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Home My WebLink About20082076.tiff RESOLUTION RE: THE BOARD OF EQUALIZATION, 2008, WELD COUNTY, COLORADO - ADJUST VALUE IN PART PETITION OF: METAL SALES MANUFACTURING CORP 545 S 3RD ST STE 200 LOUISVILLE, KY 40202 DESCRIPTION OF PROPERTY: ACCOUNT#: R4573406 PARCEL#: 131326201007- FRE FWBCRA L1A BLK1 FREDERICK WEST BUSINESS CENTER RPLT A EXC W1.68AC HWY ALSO EXC BEG NW COR SEC SOD07'E 29.66' N89D53'E 50 N89D29'E 172.65' S20D46'W 218.73'TO TPOB TH S03D56'W 113.08' NOD02'W 92.13'TH N20D16'E 22.13'TO TPOB SITUS: 7990 E 1-25 WHEREAS, the Board of County Commissioners of Weld County, Colorado, convened as the Board of Equalization for the purpose of adjusting, equalizing, raising or lowering the assessment and valuation of real and personal property within Weld County, fixed and made by the County Assessor for the year 2008, and WHEREAS, said petition has been heard before the County Assessor and due Notice of Determination thereon has been given to the taxpayer(s), and WHEREAS, the taxpayer(s) presented a petition of appeal of the County Assessor's valuation for the year 2008, claiming that the property described in such petition was assessed too high, as more specifically stated in said petition, and WHEREAS, said petitioner was represented by Joe Lanzone, Ducharme McMillen and ASsociates, Inc., 20830 North Tatum Boulevard, Suite 240, Phoenix, Arizona 85050, and WHEREAS,the Board has made its findings on the evidence,testimony and remonstrances and is now fully informed. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, acting as the Board of Equalization, that the evidence presented at the hearing supported, in part, the value placed upon the property by the petitioner. The assessment and valuation of the Weld County Assessor shall be, and hereby is, adjusted as follows: ACTUAL VALUE AS DETERMINED ADJUSTED BY ASSESSOR ACTUAL VALUE Land $ 863,110 $ 863,110 Improvements OR Personal Property 3,682,252 3,616,190 TOTAL $ 4,545,362 $ 4,479,300 2008-2076 AS0070 e.' /QS C4 Pcr a2.0 g--g—de? RE: BOE - METAL SALES MANUFACTURING CORP Page 2 BE IT FURTHER RESOLVED that a denial of a petition, in whole or in part, by the Board of Equalization may be appealed by selecting one of the following three options; however, said appeal must be filed within thirty(30) days of this resolution: 1. Board of Assessment Appeals: You have the right to appeal the County Board of Equalization's(CBOE's)decision to the Board of Assessment Appeals (BAA). Such hearing is the final hearing at which testimony, exhibits, or any other evidence may be introduced. If the decision of the BAA is further appealed to the Court of Appeals, only the record created at the BAA hearing shall be the basis for the Court's decision. No new evidence can be introduced at the Court of Appeals. (Section 39-8-108(10), C.R.S.) Appeals to the BAA must be made on forms furnished by the BAA, and such appeals should be mailed or delivered within thirty (30) days of denial by the CBOE to: Board of Assessment Appeals 1313 Sherman Street, Room 315 Denver, CO 80203 Phone: (303) 866-5880 Fees: A taxpayer representing himself is not charged for the first two appeals to the Board of Assessment Appeals; however, a taxpayer being represented by an agent or an attorney must submit a fee of$101.25 per appeal. OR 2. District Court: You have the right to appeal the CBOE's decision to the District Court of the county wherein your property is located. New testimony, exhibits or any other evidence may be introduced at the District Court hearing. For filing requirements, please contact your attorney or the Clerk of the District Court. Further appeal of the District Court's decision is made to the Court of Appeals fora review of the record. (Section 39-8-108(1), C.R.S.) OR 3. Binding Arbitration: You have the right to submit your case to arbitration. If you choose this option the arbitrator's decision is final and your right to appeal your current valuation ends. (Section 39-8-108.5, C.R.S.) Selecting the Arbitrator: In order to pursue arbitration, you must notify the CBOE of your intent. You and the CBOE select an arbitrator from the official list of qualified people. If you cannot agree on an arbitrator, the District Court of the county in which the property is located will make the selection. 2008-2076 AS0070 RE: BOE - METAL SALES MANUFACTURING CORP Page 3 Arbitration Hearing Procedure: Arbitration hearings are held within sixty days from the date the arbitrator is selected. Both you and the CBOE are entitled to participate. The hearings are informal. The arbitrator has the authority to issue subpoenas for witnesses, books, records, documents and other evidence. He also has the power to administer oaths, and all questions of law and fact shall be determined by him. The arbitration hearing may be confidential and closed to the public, upon mutual agreement. The arbitrator's written decision must be delivered to both parties personally or by registered mail within ten (10) days of the hearing. Such decision is final and not subject to review. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by you and the CBOE. In the case of residential real property, such fees and expenses cannot exceed$150.00 per case. The arbitrator's fees and expenses, not including counsel fees, are to be paid as provided in the decision. The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 31st day of July, A.D., 2008. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO ATTEST: 444/1 by--i 1S6! ;1ys William H. Jerke, Chair Weld County Clerk to th;:o- _r'` tfrgr A EXCUSED Robert D. Masd Pro-Tem BY: ,ti// �. ►�+.!•:.:.a/ (9 //(1 Deputy Clerk tv he Board liam F. Garcia APPROVED AS TO FORM: EXCUSED David E. Long e4/4 Sett a cal �, , Ass nt C my Attorney 16.& Dougla ademac r Date of signature: ��/19/ 2008-2076 AS0070 Weld County CHRISTOPHER WOODRUFF COUNTY ASSESSOR BRENDA DONES, DEPUTY ASSESSOR VALUATION REPORT OF COMMERCIAL PROPERTY FOR County Board of Equalization METAL SALES MANUFACTURING CORP PETITIONER VS. WELD COUNTY ASSESSOR'S OFFICE RESPONDENT Parcel Number: 1313-26-2-01-007 Schedule Number: R4573406 Log Number: 5 Date: 07/31/2008 Time: 11:15 AM Board: CBOE PREPARED BY WADE J. MEL/ES 1/ ,c P7/ 29 July 2008 Signature Date ASSESSOR'S OFFICE STAFF APPRAISER ASSESSOR'S VALUE Improvements $3,682,252 Land $ 863,110 Total: $4,545,362 CBOE_COMM_010998 Page 1 SALIENT FACTS AND CONCLUSIONS Purpose of Appraisal To determine Market Value as of 1/1/08 based on an appraisal date of 6/30/06. Property Rights Appraised Unencumbered fee simple interest. Location 7990 E 1-25 FRONTAGE RD FREDERICK, CO Land Area 719,258 Square Feet Zoning I Industrial District Property Type Commercial Industrial Light Manufacturing Office Building Year Built 1997 Quality Average Class Metal Frame Number of Stories 1 Improvement Sq. Ft. 106,650 Value Indications: Land $ 863,110 Cost Approach $4,806,754 Market Approach $4,479,300 Assessor's Value $4,545,362 CBOE_COMM_010 Pag SUBJECT NEIGHBORHOOD The subject property is located in Southwest Weld County on the east side of 1-25 at County Road 18 in the town of Frederick between Highway 119 and Highway 52 . The subject is located in the Frederick West Business Park which is an industrial park in transition . The subject and Peak Industries were some of the first occupants in the park. Since then , Carbon Valley Academy Schools and Transwest Trucks have built in the business park. Carbon Vallc Academy Schools has a new building under construction . Adjacent north is the Raspberry Business Park which has been developed with a Lexus and Toyota Auto Dealerships. SUBJECT PHOTOGRAPHS ;r :. 07 / 23 Ii . �.- . - Front view looking northeast a crossed East 1-25 Frontage Road .» •� '711r4 Tpwar • +fir- --+ - - _ .. „y•T . . rte. -��M.. - vira • 4- Xirg4 • -•rr may. , } �[ 1 '++�+� z,^ CytL i• '_ %t • •r-4;04601v ,": .� .� ` `z a J f:Y n 3 i• se• 07 / 23 / 2008 Rear view looking southwest a crossed County Road 18 CBOE COMM 0109 Page Aerial View 4 .<' . R 010 0091 001 , 1 009 \ ,027 `p -r., n�: _• 024 023 . sr� ,: ; e. rt Y .. 25 S oc,... r•iy r«-r► " � rt�� 1r 'csrc•aei4°.n• s�!`i�At:3t' Cf� . ;'. 1 ,t. ,:>c _ _ d1 -SR . wt' - . , .t•- 'e - L nw��..r.r� .ou.rr.uwr.a�w.s��e+gym. • 25 .., - r °°• Y t - • t r I i ally; ' .. 001 0� • it ir 00 Staging Ch : 7 - 0°r , . 1 it.,::: t • - ,r �j J e 4 / a' 004 • ` - �. _ .j g --_--•-___- Fir* s: a • i }} . > i ceV Mi : �' r .,` mo , I :rT" , •-r4S.t µ••ill. t-r• .I J •e$ , INS•- w jn �';`►' i i • 4 { T - 0 006 005 r _. ;,`• .1 1 ! -.. moo' ' 4. K err ( - t • _ i r w S, Rap - N :J4 5a ..>9.11 r �c , '••< .`'r P t. a, ., t v >r�il{L •4J J JJ.� SUBJECT DESCRIPTION The subject is a 106 ,650 square foot building which is made up 10, 500 square feet of office and 96 , 150 square feet of warehouse . The building has a metal frame, was built in 1997, and has an overall effective age of 1999 . The office area is mostly open bull pen area with complete climate control . The warehouse has 26 foot sidewall height, a structural crane system that runs the length of the building along the eastern half, and is heated with space an( radiant heat. The building is used to manufacture metal roof and wall panels for building construction . The subject's lot has 719 ,258 square feet or 16. 51 acres. The lot is used for outside storage, staging on semi-trailer if finished products, and a detention pond . CBOE COMM 0109C Page COST APPROACH LAND VALUE Sales utilized to establish the value in the subject neighborhood are from 2005 and the first six months of 2006 for the 2008 assessment date. The comparative sales approach is the most reliable method of land valuation . Pursuant to 39-104-( 10 .2) (c) C. R. S . , the Assessor may utilize sales fron July 2001 through June of 2006 to establish the proper value, if sufficient information is not available in the prior 18 months. Also, comparables outside the subject property area may be used . The Well County Assessor has an established ongoing sales confirmation and validation program for property transactions used in developing value. The land size of the subject is 719,258 square feet. I subject lot is location on the east side of East 1-25 Frontage Road at the corner of the major arterial County Road 18 . The subject has very high visibility from 1-25 . The subject's lot is very large, creating a high land to building ratio 6. 75 : 1 . Typical land to building ratios are 1 to 3: 1 . However the subject's use dictates the need for a higher land to building ratio . A large portion of the lot is used for outside storage and staging of loaded serr trailers of finished product. Locate on the subject lot is a water detention pond that is required due ft- large building size. As a result of Value in Use the subject's lot is thought to have no Excess Land and valued as a single complete unit of land . The following are land sales in the subject area ; Parcel Number Sale Date Sale Price Land Size Per S. F. Zoning Comparable 1 131323301001 5/18/05 2 ,039 , 100 361 ,005 5 .65 Business Light Indust PUD Comparable 2 131323301006 1 /5/06 2 ,376 ,300 396,047 6 .00 Business Light Indust PUD Comparable 3 131314308006 2/24/06 1 ,209 ,800 542 ,969 2 .23 Industrial PUD Comparable 4 131314003001 11 /23/05 2 , 315 , 300 791 ,920 2 . 92 Industrial ** 007,004,008,007 **Note; Comparable 4 is an assemblage of 5 lots in Bear Industrial Business Park Comparables 1 and 2 are in the adjacent north business park, Raspberry Hill . Both lots are similar tc the subject in 1-25 visibility, corner lots, and accessibility. Both lots are much smaller in size and wer development as auto dealerships. Comparable 3 is located approximately 1 . 5 miles north of the subject and has limited 1-25 visibility. The property has similar access and is smaller than the subject. Comparable 3 was developed with very large distribution warehouse . Comparable 4 is located approximately 1 mile north of the subject in Bear Industrial Park. Comparable 4 is an assemblage of 5 lots purchased at the same time. Some lots have 1-25 visibility and all remain vacant. CBOE_COMM 010 Pag Land Sales Map :. : t . . c . . . . : • f �. 4, r7 40a Comp: 3 2 S ? .- rre3 . . ..,bA., LAzA Ft i_ k?� - -ii g i #.• • •w- :. Comp : T .. : :• . . . .- t+.€ . _ - _ • - . . ai s to f-I': I :: -is is tai i • .