Agenda - Council - 04/11/2017 - Laserfiche WebLink

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Analysis of Comparable Rents The following table summarizes rental activity for comparable space in competing buildings in the market. SUMMARY OF RENT COMPARABLES Lease Start; Taxes per SF; Name NRA(SF); Lease Type; Initial Rent/SF; CAM per SF; TI's per SF; # Address Year Built; Tenant Name Term(Months) Months Free Total per SF Rent Escalations 1 Sunfish Commons Retail Center <5,000 Award Staffing 9/1/2016 $9.00-9.25 NAV $0.00 6415 Highway 10 2001 Net 0 NAV NAV Ramsey,MN 55303 NAV $6.00 Comments: We were not provided with all of the details regarding this lease. However,the broker stated that theyjust signed Award Staffing at$9-9.25 per SF on a net basis,with no TI's and no free rent. This is located across the parking lot from the subject. The broker also stated that total taxes and CAM reimbursements were"sub $6.00/SF". 2 Sunfish Commons Retail Center 27,736 Asking Rent Asking Rent $11.00-$13.00 NAV NAV 6415 Highway 10 2001 Net NAV NAV NAV Ramsey,MN 55303 NAV $6.00 Comments: The listing broker stated that this is the asking rent range for this property,subject to different TI and free rent allowances. This is located across the parking lot from the subject. The broker also stated that total taxes and CAM reimbursements were"sub$6.00/SF". 3 Confidential 1,557 Confidential Effective 2015 $16.00 $0.00 NAV Confidential 2006 Net NAV $0.00 NAV Coon Rapids,MN NAV $8.67 Comments: Multi-tenant retail center adjacent to a large retailer. Typical market-level rent steps. 4 Confidential 1,500 Confidential 11/15/2015 $16.45 $3.25 $13.33 Confidential 2004 Net 0 $3.56 2%annual Monticello,MN 60 $6.81 Comments: Multi-tenant retail center on Highway 25 in Monticello. 5 Riverview Plaza Retail 6,700 Asking Rent Asking Rent $14.00 $2.93 NAV 2830 Cutters Grove Avenue 2005 Net NAV NAV NAV Ramsey,MN 55303 NAV NAV Comments: This is the asking rent for first generation space in a retail building south of Highway 10 on Cutters Grove Avenue. Space is vanilla shell,and would require TI allowance to finish the space. 6 Ramsey Commons 4,372 Asking Rent Asking Rent $14.00-$16.00 $4.10 NAV 8035 Riverdale Drive NW 2009 Net NAV $5.70 NAV Ramsey, MN 55303 NAV $9.80 Comments: Asking rent for a US Bank-anchored strip center across Highway 10 from the Coborn's-anchored development Northstar Marketplace and from the COR Development. 7 Coon Rapids Marketplace 7,132 Asking Rent Asking Rent $15.00 NAV NAV 11650 Round Lake Boulevard NV 2007 Net NAV NAV NAV Coon Rapids,MN 55433 NAV $9.56 Comments: Asking rent for retail/office space in Coon Rapids. STATISTICS Total Taxes& NRA(SF) Lease Start Date Initial Rent/SF CAM TI's per SF Low 1,500 Nov-15 $9.00 $6.00 $0.00 High 27,736 Sep-16 $16.45 $9.80 $13.33 Average 8,166 Apr-16 $13.19 $7.81 $6.67 Median 5,536 Apr-16 $14.00 $7.74 $6.67 95 1