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SUMMARY OF COMPARABLE IMPROVED SALES
<br /> Acres; %Occ.; Sale Price;
<br /> Name GBA(SF); Yr Built; LTB Ratio; Grantor; NOI/SF; Sale Date; $per SF of
<br /> # Address NRA(SF) #Stories Condition Pkg Ratio Grantee Cap Rate Prop.Rights NRA
<br /> 1 Ham Lake Retail Center 17,144 1998 Average 2.35 BankCherokee NAV $1,160,000 $67.66
<br /> 16210-16230 Aberdeen Street NE 17,144 1 5.97 HTP LLC $6.77 Jan-14
<br /> Ham Lake,MN 55304 2.04 10.00% Leased Fee
<br /> Comments: This is a sale of a multi-tenant retail center in Ham Lake,MN. The property was on the market for one year,with an initial asking
<br /> price of the property was$1,200,000.The transaction was in escrow for approximately 60 days. This sale had no reported sale
<br /> conditions. The sale was verified with the seller broker and with seller.
<br /> 2 Boulevard Center 20,120 1965 Average 2.22 Kraus-Anderson Realty Company 100% $2,285,000 $113.57
<br /> 6211-6225 Brooklyn Blvd 20,120 1 4.81 RP Mallery Group,LLC $11.32 Aug-13
<br /> Brooklyn Center,MN 55429 8.15 9.97% Leased Fee
<br /> Comments: The 20,120 square foot retail center sold for$2,285,000 or$113.57 per square foot. The center is fully leased with a cap rate
<br /> near 10%. 70%of tenants have lease terms of longer than 5 years. Details were confirmed by parties on both sides of the
<br /> transaction as well as through county documents.
<br /> 3 Albertville Plaza 11,688 2001 Average 2.41 Albertville Plaza,LLC 100% $1,100,000 $94.11
<br /> 11011 61st Street NE 11,688 1 8.98 Excelsior Property,LLC $8.00 Aug-16
<br /> Albertville,MN 55301 3.42 8.50% Leased Fee
<br /> Comments: This is a sale of a multi-tenant retail center in Albertville,MN. The property was reportedly 100%occupied by 5 tenants at the
<br /> time of sale,and sold for an 8.50%cap rate on in-place NOL Tenants were local-credit quality.
<br /> 4 Family Dollar/O'Reilly's 14,000 2004 Average 0.58 Charles Crotty 100% $1,680,000 $120.00
<br /> 180 Jefferson Boulevard 14,000 1 1.80 Big Lake Center,LLC $9.30 Jun-15
<br /> Big Lake,MN 55309 2.14 7.75% Leased Fee
<br /> Comments: This is a sale of a two-tenant net leased property. The two tenants are Family Dollar and O'Reilly's Auto Parts.
<br /> 5 Jefferson Plaza 17,927 2002 Average 1.91 Jefferson Properties,LLC 79% $2,600,000 $145.03
<br /> 8501-8511 Jefferson Lane N 17,927 1 4.64 Jefferson Plaza Partners,LLC $12.10 Dec-15
<br /> Brooklyn Park,MN 55445 4.24 8.34% Leased Fee
<br /> Comments: This is a sale of a multi-tenant retail center in Brooklyn Park. Reported occupancy was just under 80%,and the reported cap rate
<br /> was 8.34%. The tenants were mostly local credit quality.
<br /> STATISTICS
<br /> NRA Year Built Parking Ratio LTB Ratio Sale Date Cap Rate Sale Price $per SF of NRA
<br /> Low 11,688 1965 2.04 1.80 Aug-13 7.75% $1,100,000 $67.66
<br /> High 20,120 2004 8.15 8.98 Aug-16 10.00% $2,600,000 $145.03
<br /> Average 16,176 1994 4.00 5.24 Feb-15 8.91% $1,765,000 $108.08
<br /> Median 17,144 2001 3.42 4.81 Jun-15 8.50% $1,680,000 $113.57
<br /> SUBJECT
<br /> Former Shell Gas Station/Retail Property 8,998 2003 Above Average 8.00
<br /> 6401 Highway 10 3.33
<br /> Ramsey,MN 55303
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