\,. : : Comp 1 '1Yf . - r • . .Jt • : . . t4 .Subj1tt` : : : - - - - - . : a _ Piap Winter• 40- r ar . I-I 5113* 41 'M All comparables are located near the subject and two have very similar visibility. Adjusting for size, visibility, and use, the comparables support the Assessor's value at $ 1 . 20 per square foot or; ASSESSOR'S SUBJECT LAND VALUE $863, 110 CBOE_COMM_01 C Pac Cost Calculation PARCEL NUMBER 131326201007 PROPERTY OWNER Metal Sales Manufacturing Corp ADRESS 7990 E 1-25 Frontage Road CITY, STATE, ZIP Frederick, CO 80530 DATE OF SURVEY 06/30/04 OCCUPANCY: Office Building NUMBER OF STORIES 1 FLOOR AREA (SQ. FT.) 10,500 AVERAGE STORY HEIGHT 12 CLASS: S YEAR BUILT 1997 COST RANK Avg EFFECTIVE AGE 1999 HEATING AND COOLING Warm & Cool Air Zone ESTIMATED LIFE 45 Marshall Valuation Service Section 15 Page 17 OCCUPANCY: Storage Warehouse NUMBER OF STORIES 1 FLOOR AREA (SQ. FT.) 96,150 AVERAGE STORY HEIGHT 26 CLASS: S YEAR BUILT 1997 COST RANK Avg EFFECTIVE AGE 1999 HEATING AND COOLING space heat ESTIMATED LIFE 40 Marshall Valuation Service Section 14 Page 14 RCN BASIC STRUCTURE COS1 UNITS COST TOTAL Office 10,500 60.56 $635,880 (.952 perimeter, 1.02 local, & 1.00 height) Warehouse 96,150 36.40 $3,499,860 (.891 perimeter, 1.02 local, & 1.281 height) EXTRAS: Fencing 704 LF $11,827 Craneway Rail (Structual) 1,196 LF $147,108 Loading Docks and Retaining Wa 1,690 Sq Ft $20,195 Concrete Slab 86,800 Sq Ft $297,040 TOTAL RCN $4,611,910 LESS DEPRECIATION 14% $668,266 DEPRECIATED COST $3,943,644 ADD IN LAND VALUE $863,110 TOTAL VALUE $4,806,754 $45.07 psf CBOE_COMM_0109 Page COST APPROACH SUMMARY The Assessor is currently using Marshall and Swift cost tables for the cost approach of commercial properties in Weld County, which has been approved by the Division of Property Taxation to be utilized by Colorado Assessors. The structure has been classified properly utilizing the Marshall and Swift Valuation service and an appropriate value assigned. A land value has likewise been established through the utilization of vacant land sales of comparable properties. Improvement Value $3,943,644 Land Value $ 863,110 TOTAL VALUE BY THE COST APPROACH $4,806,754 CBOE_COMM_010998 Page 8 MARKET APPROACH SUMMARY Real Property for the tax year 2008 must be valued utilizing data for the period one and one-half years immediately prior to July 1, 2006. If comparable valuation data is not available from such one and one-half year period to adequately determine the level of value for a class of property, pursuant to 39-1-104 (10.2)(c) C.R.S, the Assessor may utilize sales five years prior to July 1, 2006 to establish the proper value. The Assessor has appropriately considered the Market Approach to value for the property on appeal. The Sales Comparison Approach was considered in developing a market value for the Subject. Three comparable buildings sales were found within approximately 2 miles of the subject. These sales were used to establish a market value for the tax year 2008 and occurred from November 1, 2003 through June 30, 2006. All sales have been confirmed and verified through transfer declarations as well as interviews with buyers, sellers or their representatives to the sale. All sales used are arm's length transactions, and considered to be the most comparable properties sold in relationship to the Subject property. Based upon investigation and analysis, it is the opinion of the appraisers that the value of$42 per square foot accurately reflects the market value of the subject property. VALUE As INDICATED BY THE MARKET APPROACH $4,479,300 COMPARABLE SALES Parcel# ADDRESS Grantor/ Date of Sale Square Price Grantee Sale Price Foot Per Subject 131326201007 7990 E I-25 N/A N/A N/A 106,650 Frontage Rd 1 131314301001 4001 Salazar Wy SNKTW LLC/ 1/11/06 $9,200,000 189,776 $48.47 Fist Industrial LP 2 131314200078 9586 E I-25 9586 I-25 Frontage/ 11/28/05 $7,350,000 126,245 $58.22 Frontage Rd Applied Films Corp 3 131314000003 4076 Specialty P1 Dovatron Int'l Inc/ 11/12/03 $3,500,000 87,231 $40.12 HCF LLC CBOE_COMM 010998 Page 9 Comparable Sales Map v •A:' '' 1;\ a ) )`" {. CS? :�.h, th ', . iY 1' ` ..d . , ..�rd .. . •fr C 0 I O R -. A , D 0 A - , ! _,�,- , . Ivy-- - •\ 5 -:- .tt 4-: 4.4; 1,...,..,,,r.' ; SI' •. 1 87 "r .. . -•7"77 • 1 bss „F.P. , ..., ii„, ge. 4... • . , . :A, 4,,.. 1 , _ _ .p.. • • 1 4 4 . 4 CS .j 1 1 I .-. . 1 .• 3 St : L.: 1 r-, .‘i , , , is 4 lirkie : 4 ,. 1 j Sl• ' F' ; 41fG .1 -A 1 .1 s .i +� t ipe t•. &bra 'k �+� . 0 , . y �s ` _ f t at i. r 41 7- ,i _( , I'I •b. . t' i , t_. glif- . , • ►'1.•l.VV! , .. 1 i — `%. f7t- 1 is MS .' R - di;,a, ' ., S� • ' `i L 1 , p isal _ , , si • r r:, s % k, >Ili ja i - i I . 7 Hi . i . , t itFicr,;, A ;setup -:-. .4 ea clity -14#:-. .... .. -. iss. . • , r , - .. . , . • . ..., 4 t- /I° 1 Ilk yeafb(jr;h tli. "n ' a frIVI;aqi#114 t. CI"IF 7: -4 4 ' 4.g t AV a c • jag, t a - • • lei •P i ‘‘) ty iit : • i es ' pp ti . , '' ..y t• `` r .d • j r I1� 11 a 7r . ' ea t d M . . Ara— itt,J n 1 .104 friti; MI itS. _ _ _ " :-.17. . er:s...111p .. igaidiars-A: -) I 44—gail' IlArill'w:i iv rotim4 • ....„,1 es; aw rig-=_—_, ...a... 4, . . , . . : ,- .,, ,, i , . , e. 1/4 . , 8177 . . nue ticesoft &pews • - - 1-i ' • a .a i 4 r tr:s.!. � r r 4 ,0 Sales Adjustment Table Description Comp 1 Comp 2 Comp 3 Sale Date ++ Size ++ Const. Type -- -- -- Adjusted Sale Price $43.62 $49 .48 $40. 12 The sale comparables presented develop a range of $40 to $58 (rounded ) per square foot. The comparables are adjusted for differences as compared to the subject. Adjustments for sale date , size, and construction type are thought to be appropriate . After adjustments the comparable sales develop a range of $40 to $49 (rounded ) per square foot. The lower end of the range is thought to indicate market value of the subject property at $42 per square foot. SUBJECT 106 , 650 SQ . FT. TIMES $42 PER SQ . FT. EQUALS $4,479, 300 CBOE_COMM_010S Page Comparable Number 1 458.3' 70 0' m m 0 0 188045.6 S F 0 Office SS --, I .... �. .� 1 r Il ory - air T-- • - - 65 0' 70.0' Truck Wash, 0 OD 523.3' COMPARABLE SALE COUNTY: WELD ACCOUNT NUMBER: R7433398 PARCEL NUMBER: 131314301001 PRIMARY OCC: Distribution Warehouse PERCENT: 90% SECONDARY OCC: Office Building PERCENT: 10% THIRD OCC: PERCENT: ADDRESS: 4001 SALAZAR WAY FREDERICK RECEPT NUMBER: 3355277 SALE DATE: 1/11/2006 GRANTOR: SNKTW LLC UND 62% INT & SALE PRICE: $9,200,000 GRANTEE: FIRST INDUSTRIAL LP ADJ SALE PRICE: $9,200,000 YEAR BUILT: 1999 CLASS: C EFFECTIVE AGE: LAND/BLDG RATIO: 3.01 LAND SIZE (SF): 570,636 LAND VALUE: $770,359 BLDG SIZE (SF): 189,776 IMPS PRICE/SF: $44.41 WALL HEIGHT: 31 ' & 16' SALE PRICE/SF: $48.47 STORIES: 1 INTEREST RATE: BSMNT SIZE: DOWN PYMT: BSMNT FINISH: LOAN TERM (YRS): ZONING: POINTS PAID: QUALITY: Average COMMENTS: Building consists of office, warehouse, truck wash, and scale house. There is a 50 ton scale, dock high, and ground level overhead doors. CBOE_COMM_010 Page Comparable Number 2 *iv lee if 27 8' h h h h - 140.0' rr 152 S' N h 787' - First Floor - L 126140.6SF. ._ ' I 'It , .. • — a ` . 7 __ KM 240'80 1333' 427' t20. 120.0' Q 2408pQ 800' � '1 14. 2000 COMPARABLE SALE COUNTY: WELD ACCOUNT NUMBER: R6926398 PARCEL NUMBER: 131314200078 PRIMARY OCC: Industrial Light Manufacturing PERCENT: 60% SECONDARY OCC: Storage Warehouse PERCENT: 20% THIRD OCC: Office Building PERCENT: 20% ADDRESS: 9586 E 1-25 FRONTAGE RD, LONGMONT RECEPT NUMBER: 3343660 SALE DATE: 11/28/2005 GRANTOR: 9586 I-25 E FRONTAGE ROAD SALE PRICE: $7,350,000 GRANTEE: APPLIED FILMS CORPORATION ADJ SALE PRICE: $7,350,000 YEAR BUILT: 1997 CLASS: C EFFECTIVE AGE: LAND/BLDG RATIO: 2.64 LAND SIZE (SF): 333,670 LAND VALUE: $600,605 BLDG SIZE (SF): 126,245 IMPS PRICE/SF: $53.46 WALL HEIGHT: 20 SALE PRICE/SF: $58.22 STORIES: 1 INTEREST RATE: 0.00% BSMNT SIZE: DOWN PYMT: $0 BSMNT FINISH: 0 LOAN TERM (YRS): ZONING: POINTS PAID: 0 QUALITY: Average COMMENTS: Building was formally Applied Films Corporation which created copied of video tapes and distributed them . CBOE_COMM_010! Page Comparable Number 3 198 50' 144 00' :!s-i Warehouse (Ace Area 86400SF 60o' 97700 SFII Year Budt 2000 Year Buil 200) O J 13 00 UgM industrial Manufacturing Total Bulking Ana 072310sF TO 00" g MACr•- o __ Year But* MI 16100' t4 I t I1 112 00' _.9r t — 18%S0SF - I _ U 200 '0 !Loading Dock 7 es 1000' I 15200' g 10000' COMPARABLE SALE COUNTY: WELD ACCOUNT NUMBER: R0258195 PARCEL NUMBER: 131314000003 PRIMARY OCC: Storage Warehouse PERCENT: 64% SECONDARY OCC: Office Building PERCENT: 36% THIRD OCC: PERCENT: ADDRESS: 4076 SPECIALTY PL Firestone, CO RECEPT NUMBER: 3128267 SALE DATE: 11/12/2003 GRANTOR: DOVATRON INTERNATIONAL INC SALE PRICE: $3,500,000 GRANTEE: NCI' LLC ADJ SALE PRICE: $3,500,000 YEAR BUILT: 1994 CLASS: C EFFECTIVE AGE: LAND/BLDG RATIO: 2.77 LAND SIZE (SF): 241 ,758 LAND VALUE: $435, 164 BLDG SIZE (SF): 87,231 IMPS PRICE/SF: $35. 13 WALL HEIGHT: 20 SALE PRICE/SF: $40. 12 STORIES: l INTEREST RATE: BSMNT SIZE: DOWN PYMT: BSMNT FINISH: LOAN TERM (YRS): ZONING: POINTS PAID: QUALITY: Average COMMENTS: CBOE__COMM_01 Oc Page INCOME APPROACH To VALUE The subject is owner occupied. Buildings of the size of the subject, 106,650 square feet, are typicall owner occupied. Limited data is available for leases, during the base period, for building of this size. For this analysis the Income Approach to Value is not applicable. CBOE_COMM_0109E Page 1 CONCLUSION Real property for tax year 2008 must be valued utilizing the level of value for the period of one and one-half years immediately prior to July 1, 2006. Except that, if comparable valuation data is not available from such one-and one-half-year period to adequately determine the level of value of a cla: of property, the period of five years immediately prior to July 1, 2006 shall be utilized to determine thi level of value. Said level of value shall be adjusted to the final day of the data gathering period. Changes occurring between base years are not to be accounted for until the following level of value i implemented, other than additions, change in use, detrimental acts of nature, damage due to fire, etc or creation of a condominium, or any new regulations restricting or increasing the use of the land, or combination thereof. (39-1-104(11)(b)(1)C. R .S.} The subject property has been classified as Commercial Property for assessment purposes. Commercial property value shall be determined by appropriate consideration of the Cost Approach, Market Approach, and Income Approach to value. {39-1-103(5)(a) C. R. S.} The Assessor has considers the Cost and Market Approaches to value for the subject parcel on appeal. The Income Approach to value was thought to be inappropriate. FINAL RECONCILIATION After consideration of the cost and market approaches, it is the Weld County Assessor's opinion that the value of$4,545,362, most accurately reflects the value of the subject property in Weld County foi the 2008 tax year. COST APPROACH MARKET APPROACH $4,806,754 $4,479,300 ASSESSOR'S VALUE Improvements $3,682,252 Land $ 863,110 Total: $4,545,362 CBOE_COMM_0109'. Page 1 NOTICE OF DETERMINATION NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. ' FRE FWBCRA TER BLK1 FREDERICK W1 . WEST GREELEY,CO 80631 f// BUSINESS CENTER RPLT A EXC W1 . 68AC PHONE(970)353-3845,EXT.3650 HWY ALSO EXC BEG NW COR SEC SOD07' E www.co.weld.co.us 29 . 66' N89D53 ' E 50 N89D29' E 172 . 65' S20D46' W 218 . 73 ' TO TPOB TH SO3D56 'W 113 . 'V `D OWNER: METALOSALESDMMANUFACTURINGHCORP DO DUCHARME MCMILLEN & ASSOC INC LOG 5 20830 NORTH TATUM BLVD SUITE 240 PARCEL 131326201007 ACCOUNT R4573406 PHOENIX, AZ 85050 YEAR 2008 Owner: METAL SALES MANUFACTURING CORP The appraised value of property is based on the appropriate consideration of the approaches to value required by law. Tr , S9d�k \ ed that your property should be included in the following category(ies): u� Commercial property is valued by considering the cost, market, and income approaches. JUN 3 0 2008 If your concern is the amount of your property tax,local taxing authorities(county,school,city,fire protection,ande'tttpq�j hold budget hearings in the fall. Please refer to your tax bill or ask your Assessor for a listing of these districts,and plan end t ese budget hearings. The Assessor has carefully studied all available information,giving particular attention to the specifics included on your protest,and has determined the valuation(s)assigned to your property. The reasons for this determination of value are as follows: It is our opinion that the subject property does not have excess land due to the current use . The subjects large amount of land serves two pruposesfor its current use . The first purpose is for outside storage of raw and finished materials and the staging and loading of transport (semi-trailers. The second purpose is that the location of the subject requires a water detention area. