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IDENTIFICATION OF THE SUBJECT PROPERTY <br /> Property Name: Former Shell Gas Station/Retail Property <br /> Location: The subject property is located at 6401 Highway 10, Ramsey, Anoka <br /> County, MN 55303 <br /> Legal Description: Lot 2, Block 1, Sunfish Commons, Subject to Easement of Record <br /> Assessor's Parcel 34-32-25-14-0027 <br /> Number: <br /> OWNERSHIP AND HISTORY OF THE SUBJECT PROPERTY <br /> Current Ownership: Series Sunfish of Athans Holdings LLC <br /> Occupancy of the Overall, the subject is currently vacant. <br /> Subject Property: <br /> History of the Subject Per county records, there have been no recorded sales or transfers of <br /> Property: the subject property within the past three years. <br /> According to our research, the subject was sold and developed in <br /> 2002. We were able to obtain a Certificate of Real Estate Value(CREV) <br /> for the land sale of the subject which was dated 10/28/2002, and had <br /> a sale price of $450,000, or $6.25 per SF of land area. We note that <br /> this sale occurred prior to the change in access to the subject along <br /> both Highway 10 and Sunfish Lake Boulevard. <br /> Subsequent to this sale, the subject was developed with the gas <br /> station/restaurant use in 2003. <br /> There was one additional sale we were able to identify in our <br /> research. The property sold on 12/10/2008 for $1,558,514, or <br /> $173.21 per SF of Gross Building Area (GBA)/Net Rentable Area (NRA). <br /> According to the CREV, this appears to be a sale/leaseback situation <br /> where the seller leased the property back for a reported 60 month <br /> term after the sale. It was also reported that this sale was directly <br /> negotiated by the parties involved, and that an appraisal had been <br /> completed at the time, with an indicated value of$1,400,000. <br /> 241 Page <br />