estate Appraiser Having provided satisfactory evidence of the qualifications required by the Texas Appraiser Licensing and Certification Act, Texas Occupations Code, Chapter 1103, is authorized to use this title, Certified General Real Estate Appraiser. Number: Issued: 1380206 Expires:01/31/2021 DAVID BRENT PITTS 2015 COLLEGE AVE FORT WORTH, TX 76110 Appraiser: 01/28/2019 DAVID BRENT PITTS TX G You may wish to laminate the pocket identification card to preserve it. Inquiry as to the status of this license may be made to: Texas Appraiser Licensing and Certification Board P.O. Box 12188 Austin, Tx 78711-2188 www.talcb.texas.gov (512) 936-3001 Fax:(512) 936-3899 Douglas E. Oldmixon Commissioner The person named on the reverse is licensed by the Texas Appraiser Licensing and Certification Board. Texas Appraiser Licensing and Certification BoardTexas Appraiser Licensing and Certification BoardTexas Appraiser Licensing and Certification BoardTexas Appraiser Licensing and Certification Board P.O. Box 12188 Austin, Texas 78711-2188 Certified General Real Estate Appraiser Having provided satisfactory evidence of the qualifications required by the Texas Appraiser Licensing and Certification Act, Texas Occupations Code, Chapter 1103, is authorized to use this title, Certified General Real Estate Appraiser. Number#: Issued: Expires: 1380206 01/31/2021 Appraiser: 01/28/2019 DAVID BRENT PITTS TX G Real estate valuations play a pivotal role in today’s business climate. An accurate and well supported opinion of property value can mean the difference between reaching a critical goal—securing a loan, closing a sale, reporting to investors, choosing the best asset—or failing to achieve it altogether. Colliers Valuation & Advisory Services’ reports are designed to deliver insight into a property’s fundamentals, its competition and the overall market dynamics affecting value. A solid valuation report can be a strategic asset for investors, lenders and owners, provided that it addresses both a property’s unique characteristics and the most current market conditions. Commitment to high-end client service, coupled with Colliers International’s unparalleled market intelligence and resources, differentiates us as the firm of choice in the real estate industry. PROFESSIONALS Our professionals share a commitment to deliver the highest level of service and consistent results. We go the extra mile for our clients, whether this means meeting a tight deadline or working with a complex and challenging property. TECHNOLOGY Our unmatched report creation technology speeds appraisals through the pipeline. This secure, centralized production system generates a wide range of reports and high volume portfolio orders without delays. INFORMATION Today’s business climate places valuation in a more pivotal position than ever before. All our appraisals are evaluated and approved by an experienced review team to ensure our clients receive concise and timely appraisals. With clear, prompt reporting and a comprehensive, big picture approach, Colliers International’s Valuation and Advisory reports give our clients the information they need to make better business decisions. VALUATION & ADVISORY SERVICES Colliers International Services Offered Single Asset Valuation Portfolio Valuation Institutional Asset Valuation Loan Pool Valuation Appraisal Review Appraisal Management Lease and Cost Analysis Insurance Valuation Arbitration & Consulting Feasibility Studies Investment Analysis Highest and Best Use Studies Tax Appeals Litigation Support Segregated-Cost Analysis Experience That Counts Office Industrial Retail Multifamily Mixed-Use Properties Senior Housing Land Self-Storage Manufactured Housing Agriculture Net Lease Hospitality Health Care Subdivisions Embassies & Consulates GSA Properties Special Use Properties Telecommunications Colliers International Valuation & Advisory Services ALBUQUERQUEConner Marshall MAISr. Valuation Services DirectorConner.Marshall@colliers.com+1 505 880 7053 AUSTINBrian Biggs CPA, MAIValuation Service DirectorBrian.Biggs@colliers.com+1 512 539 3007 ATLANTALeamon Holliday MAIManaging DirectorLeamon.Holliday@colliers.com+1 404 892 3526 BALTIMORE Zachary Smith MAI Associate Managing DirectorZachary.Smith@colliers.com+1 443 602 8985 BOISEAndrew Boespflug MAISr. Valuation Services DirectorAndrew.Boespflug@colliers.com+1 208 472 2853 BOSTONCorey Gustafson MAIManaging DirectorCorey.Gustafson@colliers.com+1 617 330 8070 BUFFALOJames Murrett MAI, SRAExecutive Managing DirectorJim.Murrett@colliers.com+1 716 312 7790 