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW COMMERCIAL 430775 430775 INDUSTRIAL 4114587 4114587 TOTALS $ $ 4545362 $ 4545362 APPEAL DEADLINES: REAL PROPERTY—JULY 15,PERSONAL PROPERTY—JULY 21. If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration. 06/25/2008 By: Christopher M.Woodruff WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE 2008-2076 YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR' S DECISION The County Board of Equalization will sit to hear appeals beginning July 1 and continuing through August 5 for real property(land and buildings) and personal property (furnishings,machinery, and equipment). § 39-8-104 and § 39- 8-107(2), C.R.S. ,,_.. I, .-1,..o:i .;' I you c oose to appea t e Assessor' s decision, mail or deliver one copy of this completed form to the County Board of Equalization. To preserve your right to appeal, your appeal must be POSTMARKED OR DELIVERED ON OR BEFORE JULY 15 FOR REAL PROPERTY, AND JULY 21 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970) 356-4000 Ext. 4225 You wi .e not ie. o e time and place set for the hearing of your appeal. At p: , :i ti.s HS Lg..01..i D. rIA li.'Mtn L. tkat,!rAs.JO' The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 5. s ° .n :...'. :.. R:t. 2:4k.i : pit_ , I you are not satis leo wi the County Boaz. of Equa ization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): 1313 Sherman Street, Room 315 Denver, Colorado 80203 Telephone (303) 866-5880 An appeal form, rules and guidelines can be obtained on-line at www.dola.colorado.gov/baa District Court: 9th Avenue and 9th Street, P.O. Box C Greeley, Colorado 80632 Telephone(970) 356-4000, Ext. 4520 Arbitration: WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970) 356-4000, Ext. 4225 If you do not receive a determination from the County Board of Equalization, contact the county board. If the county board is not going to mail a decision, you must file an appeal with the Board of Assessment Appeals by September 11th. TO PRESERVE YOUR APPEAL RIGHTS, YOU MAY BE REQUIRED TO PROVE YOU HAVE FILED A TIMELY APPEAL; THEREFORE, WE RECOMMEND ALL CORRESPONDENCE BE MAILED WITH PROOF OF MAILING. PETITION TO THE COUNTY BOARD OF EQUALIZATION In the space below, please explain why you disagree with the Assessor' s valuation. IN ACCORDANCE WITH § 39-8-106(1.5), C.R.S., IF YOUR APPEAL INVOLVES REAL PROPERTY, YOU MUST STATE YOUR OPINION OF VALUE IN TERMS OF A SPECIFIC DOLLAR AMOUNT. Attach additional documents as necessai Please see cover letter and supporting documentation for our position on the Real Market Value of this property. ��'j/� July 1 , 2008 h time R— r,,,...„..„----- DAIL NOD 207 62 SLOB DMA DUCHARME, MCMILLEN & ASSOCIATES, INC. CERTIFIED MAIL #7007 0710 0003 8324 0088 July 1, 2008 Board of Equalization Weld County 915 10th Street Greeley, CO 80632 Re: Metal Sales Manufacturing Corp. 7990 E. I-25 Frontage Road, Frederick Parcel #131326201007 / Account #R4573406 To Whom It May Concern: DMA is appealing the Assessor's decision of the 2008 real estate assessment for the above referenced property, based on our receipt of the Notice of Denial mailed on June 25, 2008. The proposed 2008 Real Market Value is $4,545,362, which equates to $42.62 per square foot, including the land. Four comparable sales of industrial properties in the northern Denver metro region were identified, reflecting an average unit value of $30.00 per square foot. Additionally, three land-only sales were identified to account for the excess land associated with the subject parcel, yielding a unit value of $1.00 per square foot for the excess land. A Comparable Sale Summary and supporting documentation are attached for your reference and review. The following methodology was used to derive the unit value we are requesting: Total Land Area= 719,611 Standard Land Area= 266,625 Excess Land Area= 452,986 sf X $1.00 = $452,986 Industrial Imp. Value= $3,199,500 Excess Land Value= 452,986 Total Indicated Value= $3,700,000 ("$34.70/ SF) If you have any questions, or require additional information, please call me at (480) 419- 2556, extension 2530. 'n rely, Kim J. Ro.e s Senior Ta t onsultant Enclosures cc: Rory O'Neill - Interlock Industries, Inc. NORTH AMERICA'S CHOICE FOR CORPORATE TAX SOLUTIONS 20830 N.Tatum Blvd.,Suit:240 • Phoenix,AZ 85050-7263 • 480-419-2556• Fax: 480-419-2597 • www.dmninc.com t:)MA OUCHARME. MCMILLEN & ASSOCIATES. INC. CERTIFIED MAIL #7007 0220 0004 6084 9946 April 17, 2008 Assessor's Office Weld County 1400 North 17th Avenue Greeley, CO 80631 Re: Metal Sales Manufacturing Corp. 7990 E. 1-25 Frontage Road, Frederick Parcel #131326201007 / Account #R4573406 To Whom It May Concern: DuCharme, McMillen & Associates, Inc. is the duly authorized agent for the above referenced taxpayer (signed and notarized Letter of Agency is attached). As such, this letter serves as the Real Property Protest of the 2008p2009 assessment of the referenced parcel. 1.)::::***170V t, rVWC 'S 422(2) all .!corer ponder e,sand: co pt ng to t is matter must .;be directed- to 'Our .firm.',06:,:the the r r rtttat o o on'and protest". Our address and telleph©rne- nbers follows DuCharme, McMillen &Associates, Inc. ATTN: Kim J. Rogers 20830 North Tatum Boulevard, Suite #240 Phoenix, AZ 85050 (480) 419-2556, ext. 2530 (480) 419-2597, fax kirogersadmainc.com The proposed 2008 Real Market Value is $4,545,362, which equates to $42.62 per square foot, including the land. Four comparable sales of industrial properties in the northern Denver metro region were identified, reflecting an average unit value of $30.00 per square foot. Additionally, three land-only sales were identified to account for the excess land associated with the subject parcel, yielding a unit value of $1.00 per square foot for the excess land. A Comparable Sale Summary and supporting documentation are attached for your reference and review. NORTH AMERICA'S CHOICE FOR CORI'ORATL TAX SOLUTIONS 20830 N.Tatum I3b'd.,Suite 240 • Phoenix,AZ 85050-7263 • 480.419.2556• Fax:480-419-2597 • uuiv.c:muinc.c:om Weld County Assessor's Office April 17, 2008 Page Two The following methodology was used to derive the unit value we are requesting: Total Land Area= 719,611 Standard Land Area= 266,625 Excess Land Area= 452,986 sf X $1.00 = $452,986 Industrial Imp. Value= $3,199,500 Excess Land Value= 452,986 Total Indicated Value= $3,700,000 (+$34.70/ SF) If you have any questions, or require additional information, please call me at (480) 419-2556, extension 2530. f,. Sincerely, c Kim J. Roge \ Senior Tax C#sultant Enclosures cc: Rory O'Neill - Interlock Industries, Inc. v INTERLOCK 1{: INDUSTRIES 445 EAST MARKET SrirEi-Sur t 310 LOUISVILLE,KLNITUCKY 40202 502.569.2007.302.569.2016/Fax WW :NTERI.00KINDCSTR ES.COM PROPERTY TAX LETTER OF AGENCY Date: bS-oE Vtia�} This authorizes: Agent's Name DuCharme,McMillen&Associates,Inc. Business Address 20830 North Tatum Boulevard.Suite#240,Phoenix,AZ 85050 Telephone No. (480)419-2556 Fax No. (480)419-2597 to represent the undersigned in all matters of property tax assessments before any governmental assessing officials or any other authority having jurisdiction regarding the assessments levied on the following described property in Weld County,Colorado: 7990 W. 125 Frontage Road(Account#844573406) This authorization is specific to the following tax year(s): 2OO7o2OO8 and 2008o2009 1 By: ,, \ -' (Signature t ( -. 'rJ c.t ,_.J=ter (Typed Signature) C Y•0 (Corporate _ZeZitdattL 1 ,..s(1 r. r f..-c.- .y (Company) state of: kA y (- '1 County of: 'Se 's (Lroa4The foregoing instrument was duly acknowledged before me by '• ° o,.L--,L ' k,for the uses and purposes therein expressed. 0 •1 nt Witneess my hand and Notarial Seal,this≥ ;_day of All Au.- ,20j. Notary Pikiic ; My commission expires:,� �t�� spiresJkn 14 2011 MEta,,Shin 1GN::iv:r:r nc atif. .LaLISV1_F Tr_twoa'.vzok C e a r-Orr VA=A:.;nc..ux CosCtiNr- AMC Aaiiolux ToCeicL CEs r^ NM N I CO '.7 .^•- W CD co In t- o U cti, N Li- N. O) I` M N n a vs,a a i u II W N 0 0 0 c. C O CO CD O ! U M-)! 000 9 is) a)CC v d u) 000 < C) NNO et. LC) LC) tt) O LO to O W to i r N CO CD ►r � 7,1 vii 44� 69I a. 1 o U.LL I e k O of e N N en h N p rI co I 1 V R I T J 'a J l d' (V CO . N 0.: -I CCQ1 Col NNs d � ca oo ' N � A. Wf- tY , U U Z a3 0 r r r 0 C E —' Q vi0CD I- 3 C, !ti N N U N < ca m f a m 0 ` m 0 0 a) 2 t� oornrn Ca F" Ca f6 CO 46 COL L 1., t. 4 E Z fa < < < c 0 1 N 1U Q H W W r t- (NIN z Q 0 r! N N in z ! a) 7 Cl) Ta SOt)' 0 O M > W tp' r O O o N col wao o o' � r � N a) co 0 l6 w x Jre O - NN t C6 Q LL1 N E CA >- N o f6 1- N N d C . al 7 U Z 1-1 N 0 V a) N 1-• w! `- '- O UO =' v to 0 0 J 10 I o J a r- N M i VST,, .: .,. 11 •wM1o.M••••''''''."-- COP'Cow :.:...:....:::•:' :.,��n"I�y� . o ::,::r:y...:._: 21 L Rszt** . •Kersey <,` 16 Koenig • c �.�:,,�1 •KingsComeri! aEMti tun ..Knner wArdin Beaver P'BMI� :: .V E II Johnstown . • ;: 4g.SS Canton Rwl 6 ,Buda Milliken o • 0fMaxivs0 . k. gab aerther l--t 60'. ifelest .( .f34'.. Sig Elk>4Ata4 ws Noland l I W tlkor ,.. Ooat�lriid :. Maeksrs Port a„ n4 Wuldc,�tt' .' Lyons .•.. latleville Allenspark cei\ �*a t3betry . :�Q] o ,.., `t1 onyx :i •I Dewaada i491 nrrowwoa , ilEongtnortt • y.... :8aurat ,,,; }may Wine Tarn px•:'•••• Raymond _Agana 4 b 0 OOmi bn o o e , Poacetutvalley ` t4faat;" P;',.-it Velma,Yel R rRenest�urg 73 _south soultOgga, J35 S...:1. Dacono O1'tlepton Ward Rasrons �•„ _ PWnhi o a {i. dson ;59 Prospect Valley 52' r r Stumpf Hilt - 1 r COO-Held q�Tle o ml Vrains Powan Sloan orodull Bbthruef. C.:, 1 1r {"1 Cariboo city • Ett.atayette Brightop Cornanefho o Sunnyocut tsville r' d.. c Rlederfand Marshall f=. nr ->, a o t_ sd 21 Elder* . . , - „.. e • ,Broomfield. : • .e.y �: 0 Altta naa4aEldgTedo 1yt p o Tolland Ro'li[asv t �� ¢ .-,,f:'- o Lime SpriesJso El "° hmn, �� Nowa clay` p:. t� .c., Cta1t "E' parnrsr l7• Reap.Westminster t Pon 13iv�! aid 80 88 Heights _ �,_ •-i3' Central Ciry.'4, Attradiin', •- ' o rae tfFlydavtiio 34, Goldet;r;• r -_ � 93 Denver lit/ro YJaticins CBenaett 3trashura et o iT `' 7 tX 53�; .'..1-94.e. 129 i S .7, 5ergen Park , 0' a WU q . D 2006 topeauesl,ioc c,:•...20.05.Te!a Atlas _� 't2.1 Address Property Info Sale Info ; 10700 E 45th Ave Denver 106,195 SF Sold:$4,150.000($39.48/SF) ntlustrialiManutaCtunng 555 Aspen Ridge Dr Lafayette 118,000 SF Industrial/Warehouse Sold:$3.250,000(527.541SF) © 600-606 W Hayaud Ave Denver 78.023 SF IndustrialiWarehouse Sold:$1.850.000($23.711SF) ill237 22nd St Greeley 94,859 SF Industrial/Warehouse Sold:$1.100.000.($11.60/SF) Thia mpynghted report cont ens researdh hcensed to 0uCrenne,Mcht len S Assxieto3.Irhe.-100205. 5/12/200? *`!w_„_ Page 1 !II :goo 081___):-:.asea . _. :::;:1 95 sF 55IB. + in9. o . . �.1 .... : t�1/a!"1�V#'X?,• S00m 0r D i— hoot ,trey . m g rr. . = o 7 y57) H to :A E 47th Ave v' a4. E 45th Aim i . . E 40th Ave Z C vj R Smith grQ+tk ' 5 i send Sit Rd 0` `:'cN iii I f} )aiis Q ' 't, 2006 MapC',est Inc .__-- Cl20C6 tdlAvrEC `......... Buyer&Seller Contact Info Recorded Buyer: Etkin FBR,LLC Recorded Seller Corporate Express Document 1 Environmental Way Broomfield,CO 80021 (303)664-2000 True Buyer: Etkin Johnson Group Seller Contact Matt Lenhart 1512 Larimer St Denver,CO 80202 (303)629-5212 Buyer Type: Developer Buyer Broker: CB Richard Ellis Listing Broker: CB Richard Ellis James Bolt James Bolt (720)528.6310 (720)528-6310 William Thompson William Thompson { (720)528-6300 (720)528-6300 :. Transaction Details ID:1083160 Sale Date: 0110512006(60 days on market) Sale Type: Investment Escrow Length. 30 days Bldg Type' Manufacturing Sale Price- $4,150,000-Confirmed Year Built/Age: Built in 1979 Age:27 Asking Price: - RBA: 106,195 SF Price/SF: $39.08 Land Area: 5.87 AC(255,654 SF) Price/SF Land Gross: $16.23 Percent Leased: 100.0% Tenancy: Single Percent Improved: 77.7% Transfer Tax: 5415 Total Value Assessed: $3,443,100 in 2005 Improved Value Assessed: $2,676,200 Land Value Assessed: $766,900 Land Assessed/SF: $2.00 No.of Tenants: 1 Tenants at tan of sale: Food Bank of the Rockies Financing: $4,150,000.00 from FlrstBank of Denver NA::due in 2 yrs ___ This copyrighted report contano aesearfi'Tensed to DuCIn Tne.VCM:Ien&Assoaetes.Inc.