RDA Reso 2001-012 - Laserfiche WebLink

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3. 559 Marina Boulevard, San Leandro This transaction is a little more than one year old. The parcel was purchased by Anthony Batarse, who is the Developer of the Site, which is the subject of this reuse valuation, and is adjacent to the Yokota property. It will be developed as part of the proposed DDA. It is a small parcel, purchased for assembly and accessibility purposes. Its proximity make it is useful comparison sale, though its size and assembly purpose would lead us to discount its usefulness to some degree. The sales price was $15.72 per SF. 4. Fremont Boulevard, N of Warren, Fremont This transaction is three years old. The site is 830,689 SF and sold for $23 per SF. Despite its large size a stated condition of the sale was for assemblage purposes. This is a significantly larger site than our subject property and is located directly on Interstate 880 at an off-ramp in an area of industrial development. Additionally, industrial land prices in Fremont were increasing at a rapid pace in 1998 due to speculation and scare developable land in adjacent Santa Clara County. For these reasons, we will discount this transaction to our reuse valuation of the Yokota property. 5. Mission Boulevard, N of Berry Avenue, Hayward This transaction is the most recent of those considered in our reuse valuation. The parcel is 108,158 SF and sold for $11.67 per SF. Although it is not as accessible as the Site to a major freeway, it is in a high traffic area on Mission Boulevard. This transaction is a useful comparison in our reuse valuation. 6. 846 Marina Boulevard, San Leandro This transaction is a little over one year old. It pertains to a 12,014 SF parcel at the corner of Alvarado and Marina, not far from the Yokota property. This property was the subject of a resolution of necessity to acquire the property through eminent domain by the Agency. After the resolution's adoption, a private party purchased the property for $29.13 per SF. The Agency initially moved forward with its eminent domain action, but it was recently abandoned. During the Agency's eminent domain action, it was determined that the price paid was inflated and it was uneconomic to develop that site alone at that price. Based on this history, and on the small size of the parcel, we will discount this transaction for analysis in the reuse valuation. Conley Consulting Group Page 16 of 22 9-9 Bartarse Reuse 10300.006 v5 September, 2001