CHARLOTTEChris Johnson MAI, SRA, ASAManaging Director Christopher.Johnson@colliers.com+1 704 409 2374 CHICAGO Nancy Myers MAIManaging DirectorNancy.Myers@colliers.com+1 312 602 6159 CINCINNATI Steven Hodge MAI Managing DirectorSteven.Hodge@colliers.com+1 513 562 2214 CLEVELANDBruce Nell MAI, AI-GRS, MRICSEMD | National PracticesBruce.Nell@colliers.com+1 614 437 4687 COLUMBUSBruce Nell MAI, AI-GRS, MRICSEMD | National PracticesBruce.Nell@colliers.com+1 614 437 4687 DALLASThomas Bogdon MAI, R/W-AC, MRICSEMD | Southcentral RegionThomas.Bogdon@colliers.com+1 214 217 9338 DENVERJonathan Fletcher MAIManaging DirectorJon.Fletcher@colliers.com+1 303 779 5500 DESTIN Kevin BrantonSenior Valuation SpecialistKevin.Branton@colliers.com+1 904 861 1150 DETROITDavid Abraham MAI, SRAManaging DirectorDavid.Abraham@colliers.com+1 248 226 1872 FAYETTEVILLECurt Smith MAIValuation Services DirectorCurt.Smith@colliers.com+1 479 202 5932 FRESNOJohn Larson MAISr. Valuation Services DirectorJohn.Larson@colliers.com+1 559 221 1271 GRAND RAPIDSWilliam LokerManaging DirectorWilliam.Loker@colliers.com+1 616 988 5843 HAWAIIAN ISLANDSBobby Hastings MAI, MRICSManaging DirectorBobby.Hastings@colliers.com+1 808 200 5603 HOUSTON Chris Stallings MAI, CCIM, MRICS Managing DirectorChris.Stallings@colliers.com+1 713 835 0088 INDIANAPOLIS Nancy Myers MAIManaging DirectorNancy.Myers@colliers.com+1 312 602 6159 IRVINEJohn Park MAISr. Valuation Services DirectorJohn.Park@colliers.com+1 213 532 3249 JACKSONVILLE Patrick Phipps MAIManaging DirectorPatrick.Phipps@colliers.com+1 904 861 1114 KANSAS CITYAlex Hoenig MAIValuation Services DirectorAlex.Hoenig@colliers.com +1 816 419 3561 LAS VEGASEvan Ranes MAI, ASA, R/W-ACManaging DirectorEvan.Ranes@colliers.com+1 702 836 3749 LITTLE ROCKJoshua Smith MAI, MRICSManaging DirectorJoshua.Smith@colliers.com +1 501 219 8546 LOS ANGELES Casey Merrill MAI, ASA, FRICSEMD | Southwest RegionCasey.Merrill@colliers.com+1 213 417 3315 MIAMI Ralph Peña, III MAIManaging Director Ralph.Pena@colliers.com+1 786 517 4855 MILWAUKEE Ryan Sikorski MAI, CFAValuation Services DirectorRyan.Sikorski@colliers.com+1 414 727 9800 MINNEAPOLIS Karen Dabek MAISr. Valuation Services DirectorKaren.Dabek@colliers.com+1 312 602 6158 NASHVILLE Patrick Gibson MAI, CCIMManaging DirectorPatrick.Gibson@colliers.com+1 615 610 4728 NEW ORLEANS Jason Lindsey MAIValuation Services DirectorJason.Lindsey@colliers.com+1 504 717 1926 NEW YORKTony O’Sullivan MAI, MRICSManaging DirectorTony.OSullivan@colliers.com+1 212 207 8057 NEW YORK (UPSTATE) Anthony Palma MRICSSr. Valuation Services DirectorAnthony.Palma@colliers.com +1 518 788 8108 ONTARIOCasey Merrill MAI, ASA, FRICSEMD | Southwest RegionCasey.Merrill@colliers.com+1 213 417 3315 ORLANDOPJ Cusmano MAI, MRICSEMD | Florida RegionPJ.Cusmano@colliers.com+1 813 229 1599 PHILADELPHIAAlbert Crosby MAIAssociate Managing DirectorAlbert.Crosby@colliers.com+1 215 928 7526 PHOENIXMichael Brown Associate Managing DirectorMichael.Brown@colliers.com+1 602 222 5166 PITTSBURGHBruce Nell MAI, AI-GRS, MRICSEMD | National PracticesBruce.Nell@colliers.com+1 614 437 4687 PORTLAND/VANCOUVERJeremy Snow MAIManaging DirectorJeremy.Snow@colliers.com+1 503 542 5409 RALEIGHChris Johnson MAI, SRA, ASAManaging Director Christopher.Johnson@colliers.com+1 704 409 2374 RENOJeffrey Shouse MAI, CREEMD | National PracticesJeff.Shouse@colliers.com+1 916 724 5531 RICHMONDMichael Miller MAI, FRICSEMD | Mid-Atlantic RegionMichael.G.Miller@colliers.com+1 804 289 2168 SACRAMENTOJeffrey Shouse MAI, CREEMD | National PracticesJeff.Shouse@colliers.com+1 916 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LOUISJeremy R. Walling MAI, MRICSExecutive Vice PresidentJeremy.Walling@colliers.com+1 312 371 4920 TAMPAPJ Cusmano MAI, MRICSEMD | Florida RegionPJ.Cusmano@colliers.com+1 813 229 1599 WASHINGTON DC David Wilk CRE, MAI, FRICSManaging DirectorDavid.Wilk@colliers.com+1 202 534 3603 NATIONAL CLIENT SERVICESJerry P. Gisclair MAI, MRICSEMD | National Client ServicesJerry.Gisclair@colliers.com+1 813 871 8531 John Jordan MAIMD | Multifamily Client ServicesJohn.Jordan@colliers.com+1 214 217 9328 NATIONAL OPERATIONSMorgan Turnbow MAI, MRICSEMD | National OperationsMorgan.Turnbow@colliers.com+1 212 355 1029 US LEADERSHIPJeremy R. Walling MAI, MRICSExecutive Vice PresidentJeremy.Walling@colliers.com+1 312 371 4920 AMERICAS LEADERSHIPEduardo Alegre MAI, MRICSPresident | AmericasEd.Alegre@colliers.com+1 714 496 9400 Updated August 2019 colliers.com/valuationadvisory VALUATION & ADVISORY KEY CONTACTS & OFFICES Accelerating success.