•1002C6 611212007 ...... .,... Page 1 . Ave ::::::SOLD 10700 E 45th 105195 SF Class B Manufaawtrig Building Built in 1979(aon't} • • Legal Desc: Lot 3 Montbello No.22 Parcel No: 1232-12-009 Document No: 0002087 • Transaction Notes Income/Expense: The property was vacant at time of sale,however,the new tenant will be Food Bank of the Rockies. Etkm FBR,LLC do Bruce Elkin Corporate Express Document do Matt t-enhart Seller:Corporate Express Document Print Management,Inc. Mill Levy:64.402 • Current Industrial tnforn tibr : •.. ..:: D:397032 Bldg Type: Manufacturing RBA: 106,195 SF Bldg Status: Built in 1979 °/0 Leased: 100.0% RentISF/Yr: - Stories: 1 Bldg Vacant: 0 SF Total Avail: 0 SF Building FAR: 0.42 Warehouse Avail: 0 SF Office Avail: 0 SF CAM - Max Contig: - Zoning: 1-2,Denver Smallest Space' - Owner Type. - Land Area: 255,654 SF Owner Occupied: Yes Lot Dimensions: - Tenancy: Single Ceiling Height: 21'0"-23'0" Column Spacing: 40'w x 36'd Loading Docks: 8 ext(bldg.total) L.evelators: - Cross Docks: - Crane: - Dnve Ins: 1/9'0"w x 10'0"h(total) Const Type: Masonry Sprinklers: Wet Rail Spots: Yes Rail Line: Union Pacific Railroad Property Mix. Industrial 96,637 SF (91.0%) Office 9,558 SF (9.0%) Expenses: 2004 Tax @$0.541sf Power: 4000a/480v 3p Parking: 120 free Surface Spaces are available; Ratio of 1.30/1,000 SF Features: Property Manager on Site Location Information Located: Havana St&I-TO Metro Market: Denver Submarket: East I-701Montbello Ind/Cent E I-701Montbello Ind County: Denver CBSA: Denver-Aurora,CO CSA: Denver-Aurora-Boulder,CO DMA: Denver,CO-NE-WY-NV Map(Page): Pierson Graphics Corp 257-P A This mpy,1 itea repel eontan beamed s'eseardt liceed to DuGenno,Mc.Y wn S As°oaatas rms.-100205 5/12/2007 4,4:211,1u.�.� Page 2 10700 E 45th Ave SOLD 198 395 SF Class BManufacturirg:Budding Builtln 1979(con't)- Parcel Number. 1232.12-004 Legal Description: Lot 3 Montbello No.22 County: Denver Plat Map:10700.E 45th Ave nor .__. —E 45TH AVE j (k cn Tnis mpyngted report cantons researchlicensed to Duelmme.McMinn&Associates,''nc.-IDJ2r 5/12/2007 A Page 3 14psie[�r SOLD I :Sale on 2121f2006:fei 3,250.000($27-541S ! aeseeiCF to ' ,:,i4i&000'SF:Cfaris&Warehouse Built in 1984,.RenoV 1997 t rNa ST oI iaoott 7';:;:(',�y1,L. riig..,. esrt`, 4•iR�` j 5'r 2. te l ima t,, 'i{t,i-i I, . n I '; • (� 7K". 2 5 ss. tl�,��i��i�1 It y Harvest Di 11 u1 IR IIC:IiIIIIIIiII,"+v.J F11 .I"u.rr n.,:a t,,c r r i...,.Porky 4 lift a ,..y t • f.' Cio�(Car+rsr - 1.. ..WBas eRd L t� `*_ _ a, . srwtt»t cir.• : r 4„ ,�^s '' Clipper Dr es. 'l zt r this".,.L a !:d iii, r -I ,,: 4 r - 3a z• - dhk r�}�, ;rt-,F .:o Or Ft 74 K.i%a•,tlsu. ow Erl4nla Si D Lagayette • i t r �' t4r 1 i y At'.Ch may};;.^•^nr S- n ... F4'}3.ut..'...,x,I.Y i .L{.f...._.... .:.l.f' tai. 1:,ichd C! SO'' /.- . .... ... 'p2oos laapOuest,inc ..__.... Buyer b Seller Contact Info • Recorded Buyer. Stephen D.Tebo Recorded Seller: Morgan Stanley Dean Witter Cap 135 S La Salle St Chicago.IL 60674 (312)706-4000 True Buyer: Stephen D.Tebo Seller Contact: LaSalle Bank NA,Trustee 1590 Broadway St Boulder,CO 80302 (303)447-8326 Buyer Type: Individual Buyer Broker: No Buyer Broker on Deal Listing Broker: No Listing Broker on Deal — _ ................... ...... ... _........... Transaction Details ID:1103186 Sale Date: 02/21/2006 Sale Type: Investment Escrow Length: 45 days Bldg Type: Warehouse Sale Price: $3,250,000-Confirmed Year Built/Age. Built in 1984,Renov 1997 Age:22 Asking Price: - RBA: 118,000 SF Price/SF: $27.54 Land Area. 6.99 AC(304,484 SF) 1 Price/SF Land Gross: $10.67 Percent Leased: 100.0% Tenancy: Multi Sale Conditions: Distress Sale Transfer Tax: 5325 Financing: Lender Not available Legal Desc: Lot 5 blk 1 6 lots 3 thru 5 blk 2,Black Diamond Subdiv Fig No.2 Parcel No: 1465340-03-005,1465340-04-003 Document No: 2757870 Sale History: Sold for$3,250,000($27.54/SF)on 02/21/2006 Sold for 58,900,000($58.47/SF)on 09/21/2000 T �}�JQ n.s cop/lighted tepOtt comet's researr licensed to DuCrarele.MCMilen a Associates.Inc -1(x120. 5/12/2007 E� ....�...,..._.-_.... Page 4 555 As i 'Rid .SOLD-; i 9 118,000 SF Cuss B Warehouse Butting Bul$in 11184.Reinotr 11997(corft) Transaction Notes` Income/Expense: The property was vacant at time of sale. Morgan Stanley Dean Witter Cap Go LaSalle Bank NA,Trustee Milt Levy:72.932 : :. 10~19228 . • •.Current Industrial information Bldg Type: Warehouse RBA: 118,000 SF Bldg Status: Built in 1984,Renov 1997 %Leased: - Rent/SF/Yr: $3.95 Stories. 1 Bldg Vacant: 118,000 SF Total Avail: 118,000 SF Building FAR: 0.39 Warehouse Avail: 118,000 SF120,950 ofc Office Avail: 0 SF CAM - Max Contig: 118,000 SF Zoning: M-1/PUD,Lafayette Smallest Space: 35,000 SF Owner Type: - Land Area: 304,484 SF Owner Occupied: No Lot Dimensions: - Tenancy: Multi Ceiling Height: 12'0"-22'0" Column Spacing: - Loading Docks: 6 ext(bldg.total) Levelators: None Cross Docks: No Crane: None Drive Ins: 1/10.0"h(total) Const Type: Reinforced Concrete Sprinklers: Wet Rail Spots: None Rail Line: None Property Mix: Industrial 88,500 SF (75.0%) Office 29,500 SF (25.0%) Expenses: 2004 Est Tax tit$1.22/sf Power: 2250a/277-480v 3p 4w Utilities: Gas.Sewer,Water Parking: 251 Surface Spaces are available; Ratio of 2.1211,000 SF Features: NC,Partial Stories Exist,Property Manager on Site Location Information Metro Market: Denver Submarket: Northwest ind/Northwest Ind County: Boulder CBSA: Boulder,CO CSA: Denver-Aurora-Boulder,CO DMA: Denver,CO-NE-WY-NV Map(Page): Pierson Graphics Corp 21-.1 8�At This mpy:I ted report careens rMatta(*)tcensed to DuCrwr e,MCM,Pen 8.Associates,inc-100205 5/12/2007 ;, ,e23 Page 5 555 Aspen Ridge Dr SOLO 1 18.000 SF Cass B Warehouse Budding Built in 1884,Renov 1997 con t) Parcel Number: 1465340-03-005,1465340-04-003 Legal Description. Lot S blk 1&lots 3 thru 5 blk 2,Slack Diamond Subdiv Fig No.2 County: Boulder Plat Map:555 Aspen Ridge Dr arelio 411. _ �p R.ammo+Mow ..._ It FaBM . 1 1 C ' 't 0 CRCLE ,, a,t e .. 1 Nor AM t C) I I 'PO ° i tzt xo. , i „ 2 19, 3 a,.'V0rt1 a A1 N. 1 •, 1r se t1 I, mtta. aY' 111,10 DIMOND TRACT .5 ID ,,,....-/ e---,,,,,\‘‘ 4:::) 1 (3) J , \\\s, Cl) ,I' TRACI? Di, 4--?-17,7th NA P4. pi ?PACTf � t �AL., (7 ,.,,t_�, Cast IIP p 2 R. C) 5 > war5 14a A 1.72 i i - _..--ifivea 1_ 40.116.wwomPtaille .--. Sit# 2 r f.A1 clop ''LE'S This copyrighted rapo.t centers reseaxo+licensed to OuCrorme.McMilen&Assoc aks Inc.-niv02o6. 5/1212007 `+ Page 6 ..................... .. . 3 D raver,CO 803-Lower Cs* I laid Subs rkat Sale on 02/16/2006 for 51.850,00 0(S?3JIISF)- Corttplete :....,... _.. 78,023 SF'Ciass C Warehouse: Idtrig Built in 1964 zesa. o W 5 h Ave 0 t 52 N in g _ v o e u • am to a C - iw+t rI na ,. N 3 M -F1 a N { -:m lat` 6 e at • sn 1/1l Ala meda Ave r to • n to e. N c ._V1fAlaska P! N 3 y to . V4 Costal Pt c ` o. O+ • WG1T . • apCuest,inc ,O2406 NAOU I ... .... ' .: '.: Ile ...-. ......1�2005 FA ...: . .., Buyot Er Se r'Cotttaet info Recorded Buyer: Blackwater Development,LLC Recorded Seller: The West Bayaud,LLC 8101 E Prentice Ave 1660 Lincoln St Greenwood Village,CO 80111 Denver.CO 80264 (303)861-4900 Seller Contact: William Feinberg Buyer Broker: CB Richard Ellis Listing Broker: The William Feinburg Companies,Ltd James Bolt William Feinberg (720)528-6310 Tyler Camer (720)528-6397 Mike Camp (720)528-6300 TraeMaon Details. ID:1114417 Sale Date: 02/15/2006 Sale Type: Investment Escrow Length: 90 days Bldg Type: Warehouse Sale Price: $1,850,000-Confirmed Year Built/Age: Built in 1954 Age:52 Asking Price: - RBA: 78,023 SF Price/SF: $23.71 Land Area' 2.82 AC(122,909 SF) Price/SF Land Gross: $15.05 Percent Leased: 0.0% Tenancy: Single Percent Improved: 54.8% Transfer Tax: $185 Total Value Assessed: $2,425,100 in 2005 Improved Value Assessed: $1,328.100 Land Value Assessed: $1,097,000 Land Assessed/SF: $8.00 No.of Tenants: 1 Tenants at time of sale: Harrow Sports,Inc Financing: Down payment of$130,000.00(7.0%) $1,720,000.00 from US Bank National Association This wpyngrted report contans researC,I,censad to DuCrnrme•McMillen&Assoctales.Inc.-100205. 55112/2007 A Page 7 600-606 W Bayaud Ave SOLD 78,023 SF Class C Warehouse Building Built in 1964(con't) .. .. ..... .. .. . Legal Desc: SW4 SW4 Sec 10 T4S R68W Parcel No: 5103-00-039 Document No: 0028688 Sale History: Sold for$1,850,000(623.71/SF)on 02/15/2008 Sold for 61,575,000(620,191SF)on 12127/1995 Transaction* obis Income/Expense: Information not available due to a confidentiality agreement between the parties involved. Blackwater Development,LLC do Not Available The West Bayaud,LLC do William Feinberg Mill Levy:66,202 Reportedly,at the time of the sale there was no deferred maintenance. CurreY>tIndustrialInformation•:: :: • •.: •: . •::• ".:: .. . iD.366437 Bldg Type: Warehouse RBA: 78,023 SF Bldg Status: Built in 1954 %Leased: 100.0% Rent/SF/Yr: - Stories: 1 Bldg Vacant: 0 SF Total Avail. 0 SF Building FAR: 0.63 Warehouse Avail: 0 SF Office Avail: 0 SF CAM - Max Contig: - Zoning: I-1,Denver Smallest Space: - Owner Type: - Land Area: 122,909 SF Owner Occupied: No Lot Dimensions: - Tenancy: Single Ceiling Height: 14'0"-18'0" Column Spacing: - Loading Docks: 2 Intl2 ext(bldg.total) Levelators - Cross Docks: - Crane: - Drive Ins: None(total) Const Type: - Spnnklers: Wet Rail Spots: None Rail Line: None Property Mix. Industrial 74,122 SF (95.0%) Office 3,901 SF (5.0%) Power. 3000a1480v 3p Parking: 50 free Surface Spaces are available; Ratio of 0.30/1,000 SF Features: Skylights Location Information _._.,-.. _......_.. Metro Market: Denver Submarket: Central Ind/Lower Central Ind County: Denver CBSA: Denver-Aurora,CO CSA: Denver-Aurora-Boulder,CO DMA: Denver,CO-NE-WY-NV This mpynspect report contans research licensed ro DuCianne.McMillen&Associates.Inc...10J2(S. 5/12/2007 134, Page 8 600-606'W Bayaud Ave SOLD 78,023 SF Ctass C Warehouse Building gumtin 1954(con') Parcel Number 5103-00-030 Legal Description: SW4 SW4 Sec 10 T4S ROW County: Denver ' Plat Map:600.606 W eayaud Ave. u r a tg I W 5 i t ,,,,,.„, 4 NA S�E4 i , , el_ r, t '� ? I ?—��, f — N p ,. tx; s h (5 1 qtr! '. $ �r x nk xia z�gqq:a:a xr{ti 19—+..n WBAYAUDAVE �."'≤� 4. t ` - I r i p - � 17:11::::?:;4.":a ��E t � c a C, f: l E. ! s 7 :e.:1.,......i.,ev 9 . C. u T .. \ \ \ .,--, OitYket0175 l0rNk-L A yam: ; iN. le. \ t, + l . s. .. .. .:4I telst �. ...., V # n )YM tpjM;j t. „_,,,�6 :} t t- iii {£S i✓' y e t ‘,.:„,,,,,.......,,:k .,�i , g �qq 9+p ,,, l \ iltX HW Cedar �'A�j�,y � s k it* s x . MA 411,5s mpyng'ted report contans researa,licensed Is ougeane,McIsEten 8 Assooans,Inc.-100205- 5/12/2007 tt qq Page 9 237 22nd St ...........;.;.:..... :•: ••'..:.:.. :.;.;:...:....:;.:..: ......... • •Groeleytndustrlal Park •-Weld Coun Ind Submarket ':..:.::: •Greeley,CO 80631 tY ............. .................... y _ Sale on 10/04/2005 for 91,100.000($11,60/SF)-Research Compteki.:.:. ::` .: • : : 94,859 SF Gass B Warehouse Building Built in 1965 - po'If+JI$ T:::: i'I 660111 • • �, r t . a x ...,..:: C�lfe d Py }. '-'1 1 loth f E t9el&t : . 1 20th St : '.•'.` iwhi • E 20%31 if • m • a y . 111X.ii:: E 220th St : ; ;,23rd'St si 2+gh' f`' . .8 ,t; '.g : (, .›.., .;es, , 1! . i .f ,r .. . ................ .. .i. 4 '11 .. S.- :i...I • ::... .H.''.. 1" ,„,.• ia t. • . .. .„. . .,,,:-: .,, . ,_ ,,, . . • ....... ... ...--.:..... .. ...:.:..:.:.......... r, ...:. w tiilllal!Co • '271!1 111 ia2'005141apQUPst.h>C � Q'.r≤O9ft ...:...... ... .. ....... Buyer&Salter CorMact info Recorded Buyer: 22 Greeley,LLC Recorded Seller Startek USA,Inc True Buyer: Tom Duffy True Seller: - Buyer Broker: Realtec-Greeley Listing Broker: Realtec-Greeley Mark Bradley Mark Bradley (970)346-9900 (970)346-9900 . Transaction Details ••• a 1056626 Sale Date: 10/04/2005(180 days on market) Sale Type: Investment Escrow Length 60 days Bldg Type: Warehouse Sale Price: $1,100,000-Confirmed Year Built/Age: Built in 1965 Age:40 Asking Price - RBA: 94,859 SF Price/SF: S11.60 Land Area: 6.10 AC(265.716 SF) Price/SF Land Gross. $4.14 Percent Leased. 0.0% Tenancy: Multi Percent Improved: 70.0% Transfer Tax: $110 Total Value Assessed. $933,580 in 2005 Improved Value Assessed: $653,673 Land Value Assessed $279,907 Land Assessed/SF: $1.00 Financing: Down payment of$140,000.00(12.7%) $960,000.00 from Mountain States Bank::due in 1 yrs Legal Desc Lots 1,2,10.14 blk 1 Greeley Industrial Park Parcel No: 096117102002 Document No: 3328795 _..