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7. 2060 Monument Boulevard, Pleasant Hill <br />This transaction is more than two years old. The site is 13,677 SF and sold for $19.74 <br />per SF. It is located directly next to an off-ramp on Interstate 680. Based on its size and <br />accessibility, we will discount it in our comparison for the reuse valuation. <br />8. Garrity Way, E of Blume Dr, Richmond <br />This transaction is more than three years old. The site is 589,541 SF and sold for $7.24 <br />per SF. The site is located in a regional retail/auto sales center within one half mile of <br />Interstate 80. There were no utilities on the site. While taking its age and condition into <br />account, this transaction is useful in our analysis for the reuse valuation. <br />9. 680 E EI Camino Real, Sunnyvale <br />This transaction is a little over two years old. It pertains to a 136,475 SF site that sold for <br />$11.18 per SF. The site is located on a major thoroughfare, but not very close to a <br />freeway. Additionally, the site was purchased by an existing tenant who wanted to <br />continue an existing automobile sales business. Given this factor, it is difficult to evaluate <br />the transaction's applicability to our reuse valuation. <br />C. Summary <br />There are nine transactions being evaluated as part of this analysis. Unadjusted, they <br />range from a low of $7.24 to a high of $29.13 per SF. The median is $15.72 and the <br />average is $16.40. <br />By adjusting downward the prices for transactions numbered 2, 4 and 7, adjusting <br />upward the price for transaction 8 and removing transaction 9, the estimated land values <br />range from $9 to $16 per SF. The median and average are both approximately $12 per <br />SF. A somewhat higher result is achieved by comparing only transactions 1, 3, and 5, <br />which are the most directly applicable sites to the Yokota property. <br />Based on this analysis, a reasonable reuse value for the Site is $12.50 per square foot, <br />when the land is restricted from more general commercial use to an automobile <br />dealership and when taking into account the accessibility and visibility of the site. <br />D. Reuse Value <br />The reuse land value is based on comparisons and analysis of land sale transactions <br />versus the proposed Project. The fair reuse value is the maximum land price <br />supportable by the project economics given the conditions and restrictions imposed by <br />Conley Consulting Group Page 17 of 22 <br />9-9 Bartarse Reuse 10300.006 v5 September, 2001 <br />