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required a significant build-out. Regardless, this comparable provides direct market support for <br /> the methodology employed in our lease up and construction cost deductions to arrive at the "as- <br /> completed" and "as-is" market value conclusions. We further note that this property is <br /> technically outside of the specifically identified properties that are subject to the future Highway <br /> 10 transportation system improvement project. <br /> 2830 Cutters Grove Avenue, Anoka, MN <br /> This 14,104 SF commercial/retail building, <br /> built in 2005, sold on 7/31/2013 for <br /> $900,000, or $63.81 per SF. The property <br /> was vacant and in vanilla shell condition at <br /> the time of sale, and was purchased for the <br /> partial conversion (estimated 20% of GBA) <br /> to a medical office use (buyer is a retinal - <br /> surgeon) and then leasing out the remaining <br /> portion to third party tenants. The property <br /> was lender-owned at the time, but had been - <br /> actively marketed for 1,274 days (3.5 years). There were no unusual sale conditions reported. <br /> This property is considered to be overall similar to the subject in that while it has inferior visibility <br /> (particularly from Highway 10), it has superior access. We were unable to obtain the exact <br /> renovation costs. Regardless, this comparable provides direct market support for the <br /> methodology employed in our lease up and construction cost deductions to arrive at the "as- <br /> completed" and "as-is" market value conclusions. We further note that this property is located <br /> south of Highway 10 on Cutters Grove Avenue, south of the Kwik Trip station on the southeast <br /> corner of Highway 10 and Cutters Grove, and appears to fall outside of the range of those <br /> properties affected by the future Highway 10 transportation system improvement project. <br /> 911 <br />