__ .1 __ Tha oopynrlted report con!ahs resea !r roreonaed to paCtarrne McM:l ru en&/saates,inc .1CO2CC 5112/2007 17{441.01 A,... Page 10 237 22nd St L 94,859 SF Class,B.Warebouse•Building•Built in 1966(can't) Transaction Nobas Income/Expense: The property was vacant at time of sale. 22 Greeley,LLC do Torn Duffy •Notes:The listing agent reported the buyer will divide(10,000 SF and above)the building for multiple users. •Listing/Buyers Broker Jennifer Downs(Bitzer Real Estate)was also one of the listing agents,and can be reached at(303)296-8500. David Johnson was another agent involved in this transaction,and he can be reached at(303)884-7077. Mill Levy:N/Av • •.:. .income Expense Data Expenses -Taxes $26,581 -Operating Expenses $2,846 Total Expenses $29,406 Net Income Net Operating Income (S29,408) -Debt Service -Capital Expenditure Cash Flow ($29,406) Current lndustriat information • t0 1056786 Bldg Type: Warehouse RBA: 94,859 SF Bldg Status: Built in 1965 %Leased: - Rent/$F/Yr: $2.75 Stories: 1 Bldg Vacant: 94,859 SF Total Avail: 94,859 SF Building FAR: 0.36 Warehouse Avail: 94,859 SF Office Avail: 0 SF CAM - Max Contig: 94,859 SF Zoning: I-M,Greeley Smallest Space: 10,000 SF Owner Type: - Land Area: 265,716 SF Owner Occupied: No Lot Dimensions: - Tenancy: Multi Ceiling Height: 16'0"-18'0" Column Spacing: - Loading Docks: 8 ext(bldg.total) Levelators: - Cross Docks: - Crane: - Drive Ins: - Const Type: Steel Sprinklers: Yes Rail Spots: 1 ext Rail Line: Union Pacific Railroad Property Mix: Industrial 89,167 SF (94.0%) Office 5,692 SF (6.07.) Expenses: 2005 Tax fig$0.28/sf;2005 Ops @$0.03/sf Power. 120-208a/440v Parking: 154 Surface Spaces are available; Ratio of 1.62/1,000 SF Location Information Park Name: Greeleylndustrial Park Metro Market: Denver Submarket: Weld County IndlWeld County Ind County: Weld CBSA: Greeley,CO DMA: Denver,CO-NE-WY-NV AMA m+n mpyriglted report means reseal,licensed to DuCterme MCMtren R Associates.Inc.100205 5/12/2007 Page 11 237 22nd St SOLD 94,859 SF Class B Warehouse Building Built to 1965(cont) Map(Page) Pierson Graphics Corp 99-KR45 1tt mpydgnted report toners research licensed to Ducbrne.MCMiten&AsaociaK+s.If -1002(5 5112/2007 Page 12 44.,Ptt`.10,T .: 2E1 .. .ii'Pierce 43 PurosN ......:_Ot...... .... Smi e L Beltvue :.. ;,.• ip Skm .F '...F.".7.'l Sox Promo fdcaptain Vtow 4 -........**Wei : f 14' tetras 8253 33 S1 o TitiMlaA► • Mwuae�e ,EatonEMI Oekton Comisit °Mega Kees .. ._a ve 74 a T'►y °' oLem „Windsor L"."" Barnesville Glen Haven bra', Z8 k' :® Caner DFaI Irs. Comer Gill Drake 'tiJ x an r .t3 wattonW� -.. 6-_ ��. .. GOva .. '�34� ._ '431"1111.1". �,. .. Z6_jL37 Ceder Ce1n Glen Comlolt ® `� Koenig '' Rosidals:, :: ,,. .,.:1(et'Wy „,e..2,,,---, b Karam, tf3EllA111 C • jj i.. ri!y'mpus Nolghis Keys Garter0 Elm 6teSsile n Hardin 14 p .•.. 0 Johnstown • an+p sus SCI * gN bsn 85e i5- saw c...,;.,,. o ffihoud n t 1 w�"Yan ti ,tiikrest _ Biala biter fetes _ Moema Larirr n l I .Plenur .9wldeat b stun 39 �. ..,.,..... ::`,:::::Souldrr NIgt+Iand ad{� .. t.›..... Morey C -1 l I -01 -,q, !Minute Valley awl:....._ L to 4........:::....:', R1i Fort YU=gwe 1lhrNstde ,.:: O wore tr ... 3 niont Harney Ta 4D"s4i ._.Rip Bala rat .3 CD.' ". oJq ., Yohfrtla O.. 72 Jamestown o F1/aakene rAtene34rwp o Nhwt Idaho creek Ov* O •, �f lCoreo ft I-upton 73 Rowena -. a' "6300 Prospect Valley Gold HIIt b 13ofa P ,t' 9 o, ie*, L,eyner: Erk Q3tAtsot SWnns,rvitle t rgysN O o 0$ fll IRSMrs Poway [37 Sugarloaf Boulder . ,•2 1 n °Did .10 r vnkwrg *orvifio ia J9 orodoti gg nom. aeons Brighmrr , .. 5\"l T. fst OUF4t Inc .______ - .. City ,Property Info :• Sale Info County Road 64 Windsor 10 AC Land Sold:$285.000(S0 65/SF) International Blvd Fort Collins 23 AC Land Sold:$426.000($0.43/SF; US Hwy 85 Fort Lupton 15.88 AC Land Sold:$510.000(50 74/SF) }_DMR This cowered report corder-is research licm4w to put: me WWI I('Ite n s Assac,a..nr IC..'002:15 5112/2007 . / Page 1 County Road 64 SOLD Windsor,CO 80550 Weld County Recorded Buyer. Mauna Towers Llc Recorded Seller: Crown Broadcasting,Inc, 1063 Big Thompson 1476 Waterfront Rd Loveland,CO 80537 Reston,VA 20094 to (703)904-6394 Seller Contact: Crown Broadcasting,Inc. ••• `._,......',... • . ' .. I—•. Sale Date: 03/23/2007 Land Area: 435,600 SF(10 AC) Sale Price: $285,000-Full Value Lot Dimensions: Irregular S/SF Land Gross: E0.65($28,500.001AC) Proposed Use: Utility Sub-Station Density: - Zoning: - Topography: Level Sale Conditions: - Parcel No: 80729000045 Financing: - Comp ID: 1286021 — Research Status: Research Complete International Blvd-Hold For Development Site SOLD Fort Collins,CO 80526 Larimer County Recorded Buyer: Airpark Village,LLC Recorded Seller: W.D.Kincaid "( 1593 Jamaica St 296 N Burt Ave Aurora,CO 80012 Buffalo,WY 82834(303)671-5340 (307)684-7053 1... ... j ,• . Sale Date: 09108/2006 Land Area: 1,001.880 SF(23 AC) Map Page:Mapsco 62-JX32 Sale Price: S426,000-Full Value Lot Dimensions: - S/SF Land Gross: 50.43($18,521.74/AC) Proposed Use: Hold for Development Density: - Zoning: I,County Topography: - Sale Conditions: - Parcel No: 87071.00.007 Financing: Lender Not available Comp ID: 1154747 — Research Status: Research Complete US Hwy 85-Cement/rock/gravel Plant Site SOLD Fort Lupton,CO 80621 Weld County Recorded Buyer: SW Vitlaneaux.LLC Recorded Seller. Shawn E.Wiant Living Trust 333 W Hampden Ave Englewood,CO 80110 L.A%£J (393)534-1040 Seller Contact: Shawn Wiant • I) Sale Date: 0 8/0 11200 5 I..and Area: 691.733 SF 415.88 AC) Map Page:Pierson Graphics Sale Price: $510,000-Confirmed Lot Dimensions: Irregular Corp 273-KK70 S/SF Land Gross: S0.74(S32,116.87/AC) Proposed Use: Cement/Gravel Plant Density: - Zoning: A,Fort Lupton Topography: Level Sale Conditions: Assemblage Parcel No: 147118000089 Financing Lender Not available Comp ID: 1057307 — Research Status: Research Complete This popyng rted report cantons reseerat ifclewed to DvC4nrrs.MCMflen a Associates.to .100205. 5/1112007 A Page 1 CLERK TO THE BOARD PHONE (970)356-4000 EXT 4226 FAX: (970)352-0242 WEBSITE: www.co.weld.cweld.co.us 915 10TH STREET P.O. BOX 758 GREELEY, COLORADO 80632 1111PC. COLORADO July 21, 2008 METAL SALES MANUFACTURING CORP 545 S 3RD ST STE 200 LOUISVILLE KY 40202 Parcel No.: 131326201007 Account No.: R4573406 Dear Petitioner(s): The Weld County Board of Equalization has set a date of July 29, 2008, at or about the hour of 2:00 PM,to hold a hearing on your valuation for assessment. This hearing will be held at the Weld County Centennial Center, First Floor Hearing Room, 915 10th Street, Greeley, Colorado. You have a right to attend this hearing and present evidence in support of your petition. The Weld County Assessor or his designee will be present. The Board will make its decision on the basis of the record made at the aforementioned hearing, as well as your petition, so it would be in your interest to have a representative present. If you plan to be represented by an agent or an attorney at your hearing, prior to the hearing you shall provide, in writing to the Clerk to the Board's Office, an authorization for the agent or attorney to represent you. If you do not choose to attend this hearing, a decision will still be made by the Board by the close of business on August 5, 2008, and mailed to you on or before August 12, 2008. Because of the volume of cases before the Board of Equalization, all cases shall be limited to 15 minutes. Also due to volume, cases cannot be rescheduled. It is imperative that you provide evidence to support your position. This may include evidence that similar homes in your area are valued less than yours or you are being assessed on improvements you do not have. Please note: The fact that your valuation has increased cannot be your sole basis of appeal. Without documented evidence as indicated above, the Board will have no choice but to deny your appeal. If you wish to obtain the data supporting the Assessor's valuation of your property, please submit a written request directly to the Assessor's Office by fax(970) 304-6433, or if you have questions, call (970) 353-3845. Upon receipt of your written request, the Assessor will notify you of the estimated cost of providing such information. Payment must be made prior to the Assessor providing such information, at which time the Assessor will make the data available within three(3) working days, subject to any confidentiality requirements. METAL SALES MANUFACTURING CORP - R4573406 Page 2 Please advise me if you decide not to keep your appointment as scheduled. If you need any additional information, please call me at your convenience. Very truly yours, BOARD OF EQUALIZATION L>/04 Donald D. Warden Clerk to the Board cc: Christopher Woodruff, Assessor DUCHARME MCMILLEN & ASSOC INC 20830 NORTH TATUM BLVD SUITE 240 PHOENIX AZ 85050 . (1 CLERK TO THE BOARD IPHONE (970) 356-4000 EXT 4226 FAX: (970) 352-0242.co.us �1 WEBSITE: www.co.weld.co.us 915 10TH STREET ' P.O. BOX 758 GREELEY, COLORADO 80632 C. COLORADO July 25, 2008 METAL SALES MANUFACTURING CORP 545 S 3RD ST STE 200 LOUISVILLE KY 40202 Parcel No.: 131326201007 Account No.: R4573406 Dear Petitioner(s): The Weld County Board of Equalization previously set a date of July 29, 2008, at or about the hour of 2:00 PM, to hold a hearing on your valuation for assessment. To hear the cases more efficiently, this case has been rescheduled to Thursday, July 31, at 11:15 a.m. This hearing will be held at the Weld County Centennial Center, First Floor Hearing Room, 915 10th Street, Greeley, Colorado. You have a right to attend this hearing and present evidence in support of your petition. The Weld County Assessor or his designee will be present. The Board will make its decision on the basis of the record made at the aforementioned hearing, as well as your petition, so it would be in your interest to have a representative present. If you plan to be represented by an agent or an attorney at your hearing, prior to the hearing you shall provide, in writing to the Clerk to the Board's Office, an authorization for the agent or attorney to represent you. If you do not choose to attend this hearing, a decision will still be made by the Board by the close of business on August 5, 2008, and mailed to you on or before August 12, 2008. Because of the volume of cases before the Board of Equalization, all cases shall be limited to 15 minutes. It is imperative that you provide evidence to support your position. This may include evidence that similar homes in your area are valued less than yours or you are being assessed on improvements you do not have. Please note: The fact that your valuation has increased cannot be your sole basis of appeal. Without documented evidence as indicated above, the Board will have no choice but to deny your appeal. If you wish to obtain the data supporting the Assessor's valuation of your property, please submit a written request directly to the Assessor's Office by fax (970)304-6433, or if you have questions, call (970) 353-3845. Upon receipt of your written request, the Assessor will notify you of the estimated cost of providing such information. Payment must be made prior to the Assessor providing such information, at which time the Assessor will make the data available within three(3) working days, subject to any confidentiality requirements. METAL SALES MANUFACTURING CORP - R4573406 Page 2 Please advise me if you decide not to keep your appointment as scheduled. If you need any additional information, please call me at your convenience. Very truly yours, BOARD OF EQUALIZATION JZ- LU Donald D. Warden Clerk to the Board cc: Christopher Woodruff, Assessor DUCHARME MCMILLEN & ASSOC INC 20830 NORTH TATUM BLVD SUITE 240 PHOENIX AZ 85050 1ClK****tt*tX**XtttlC****t******tttXtl**************tt*ttt**** ****Ytt1<INXXt*t**** *****tttlCY*********M P. 01 TRANSACTION REPORT JUL-25-2008 FRI 04:39 PM FOR: WELD CO GOVT 9703520242 * DATE START RECEIVER TX TIME PAGES TYPE NOTE M# DP * JUL-25 04:38 PM 94804192597 **' **" 0 SEND BUSY 114 t TOTAL : OS PAGES: 0 **** ************* ****************************XX*****YtXlcl********tictXt******** c*********X***** E FAX TRANSMISSION Acts ICLERKP. O. BOX 58T 915 BOARD COLORADO GREELEY, CO 80631 PHONE: 970-356.4000 EXT.4226 FAX: 970-352-0242 To: DuCharme,McMillen and Date: July 25, 2008 Associates, Inc. Fax: 480-419-2597 Pages: 3,including cover page From: Esther Gesick,Deputy Clerk to the Board Subject: Rescheduled Hearing with Board of Equalization - R4573406 (Metal Sales Manufacturing Corp) , T 2008 Real Estate Appeal Metal Sales Manufacturing 7990 E. 125 Frontage Road Longmont, Weld County, Colorado • Parcel No.: 11326201001 • Square Footage: 106,650 sf • Age: 1996 • Assessment: $4,545,362 [$42.62/sf] • Use: Manufacturing • Sales Comparison Approach: $3,900,000 ($36.57/sf] • Recommended Assessment $3.900,000 x$36.57/sfl Notes: 1. Metal Sales Manufacturing makes rolled metal panels for wholesale distribution, primarily for construction purposes. 2. Subject was constructed in 1996 of pre-engineered steel frame and metal siding. Maximum roof height is 30' in the center, with a wall height of approximately 28' in the manufacturing area. The office space,which abuts to manufacturing operation on the west side, has 14' high concrete block exterior walls. Subject photos, aerial photograph and scaled building drawing are provided on Page 4-7. 3. The office space has vinyl tile floors, suspended acoustic tile ceilings and fluorescent lighting. This space is air-conditioned and heated via package units. However,the manufacturing area does not have any temperature control except for large industrial intake fans on the south facing wall,with vents on the north wall. 4. Excess land Is attributable to this site. Standard industrial land-to-building ratios(using comparable property sales as primary data) in the area are 2.5:1. Therefore, the following calculation summarizes the amount of land determined to be "excess": Subject Property 719,611 Industrial Need 65)2.5:1 266.625 Excess Land 452,986 EXHIBIT wirivco . 11 I Metal Sales Manufacturing 1 2008 Real Property Appeal COMPARABLE SALE ANALYSIS Four comparable property sales were identified. A summary page, location map, and the detailed comparable sale reports are provided on Pages 8-22. It should be noted that Comparable Sale#2 did not have a building picture on the first page of the Sale Report Therefore,we printed a full page photo and added it to the Report,which can be seen on Page 16. Since no sales were available of similar properties is Weld County, our search was expanded to include Denver, Boulder,Weld and Broomfield Counties. The four comparable industrial sales are all located in Denver County. All four properties are of superior construction and are located in more desirable industrial areas. These facts result in negative adjustments to each sale between 10-15%, rendering an average unit value of$32.75.We applied a unit value of$30/sf to the main portion of the subject property as the facility is metal panel on steel frame,with no dock doors, no temperature control in the manufacturing area, and very little build-out. The subject property has more land than is typical for industrial properties in this area of Colorado. Per the comparable property sales summary, the average land-to-building ratio is 2.5:1. This results in the subject property having "excess land" in the amount of 452,986 square feet. To determine an equitable value to be attributed to this land, comparable vacant industrial land sales, in excess of 3 acres,were researched. Three sales were identified within a 4-mile radius and are provided for review on Pages 23-24. The simple average unit value is$2.34/sf. Taking into consideration the way the subject property is developed,the placement of the "excess land" and the fact all the land sales are of vacant undeveloped land,we reduced this unit value to $1.50/sf. If we take the$30/sf value for the main operation, add the "excess land" calculation of$679,479, the final indicated value for the subject is $3,900,000, or$36.57/sf overall. SUMMARY The subject property's 2008 real market value is $4,545,362, or$42.62/sf. The comparable sale analysis indicates the actual market value for the subject, with a lien date of 1/1/2007, is $3,900,000, or$36.57/sf. Property listings were researched and are provided which support our request for reduction(Pages 25-27). DMA identified five industrial property listings, two in Denver and three in Greeley. The asking prices range from $17.92/sf to $42.06/sf. Generally, a property will sell for about 10-15% less than the asking price, resulting in a modified range of list prices of about$15$36/sf. Additionally, to support the land value applied to the"excess land", DMA performed a land value analysis for both industrial and commercial land in Weld County. Since the subject property has 16.62 acres of land, and the Metal Sales Manufacturing 2 2008 Real Property Appeal "excess" calculation totals 10.4 acres, any sale of property with less than 3 acres is really not comparable to our subject property. Five Industrial Land Sales were found and are summarized on Page 28. The zoning or proposed use of each sale was handwritten onto the summary page for ease of reference. Commercial Land Sales are summarized on Page 30-31. Once again, for ease of reference the zoning or proposed use has been handwritten in. The high end of the range of these sale properties are represented by retail operations and multi-family office park type uses. Both the Industrial and Commercial Land Sale analyses indicate an AVERAGE unit value of$2.50/sf. If we take into account the fact the subject property is not vacant, as are the sale properties in general, and consider the additional costs that would be required to do something to the subjects land,the value attributable to the"excess land"would be lower than the S2.48/sf average. Based on our analysis and all the market information provided,we respectfully request a 2008 real property value of$3,900,000. 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J' �� to E alb Ave ,_ _r ' J Mountain View ;r �4 S'*et►+Rd S:drtdowri _ vv 4+st Ave +, u 33 a E 30„ir Ar~. —.`-",,. / ' Avs n _at,1� rt� n viat E 3nt Ave :Sable r. sa i E :�Bt17 Aur i c �. 35 Z 1N 35:hJ1ve ir� 0 - )per AVE F , CI 3 w Ave a�.. e &j .. 7 to a al c Y = 'Iarte Luther King A E .3irtn Ra► t - W 29th Ave +, c�ce 5` o zwn A.r Gc� `�' �Ath Ave A friJ e v+ } u' `� E th Ave c c £ ` E 2.W Ave Fltzsioi,� Edgewater B�T'�'�� i23tvt 03 L � g ' 03 s o an v; :n SW'r S. hlnrtva�w Blvd ' r ee J� ti S k taAP f c o Denver V ` ITtth Avr Pkv E 1 Tan Ave J' % w , E 17th Pi r -� W C01tar Ave - .. E E Colfax Ave $ E Colfax Ave a Q �7 C §Ave �` s E +ztr Ave e- E 1 Ate Pi Q G 75 L+' 131h AveA _ % :/1 c lit AK C a m C) Sa 'Jr R+ Y -1/4„,,, p. N E 1 l t'. Ave N 4 's C LL E E _ E 8th Ave v, EAmAve i "' ai C e- g 4'.3 S laws—W 6th Ave Z c3 ' U :'n a. E 6th Aveis ' a ' E 6�t Aire ti 1,t W C Ave ,. Alamo Placate 1 A O a _ E 1st Ave E 141 Ave. f 15.: A-" Eta! Ave E ?rvi Ave vs 85 n -.. t,t_ , cc. W Alameda !>ve E Alameda Ave r` r tea` nve E Alameda Ave 955 �' v rn :�, n ai >co ? (ewer,. Fairmous • E sau WI m y et) -,� - 0 Or Ceinetei g i 3 'II 41) WMississippiAve c : - 5 o .: E Mississippi Aveez ,, a Aurora RubyO2t• r tL Nill r9� ti f F nr1Qs Are - Lrc. _ . . _ hem Ave I Virtual Earth" Park i1si* �iJs,:1t:r;Le i�:t�'1'. 'J��i iJM :i..L © - v� r: LV E Jewel; Ave f Jewell Ave O v: iasw 4vs r, _ . . 87 -_ ,� Address City Property Info Sate Info 4200 E 50th Ave Denver 86,788 SF Industrial/Warehouse Sold $4,165,000 (S47.99/SF) 1280 W 47th Ave Denver 85,320 SF Industrial/Manufacturing Sold: $3.650.000 (542.78/SF) 10700E 45th Ave Denver 106,195 SF Soid: $4,150.000 (S39.08/SF) Industrial/Manufacturing 4 600-606 W Bayaud Ave Denver 78,023 SF Industriai/Warehouse Sold: S1 ,850.000 (523.71/SF) This copyngnted reoort contans research Iicersec to Duernrrne. MCMden &Assoaaaes - 100205 7/28/2008 LMf Page 1 9 4200 E 50th Ave - Case Paper Company Inc SOLD 1 Denver, CO 80216 - East 1-70/270 Ind Submarket Sale on 07/03/2006 for $4,165.000 ($47.99/SF) - Research Complete 86.788 SF Class B Warehouse Building Built in 1998 51s1 AVE* a C 5JCt Ave re Ave I VWVWE 50tH • mit S• SOU yds sm:cr0so t' Virtual Earth' = au; uiw.a.tas dvssi ." r" :nazi. 'd..iz Buyer & Seller Contact Info Recorded Buyer_ S&Z Realty LLLP Recorded Seller 4200 E 50th Parr LLC 4900 Dahlia St Denver, CO 80216 (303) 329-9892 True Buyer: Buehler Moving & Storage Seller Contact: American Warehouse Co. 3899 Jackson St Denver, CO 80205 (303) 3884000 Buyer Broker: No Buyer Broker on Deal Listing Broker: No Listing Broker on Deal Transaction Details ID. 1136595 Sale Date: 07/03/2006 Sale Type. Investment Escrow Length: 60 days Bldg Type Warehouse Sale Price: $4,165,000-Confirmed Year Built/Age: Built in 1998 Age: 8 Asking Price: - RBA: 86,788 SF Price/SF: $47.99 Land Area: 4.64 AC (202,118 SF) Price/SF Land Gross. $20.61 Per ent Leased: 100.0% Tenancy: Single Percent Improved: 83.6% —ransfer Tax: $416.50 Total Value Assessed: $1,061.980 in 2006 Improved Value Assessed $887.490 Land Value Assessed: $174,490 Land Assessed/SF: $0.00 Nc. of Tenants: 1 Tenants at time of sale: Airfox Inc Financing: Lender Not available Legal Desc: SW4 Sec 18 T3S R67W & por blk 3 Burlington Industrial Park 5 Parcel No: 1183-03-007 Document No: 0103250 This copyrighted report contans research incensed to DuChanne VcM Ben &Assoaates • 100205 7/28/2008 f1/4.1A Page 1 1/ 0 4200 E 50th Ave - Case Paper Company Inc SOLD 86.788 SF Class B Warehouse Building Built in 1998 (can't) Transaction Notes S&Z Realty LLLP do Stuart Smith, Mbr 4200 E 50th Parr LLC c/o American Warehouse Co. Office Space: Building SF shown includes approximately 4,340 SF of office space. Markes. Time: Reportedly the property was not on the market at the time of the sale: the buyer approached the seller directly Mill Levy: 66.202 Reportedly, at the time of the sale there was no deferred maintenance. Current Industrial Information ID: 397437 Bldg Type: Warehouse RBA: 86,788 SF Bldg Status: Built in 1998 % Leased: 100.0% Rent/SF/Yr: - Stories: 1 Bldg Vacant: 0 SF Total Avail: 0 SF Building FAR: 0.43 Warehouse Avail: 0 SF Office Avail: 0 SF CAM - Max Contig: - Zoning: 1-2, Denver Smallest Space: - Owner Type: - Land Area: 202,118 SF Owner Occupied: No Lot Dimensions: - Tenancy: Multi Ceiling Height 22'0" Column Spacing- - Loading Docks: 4 ext (bldg. total) Levelators: 2 ext Cross Docks. - Crane: - Dnve Ins: 2114'0"h (total) Const Type: Masonry Sprinklers: Yes Rail Spots: None Rail Line: None Property Mix: Industrial 82,449 SF (95.0%) Office 4,339 SF (5.0%) Parking: 13 free Surface Spaces are available; Ratio of 0.15/1,000 SF Features: Corner Lot Location Information Metro Market: Denver Submarket: East I-70/Montbello Ind/East I-70/270 Ind County: Denver CBSA: Denver-Aurora, CO CSA: Denver-Aurora-Boulder, CO DMA: Denver, CO-NE-WY-NV Map(Page): Mapsco 255-L TMs copyngnted report contans research ticensod artn to OuCte. McMilen &Associates . .00205 7/28/2008 DMA Page 2 � r f • 4200 E 50th Ave - Case Paper Company Inc SOLD 86,788 SF Class B Warehouse Building Built in 1998 twilit) Parcel Number: 1183-03-007 Legal Description: SW4 Sec 18 T3S R67W & por blk 3 Burlington Industrial Park 5 County Denver Plat Map: 4200 E 50th Ave - Case Paper Company Inc "Iir 7 1 ' 416 At - :. • i -M ' 0 . is.' . • Ij • • ' :. •ce yyy r .. ••••• .. ••41\••N • `tin.••• ' 4:1( • • • I,1 • • 11( C1\• i E 50th Ave'A" _� . ._ �.. . S. V i .CO . i ..•• t . • .. ,.... : 1\1 A • 0 .. . . . L . , . . .. t8 ¢• • 0 • , • \...._.w. • • 11' - ,i... • (I) ; • • `a. ; ; ` • • .. \IZ . • I • •. • • •• V \ 6. ,• ' • • . •I f f • r• . • • Vswat%- • -t• `••••.1`•IFl • • ti AI 4 i I It • • I i 1 • t • • € f.. c • -• I. \ . :MP: • • N. i •,••.' -lea ., \ 4 ? • i �1 i — This copyrighted repot-. contans research licensed to DuCtanne. McMIOen 8 Associates - 100205. 7/28/2008 �M� Page 3 / 1280 W 47th Ave SOLD Denver, CO 80211 - Upper North Central Ind Subrnarket Sale on 05/07/2006 for S3,650,000 (S42.78/SF) - Research Complete 85,320 SF Class B Manufacturing Building Built in 1978 xr 5 �+ 48th, Ave -a-273 773 • Denver rt774 i - W 3'"h Aver Ch A,a 3 a w 4®m a,r m sir a WChine t G r 3 W 45Th Avc SOO rd; ' o Apt t ro►o t g r It 2 7; 'Virtual Earth'~ 1 7._r es �1S1_-� "re. :j - — — - Buyer & Seller Contact info Recorded Buyer: 1280 West 47th Avenue, LLC Recorded Seller: Vagabond Colorado LLC 1280 W 47th Ave Denver, CO 80211 (303) 733-4903 True Buyer: Food Marketing Group, Inc. Seller Contact: John Anderson 1280 W 47th Ave Denver, CO 80211 (303) 293-8440 Buyer Broker International Network Listing Broker: International Network Craig Mundt Craig Mundt (303) 690-6359 (303) 690-6359 -- Transaction Details - - ID: 1112654 Sale Date: 05/07/2006 (60 days on market) Sale Type. Owner/User Escrow Length: 135 days B:dg Type- Manufacturing Sale Price: $3,650,000-Confirmed Year Built/Age Built in 1978 Age: 28 Asking Price: - RBA: 85,320 SF Price/SF: $42.78 Land Area 5.22 AC (227,383 SF) Price/SF Land Gross: $16.05 Percent Leased: 29.7% Tenancy: Multi Percent Improved: 57.0% --ransfer Tax: $365 Total Value Assessed: $2,809,500 in 2005 Improved Value Assessed: $1,602,800 Land Value Assessed: $1,206,700 Land Assessed/SF: $5.00 Nc. of Tenants: 1 Tenants at time of sale: Coors Distibuting Company Financing: Lender Not available Legal Desc Por S2 NW4 NE4 sec 21 T3S R68W Parcel No: 2211-00-038, 2211-00-039 This copyrighted report oceans researdr incensed to DuCrnrme MCMrRen & Assoc aces • 100205 7/28/2008 �p Page 4 "3 1280 W 47th Ave SOLD 85,320 SF Class B Manufacturing Building Built in 1978 (con't) Document No: 0070712 Sale History: Sold for $3,650,000 ($42.78/SF) on 05/07/2006 Sold for $2,593,000 (S30.39/SF) on 09/17/2003 Transaction Notes Income/Expense: The seller will lease approximately 30.000 SF of the subject property for six months. No further information was available. 1280 West 47th Avenue, LLC c/o Patricia Graves Vagabond Colorado, LLC c/o John Anderson Notes: The subject property has 40,000 SF of cooler space. Condition: The seller will lease approximately 30.000 SF from the buyer for six months. No further information was available. Mill Levy: 66.202 Current Industrial Information ID: 117174 Bldg Type: Manufacturing RBA: 85,320 SF Bldg Status: Built in 1978 % Leased: 100.0% Rent/SF/Yr: - Stories: 1 Bldg Vacant: 0 SF Total Avail: 0 SF Building FAR: 0.38 Warehouse Avail: 0 SF Office Avail: 0 SF CAM - Max Contig• - Zoning: I-1, Denver Smallest Space: - Owner Type: - Land Area: 227,383 SF Owner Occupied: No Lot Dimensions: 273x817 Tenancy: Multi Ceiling Height: 18'0"-20'0" Column Spacing: - Loading Docks: 7 ext (bldg. total) Levelators: 6 ext Cross Docks. No Crane: None Drive Ins: 5/15'0"h (total) Const Type: Reinforced Concrete Sprinklers: Wet Rail Spots: None Rail Line: None Property Mix: Industrial 72,522 SF (85.0%) Office 12,798 SF (15.011/0) Power: 2000a/480v 3p 4w Utilities: Gas - Natural, Heating, Sewer - City, Water - City Parking: 51 free Surface Spaces are available; Ratio of 0.60/1,000 SF Features: Cooler, Corner Lot, Fenced Lot, Property Manager on Site Location Information Second Address: Lipan St Metro Market: Denver Submarket: North Central Ind/Upper North Central Ind County: Denver CBSA: Denver-Aurora, CO CSA: Denver-Aurora-Boulder, CO DMA: Denver, CO-NE-WY-NV Map(Page): Pierson Graphics Corp 54-D This copynipted report contans research licensed to DuCterme, N.cMiRen &Assoaates - 100205 7/28/2008 Page 5 fi..r. 1�.,,�\MW WI• v 1280 W 47th Ave SOLD 85,320 SF Class B Manufacturing Building Built in 1978 (con't) Parcel Number: 2211-00-038, 2211-00-039 Legal Description: Por S2 NW4 NE4 sec 21 T3S R68W County: Denver Plat Map: 1280 W 47th Ave It I ,-\ M i . t • , f - I ' 1 2) 1` , tilt ; �T C k . • _.-. - ,•-. _ p t ;`A) 161 : ei 4 , � '♦ 16 1 -1I 1! cl MO i F .,.� • y, , a C I - mi" 1 V kir if. f WNW,- 104 . • - l. w4rr rAYE , ,r. • , , • , ,..1 ti i 1k v i u rihah h\ ItV I- . , t Pr.r 1. t is , , t Ma 1 i 1 +\Issj i I il jv This mpyr4tted report contans research licensed to DuCrerrne. McMillen 8 Associates • 100205 7/28/2008 el Page 6 f3 lir • V. . '. 1 v •, 1• . ). i 6: 4 I 4311 * • • ' • ti''i� ' o • l• .,\ �"�.. 8 ki le. Tei r43 4.1 et •.. •r s r.mot. A ca li • W • ' r' `t ''• :5 • ` . S SD INC ti ,.to, . -......4% . _„,, , ...... .:.. . .... , ,,..„,, , . -5 tv CO al • }Y N �.. � iii R_ . ee rIC • . r 1 is'', - AI- t) . • 8. ..... •‘y •• Iii . •• ..i I I -0. . N -• - • . i •se•"1 sti jpi• L.• ' I - - '� `, a. • l rz?j;c :is. . en 41 P. or • lO4 •; • a el :: • . .. , i ► tom . . ' • t • ISf • T • - 1 • r '� T. '. . , • 1 . � _a • ' Af E • •'►�►• . . �f saw iir r s . • • • . 4 i. a , I. 74 • 0 • • r . Q • O ; i it 10700 E 45th Ave SOLD 3 Denver. CO 80239 - Cent E I-701Montbello Ind Submarket Sale on 01/05/2006 for $4,150.000 ($39.08/SF) - Research Complete 106195 SF Class B Manufacturing Building Built in 1979 3 T F w, , N a • _ - . lE 45th Ave Z F 45th Ave c 4511'. O 2801 ,41 36 JrtrJ d d- MKros:1ft' Virtual Earth" sane.' s..$) Buyer & Seller Contact Info Recorded Buyer: Etkin FBR, LLC Recorded Seller: Corporate Express Document 1 Environmental Way Broomfield, CO 80021 (303) 664-2000 True Buyer: Etkin Johnson Group Seller Contact: Matt Lenhart 1512 Larimer St Denver, CO 80202 (303) 629-5212 Buyer Type: Developer Buyer Broker: CB Richard Ellis Listing Broker: CB Richard Ellis James Bolt James Bolt (7 20) 528-6310 (720) 528-6310 William Thompson William Thompson (720) 528-6300 (720) 528-6300 -- — Transaction Details -- ID: 1083160 Sale Date: 01/05/2006 (60 days on market) Sale Type: Investment Escrow Length: 30 days Bldg Type: Manufacturing Sale Price $4,150,000-Confirmed Year Built/Age: Built in 1979 Age: 27 Asking Price - RBA: 106,195 SF Price/SF $39.08 Land Area: 5.87 AC (255,632 SF) Price/SF Land Gross: $16.23 Percent Leased: 100.044/O Tenancy: Multi Percent Improved 77.7% Transfer Tax: $415 Total Value Assessed. $3,443,100 in 2005 Improved Value Assessed: $2,676,200 Land Value Assessed $766,900 Land Assessed/SF $3.00 No. of Tenants: 1 Tenants at time of sale: Food Bank of the Rockies F;nancing: $4,150,000.00 from FirstBank of Denver NA:: due in 2 yrs This oopyngnted report contans research licensed to ouCtarme, McMi!en &Associates 100205 7(28/2008 AMA Page 7 17 • 10700 E 45th Ave SOLD 106.195 SF Class B Manufacturing Building Built in 1979 (cony) Legal Desc: Lot 3 Montbello No. 22 Parcel No: 1232-12-009 Document No: 0002087 Sale History: Sold for $4,067,120 ($38.30/SF) on 07/25/2007 Sold for $4,150,000 ($39.08/SF) on 01/05/2006 Transaction Notes -A Income/Expense: The property was vacant at time of sale, however, the new tenant will be Food Bank of the Rockies. Elkin FBR. LLC Go Bruce Etkin Corporate Express Document Go Matt Lenhart Seller Corporate Express Document Print Management. Inc. Mill Levy: 64.402 Current Industrial Information ID: 397032 Bldg Type: Manufacturing RBA: 106,195 SF Bldg Status: Built in 1979 % Leased: 100.0% Rent/SF/Yr: - Stories: 1 Bldg Vacant: 0 SF Total Avail: 0 SF Building FAR: 0.42 Warehouse Avail: 0 SF Office Avail 0 SF CAM - Max Contig: - Zoning: I-2, Denver Smallest Space: - Owner Type: - Land Area: 255,632 SF Owner Occupied: Yes Lot Dimensions: - Tenancy: Multi Ceiling Height: 21'0"-23'0" Column Spacing: 40'w x 36'd Loading Docks: 8 ext (bldg. total) Levelators: None Cross Docks: - Crane: None Dnve Ins: 6/9'0"w x 10'0"h (total) Const Type: Masonry Sprinklers: Wet Rail Spots: Yes Rail Line: Union Pacific Railroad Property Mix: Industrial 93,703 SF (91.0%) Office 9,267 SF (9.0%) Expenses: 2004 Tax @ $0.54/sf Power: 4000a/480v 3p Parking: 120 free Surface Spaces are available; Ratio of 1.30/1,000 SF Features: Property Manager on Site Location Information Located: Havana St & 1-70 Metro Market: Denver Submarket: East 1-70/Montbello Ind/Cent E I-70/Montbello Ind County: Denver CBSA: Denver-Aurora, CO CSA: Denver-Aurora-Boulder, CO DMA: Denver, CO-NE-WY-NV Map(Page): Pierson Graphics Corp 257-P This eopyr:tilted report contans research licensed to DuCtar-*e, McMilen 8 Associates - 100205 7/28/2008 �i Page 8 • 10700E 45th Ave SOLD 106,195 SF Class B Manufacturing Building Built in 1979 (con't) Parcel Number: 1232-12-009 Legal Description: Lot 3 Montbello No. 22 County: Denver Plat Map: 10700 E 45th Ave _ _ - --�-F Diamsja E 45TH AVE Fic E: < I > its "pW INTER,viATE 7o ' 11 This copyrighted report cortans resoarrn horsed to DuCterrne. McMilen &Associates - 1007.05 7/28/2008 �� Page 9 i 600-606 W Bayaud Ave SOLD 4 Denver, CO 80223 - Lower Central Ind Submarket Sale on 02/15/2006 for S1 .850.000 (S23 71/SF) - Research Complete 78.023 SF Class C Warehouse Building Built in 1954 :n in 'i%1 ,..- ,in r ft :p 87 '(1 t 4 nMfll Abort t1 . -Av*rti Y M n - 85 a $ wArhet to v won- idAvn Co ill . N Slt 1 . �. 1. \`` O 'w$ c L'\ - edar Ave ' isi t `1 z vt vtk u+ firA' .- • y € w 9vers a -0 th $ . T fN Zy - W Alameda Ave SrjQ id; MKrosoft' k, 1 .Virtual Earth. ', is iszea :turw-A.s:. :iiilintirast :a...tb - \ii _Staten .__- Buyer & Seller Contact Info .___ Recorded Buyer: Blackwater Development, LLC Recorded Seller: The West Bayaud, LLC 8101 E Prentice Ave 1660 Lincoln St Greenwood Village. CO 80111 Denver, CO 80264 (303) 861-4900 Seller Contact: William Feinberg Buyer Type: Individual Buyer Broker: CB Richard Ellis Listing Broker: The William Feinberg Companies, Ltd James Bolt William Feinberg (720) 528-6310 (303) 861-4900 Tyler Carner (720) 528-6397 Mike Camp (720) 528-6313 Transaction Details ID: 1114417 Sale Date: 02/15/2006 Sale Type: Investment Escrow Length: 90 days Bldg Type: Warehouse Sale Price: $1,850,000-Confirmed Year Built/Age: Built in 1954 Age: 52 Asking Price: - RBA: 78,023 SF Price/SF: $23.71 Land Area 2.82 AC (122,909 SF) Price/SF Land Grow $15.05 Percent Leased: 0.0% Tenancy: Multi Percent Improved: 54.8% Transfer Tax: $185 Total Value Assessed: $2,425,100 in 2005 Improved Value Assessed: 51,328,100 Land Value Assessed: $1,097,000 Land Assessed/SF: $8.00 Nc. of Tenants: 1 Tenants at time of sale: Harrow Sports, Inc Financing: Down payment of $130,000.00 (7.0%) $1,720,000.00 from US Bank National Association This wpynghted report cortans research licensed to DuCremhe, McMilen &Associates. 100205 7/28/2008 �A Page 10 10 600-606 W Bayaud Ave SOLD 78,023 SF Class C Warehouse Building Built in 1954 (con't) Legal Desc: SW4 SW4 Sec 10 T4S R68W Parcel No: 5103-00-039 Document No: 0028688 Sale History: Sold for $1,850,000 ($23.71/SF) on 02/15/2006 Sold for $1,575,000 ($20.19/SF) on 12/27/1995 Transaction Notes IncomeiExpense: Information not available due to a confidentiality agreement between the parties involved. Blackwater Development, LLC do Not Available The West Bayaud. LLC do William Feinberg Mill Levy: 66.202 Reportedly, at the time of the sale there was no deferred maintenance. i� Current Industrial Information ID: 396437 Bldg Type: Warehouse RBA: 78,023 SF Bldg Status: Built in 1954 % Leased: 100.0% Rent/SF/Yr: - Stories: 1 Bldg Vacant: 0 SF Total Avail: 0 SF Building FAR: 0.63 Warehouse Avail: 0 SF Office Avail: 0 SF CAM - Max Contig: - Zoning: 1-1, Denver Smallest Space: - Owner Type: Individual Land Area: 122,909 SF Owner Occupied: No Lot Dimensions: - Tenancy: Multi Ceiling Height: 14'0"-18'0" Column Spacing: - Loading Docks: 2 int/2 ext (bldg. total) Levelators: None Cross Docks: - Crane: None Drive Ins: None (total) Const Type: - Sprinklers: Wet Rail Spots: None Rail Line: None Property Mix: Industrial 74,122 SF (95.0%) Office 3,901 SF (5.0%) Power: 3000a/480v 3p Parking: 50 free Surface Spaces are available: Ratio of 0.30/1,000 SF Features: Skylights Location Information - Metro Market: Denver Submarket: Central Ind/Lower Central Ind County: Denver CBSA: Denver-Aurora, CO CSA. Denver-Aurora-Boulder, CO DMA: Denver, CO-NE-WY-NV This wpynghted report contars research licensed to DuCtunne, McMillen &Associates - 100205 7/28/2008 �A Page 11 600-606 W Bayaud Ave SOLD 78.023 SF Class C Warehouse Building Built in 1954 (con't) Parcel Number 5103-00-039 Legal Description: SW4 SW4 Sec 10 T4S R68W County: Denver Plat Map: 600-606 W Bayaud Ave y , a al , �^•�� M♦ • ♦ _ r r r IA 11 r .•w •a. �••�••. - J..•.4.. Vwl is I,•N. lim- -* e_•. 1 • r + •.. �'ilf \ 1 f O { 4 •r ' • 4 . ;I y K L J • ...is,. • r� Ct 11 1 1 • a a ' r 1 �/ NA-- mod ' r ...I .... 1L r C tf 6.i,..•..•••wa•Pirn •.•,--'-" '-r" As i• r r , 1 OS I h• i/ . . /•\ , O max. 1 F . :r b k . flr .11 or a 4 1: ':. r, . -1, ma- rea—• ...a W kYAUD AVE .•r•-•••q- • -W .nn•r.w•.. i 1 1 L �� ♦ •� • ilty I t r , ; 9)4I : i / / •�/ yea' \Oil/ [ •' a • et r a• 1 «mow..• •.•.. I..-... ..}.s. •...' ._-. _ V• ,• J • 1• ' 7• 1 ... a • 1 {r!, fe ; t—,, s T / •.;l y r • {l fob I . / �i•...•..V` ..ter s , !AtliIllaadallata Aka II • -I »• 1 s 1 • 1•e,f r ., ,• r--.410% .---w.+•"1 . ;s.� 41,' t.••_i- a • 1 r 'ti.j :1 • t±± •clepeet)t )I • ' • i. .�•... •� 1..x,1..•... .,,y 1 • y • • , • r y h '11r C?,)1 I p it. 'p. le {Ion tri j p" -• • r�I ♦ r«as... ...•.�t. la 1 1 • •• l!- N• ` • ` y to 1 al it I\\il ; P..tab : t -Saar __ F.. .�It 1. x t I tL . r ? Y 4 t l •F:\i‘ *--t# it \eftTin A,• Mf tir'�f .01.06 SS 1 �:�. 1 • \ \ � :,,.1 . • . W Cedar vex. � I II Il i �M% This oopyrtghtea report tartans research Itcensed to DuCrsarrne, M004en &Assodates- 100235 7/28/2008 Page 12 1 Recreation Area U a 26 7 17 26 CR-:5 s Ave 24.75 io J o. 2 m 717, ;e.s a e FRc>gr., Ra 3.5 5.5 1 PlurStone 8tvd 24 CR 74 7.5 ui V Harney CR 20 }' t 22 15 CR 72 n it Jessum 5 Rtnn a u Peasant /Pe.% Riage 19 Y RC 7 _ 13 T. CR 20 .c :L it 5 sr oxro^c' wz 1 len'+o Creek �J� ,Firestone -1a e in * &3 65 Zs if 16.5 Evanston 7 Niue* Rd - .. •.. st 16 Ca '4 3.25 Frederick C:. rd5 WELD g 14 c 52 87 Dacono 14 ::R 'a GoOein7 P vim. 11.5 a Puritan r 12 52 t 5 x 11 v jcc rn '4 Kt+wrJusr Rd 3 z 7 CR.AC.5 U 901 a 1 O 10 cv O 2.5 mile:, 7-7 rwi cresah•,fr w , a Virtual Earth (Erie C O L 0 R A J'`Cfc J {liL:: ezJi1_�!' J •. " i./t-� u 1 4:J v y Address City Property Into Sale Info 3600 Stagecoach Rd Longmont 3.34 AC Land Sold: $450.000 (S3.09/SF) Miller Dr Dacono 9.04 AC Land Sold: 5776.219 (31.97/SF) Miller Dr @ Perry Ln Dacono 9.04 AC Land Sold: $776.200 ($1 .97/SF) This wpynghted report contans researtt licensed to DuChanne, McMilen &Associates - 100205 4/15/2008 eli Page 1 Z3 1 3600 Stagecoach Rd SOLD Longmont, CO 80504 Weld County - Recorded Buyer: Frontier Companies Recorded Seller Lehigh Enterprises Acquistion 1700 Kyiie Dr Corporation Longmont. CO 80501 10220 NW Ambassador Dr LAND (303) 772-8348 Kansas City, MO 64153 (816) 801-6455 True Buyer: Frontier Materials True Seller_ Dairy Farmers of America Sale Date: 03/22/2007 Land Area: 145,490 SF (3.34 AC) Sale Price: $450,000 - Confirmed Lot Dimensions: - S/SF Land Gross: $3.09 (S134,730.54/AC) Proposed Use. Hold for Development Density: - Zoning: PUD Topography. Level Sale Conditions. - Parcel No: 131310102003, 131310102008, 131310102009 Financing: - Comp ID: 1278435 — Research Status. Research Complete 2 Miller Dr SOLD Dacono, CO 80514 Weld County Recorded Buyer: SASA Properties, LLC Recorded Seller: Miller/Perry, LLC 25183 Frying Pan Rd 3229 Walnut St Basalt, CO 81621 Boulder, CO 80301 LAND (970) 927-4889 (303) 442-8642 True Buyer: Alan Thomas True Seller: Private Partnership Map Page: Mapsco 727-J Sale Date: 10/03/2006 Land Area: 393,565 SF (9.04 AC) Sale Price: S776,219 - Full Value Lot Dimensions: Irregular S/SF Land Gross: S1.97 (585,912.45/AC) Proposed Use: Industrial Density: - Zoning: I, Dacono Topography: Level Sale Conditions: - Parcel No: 146701404001 Financing: - Comp ID: 1164246 — Research Status. Research Complete Miller Dr @ Perry Ln-Grand Divide Business Park SOLD Dacono, CO 80514 Weld County Recordec Buyer SASA Properties, LLC Recorded Seller. Miller/Perry, LLC 25183 Frying Pan Rd 3229 Walnut St Basalt, CO 81621 Boulder. CO 80301 s (970) 927-4889 (303) 442-8642 True Buyer: SASA Properties, LLC True Seller Wood Logic, Inc. . Map Page: Mapsco 707-J Sae Date: 09/27/2006 (581 days on mkt) Land Area: 393,565 SF (9.04 AC) Sale Price: 5776.200 - Confirmed Lot Dimensions: - $/SF Lanc Gross: $1.97 (585,910.35/AC) Proposed Use: Self-Storage Density: - Zoning. I, Dacono Topography: Level Sale Conditions: - Parcel No: 146701404001 Financing: - Comp ID: 1192429 — Research Status: Research Complete This copyr4 ted repo contans research licensed to DuCrarme. McMillen &Assooates - 100205 4/155/2008 Page 1 Kim Rogers • (623) 582-6655 ext:430 - kjrogers@dmainc.com Prepared for: Kim Rogers - DMA, Inc. 2201 S Wabash Street - Denver, CO 80231 -- Property Type: Industrial Price: $4,875,000 Manufacturing Price/SF $42.06 .estri• "r al , '-a-ka Building Size: 115,917 SF Cap Rate: 9.00% LoopNet ID: 15773608 Status: Active Property Description: The eastern portion of the property was origionally constructed in 1965 with the remaining two-story office/warehouse built in 1988. The property is entirely occupied by Perky Pets, a division of Woodstream, Inc., and is primarily used for manufacturing & distribution of their pet products. http://listing.loopnet.com/15773608 2300 E. 40th Avenue - Denver. CO 80205 Property Type: Industrial Price: $2,600,000 •allnit Warehouse Price/SF $28.26 Building Size: 92,000 SF LoopNet ID: 15699003 Year Built: 1967 Status: Active _ Property Description: +/- 92,000 SF in three buildings. Office is +/- 4,000 SF. Site size 3.79 acres. Paved site, crane served (3-ton cranes), sprinklered, office upstairs includes conference room and lunch room. http://listing,loo_pnet.com/15699003 Former 84 Lumber Store - Greeley, CO - 2450 29th Street, Greeley, CO 80631 Property Type: Industriai Price: $2,550,000 Warehouse Price/SF $33.65 Building Size: 75,780 SF LoopNet ID: 15586266 Status: Active Property Description: 6.095 acres with 50,052 Retail/Storage Building and 25.728 SF Storage Building Property built in 2002. //listing. popnet.com/15586266 237 22nd St - Greeley. CO 80631 Property Type: Industrial Price: $1 ,700,000 _ _ r Warehouse Price/SF $17.92 Building Size: 94,859 SF LoopNet ID: 15565737 Year Built: 1965 Status: Active Property Description: 10,000 - 94,859 sf Warehouse/light manufacturing space for lease (Lease rates: $2.50-$3.25) with rail access, dock high/drive in doors. fire sprinkler, good parking plus yard area. Easy access to Hwy 85. _ht tp:Illisting.loop 1ckcom/15565737 Page 1 of 2 Created: 7/28/2008 LoopNet, Inc. © Copyright 1995 - 2008 This information comes from users and sources believed to be reliable, but is not guaranteed. Powered by LoopNet 5 Kim Rogers - (623) 582-6655 ext:430 • kjrogers@dmainc.com Prepared for: Kim Rogers - DMA, Inc. 2401 2 Av - Greeley. CO 80631 Property Type: Industrial Price: $3,775,000 • Manufacturing Price/SF $35.35 Building Size: 106.800 SF LoopNet ID: 15411717 Status: Active Property Description: Manufacturing facility on 13 acres-dock & drive-in doors, 30' clearance, fenced outside storage, Highway 85 frontage. 2401 2 Ave - $3,500,000 + 2401 1 /2 2 Ave - S275,000 (1 story building with 2 story office) http://listing.loo-pnet_com/15411717 Page 2 of 2 Created: 7/28/2008 LoopNet. Inc. C Copyright 1995 - 2008 Thrs information comes from users and sources believed to be reliable, but is not guaranteed. Powered by LoopNet INDUSTRIAL FOR SALE ONLY Fabricated Metal Products Bldg 2401 2nd Ave Greeley, CO 80631 • �� , If r Lease Total Available: 106,800 SF Warehouse Avail: 106,800 SF "4 ourri Office Avail: 0 SF -� - - - CAM: - Smallest Space: 106,800 SF • Y' Max Contig: 106,800 SF Space Use: Warehse Rert/SF/yr: For Sale Only Expenses: 2O00 Est Tax a 50.34/st Structure Building Type: Class B Industrial Ceiling Height: 30'0" Stories: 1 SubType: Manufacturing Column Spacing: - Power: - RBA: 106,800 SF Drive Ins: 7 Const Mat: Metal Typical Floor: 106,800 SF Crane: 7/2 torts Sprinkler: - Building Status: Existing Rail Line: None Lot Dimensions: - Year Built: 1966 Rail Spots: None Land Area: 566,280 SF % Leased: 100% Cross Docks: - Building FAR: 0.19 Owner Occupied: Yes Loading Docks: Yes Levelators: - Owner Type: - Utilities: - Zoning: 1-2 Tenancy: Single Tenant Parcel No: R3561086 Parking: - For Sale Info Features For Sale at $3,775,000 ($35.35/SF) - Active NC, Fenced Lot. Property Manager on Site Floor SF Avail BfldpColrtlp RenVSFIYr+Svs Occupancy Term Uset ype 106,800 106.800 0/negot 60 Days TBD Direct 7/28/2008 DMA This copyrighted report content research licensee! to DuCrBrme, McMilen &Associates 100205 Page 1 cuus Ct . LA- S LES 4iaPQvE s er - ,drtli Ayr. O C 25 .' Correa! 7,1'Rrant 'Arian Gent! _ n DraS 281Ill B ITS Greeley 'rAi31 by 3r Cede! Cove - .. - Cr•Ove Jackson Field Loveland - 7.4 _Keens; Rosedale Knsey int w Kmga Carver G Evans ,, 402 HatdrtU� Au*un• -.0 Q :4 Gampan '" : a Salle 3' ! 21 14 Johnstown Adne --t. Welty rt E5 8 K1 Keler ..tart : Milliken Humber - e Berthoud .... pulbarr • - 55 C Won yar, Deal 2$43 1 'CO Gildrest • • __.y_ _ Walker _ 0 tAlttdan Kcust r n Mllfieand Mead_ Q© EU LyonsII Merry P'atlevrife ./714, 35 UbrrtyIII Gewortla F+ygrne Kt:1;4nd Ill Moore Did Fel YafgoetIII 'garnet Longmont Kinney lone 1D}Qnnlnicri :trssuns A1:cru YDtih►�►. Pteasa tt Veer Ridge Fve%twsc 18 i !(twat Lessalrec 59 . plu"nbs Dacono Fort Lupton SZ Gooding. - - puritan-MI tiota 52 :ism: Erie Sloan Leggett 3 aetwarrc , Layne? SUM*est o menu Boulder Belittler Junctnew Niro. Corer Chet `Y'�nbcrg 37 Ada* :r - c.-. . Lafayette G Miami r+cnnhton e. Louisville �� 7 tt M 2005 MataQ:kst. Inc ' C 2D06 Tat Atlas _ 1 Addy City Property Info Sale Info County Rd 52 Frederick 23 AC Land Sold: $784,080 ($0.78/SF) 1.40a 12805 County Road 2 Brighton 3.04 AC _anc Sold. $530.000 (S4/SF, Cn,- ": cr t.4 Mc 3 1281 County Road 27 Brighton 42 39 AC Land Sold: $2.888.712 (S1 .5S/SF) m e Arm 4 Muligan St Longmont 3.36 AC Lanc Sold. $375.000 (S2 55/SF) t e'' Zo 0 Eyb s NA Windsor 4.22 AC Lanc Sold: $643.500 ($3.50/SF) "cc Ze ii O) 44J9j '-YSZ. 4f) i St' Tire=lifted report oonten7 r¢srm?h uoen%ed to [AjCes•,e 'AtM 'e 4.Acsooaxs - 'X205 4/1212007 \�A Page 1 z6 .1---;t1D6i.s Tic ( At_ LA-4 34,tics. 1 County Rd 52 - Hold For Development Site, Glacier Business Park SOLD Frederick, CO 80516 Weld County Sale Date: 07/15/2004 Land Area: 1,001,880 SF (23 AC) Sale Price: $78A080 - Con, r-ned Lot Dimensions: - $/SF Land Gross: $0.73 (S34,090.43/AC) Proposed Use: Hold for Development LAND Parcel No: t46703000006 Comp ID: 977 984 Sale Conditions: - Resear+ch Status: Research Complete 12805 County Road 2 - Contractor Storage Yard Site SOLD Brighten, CO 80603 Weld County Sale Date: 11/02/2004 Land Area: 132,379 SF (3.04 AC) Sale Price: $630,000 - Full Value Lot Dimensions: Irregular u a $/SF Lard Gross: $4.00 ($174,399.47/AC) P-oposed Use: Contractor Storage Yard - Parcel No: 147931000025 Comp ID: 1016524 Sale Conditions: - Researtfi Status: Research Complete _ 3 1281 County Road 27 - Copart Auto Sales & Storage SOLD Brighton. CO 80603 Weld County - -T Sale Date- 06107(2005 Land Area: 1.846,508 SF (42.39 AC) Sale Price: $2.888.712 • Full Value Lot Dimensions: - $/SF Land Gross. 81.56 (568.146.07/AC) Proposed Use: Auto Dealership LAID Parcel No: 147130000012, 147130400107 Comp 1O: 1029525 Sale Conditions: - Research Status Research Complete 4 Mulligan St - I Zoned Acreage SOLD Longmont, CO 8C504 Weld County Sale Date: 09/01/2005 Land Area: 146,362 SF (3.36 AC) Sale Price: $376,000 - Full Value Lot Dimensions: - S1SF Land Gross: $2.56 ($111,607.14/AC' Proposed Use: Unknown LAND Parcel No: 120723001023 Comp ID: 1056630 Sale Conditions. - Research Status: Research Complete flvi - Industrial Development Site - SOLD Windsor, CO 80550 Weld County Sale Date. 03/14/2005 Land Area- 183,849 SF (4.22 AC)Sale Price. $643,500 - Full Value Lot Dimensions 418x440 S/SF Land Gross: $3.50 (S152,456.471AC) Proposed Use'. Industrial LIlD Parcel No: 86354-14-001, 8635♦-14002 Comp ID: 1016826 Sae Conditions: - Researtii Status: Research Complete -►rz a umgro c^r^.w^-.a-rs reser tr„ensed to R.:Chat-ie. w.`nl-tn a flscceres • looms 5/12/2007 Page 1 x..... wv+•rwn . ZCI .. . : 4 Corn metzu LAiOt SftLe3 r N1A¢4dEST pad Canyon _ fl Sm ___ , Waverly Dlran — 7 AleltrgtLr 1d0 mum Keataa i Peaks PaR Tads Place Mc•f n Carnet ® Kenyon turner PierceRttreell B i4Rsdsee a` rant. 3elivue Slagle MawMt+rn View Fort Collins Ault . <3 Peon es a r 4 c .st,.ti r O Drakes 1 Tint+adf' Scvcran_c Eaton Gideon Cash IRasonvire -Trilby Corr their Lucerne _on Earresville C =.o ier Haven ---. m Redcnt crierFanners Alden OR: cc • Drake p ° . Greeley. Wadt ':r4 Lovel save v4 I c 20 a Evans !Coney Omer carton Kcerng Sp.-t-''�VUtaie :aenp�cr K �( cr...tsTQWn La Auburn iardsrt Orchard Mlaftlbert Sorts Cerro. Berthoud Milliken ie^^ M�*M 1.39 34. ' 9: ii) Dear'te W Efts F. .. 'fat-dews ( fld L--- :YAkeryyc+dcat Gilcrest ♦9i . .0 . c Highland mead Yilirror' C+ ...Yens .ter D'a`Dev'r#le fierrec •-. • Liberty _' .771.7 L � Sowanda aRlberunde Longmont R r.-a 0 Marney tone fis Marriott Jassurn Raymond Minna • Id Crack y� Rep Ira.ene.'Yin!) Drone �K j oaton o rtevrena .7 1 i! 6 f3ocdw+g `- Hudson w Pcsn er vain r ff w� Erie sic- r Gotd h•l' Q 5.a� 'd�r -sr+c livan Boulder 2arrreld fll Sane . . Dick Adr�a om7iic Latayet� Bnghtoo Caere is �Sedtarland Park 36' Louisville L. Address City V�hnd Property Info Sale Info 9513 State Highway 392 sor 11.31 AC Land Sold: 5589.000 (S1.20/SF) 154 1 ZoiLtb 2 7232 State Highway 362 A^,indsor 11 .08 AC Land Sold: Si .575.000 (53.26/SF) Wp(,i) 3 6685 State Hwy 392 V'hndsor 10 AC Land Sold: S1.100.000 (S2.53/SF) jLja) 4 '0175 State Highway 392 ihdsor 11.99 AC Land Sold: S775.000 (S1.48/SF) a 5 Weld County Rd Nunn 34.51 AC Land Sold: $260.000 (S0.17/SF) %L LK zo� 6 '68th Ave Nederland 10 AC Lard Sold: S3165.680 (57271SF) d -i C- 7 6503E Count Road 14 Loveland 9.50 AC Land Sold: $1,100.000 (S2.66/SF) jO ib o Kipp Ave Keenesburg 5.08 AC Land Sold: 5410.000 (51.85/SF) (40 L ,/ 9 2842 SE Frontage Rd Johnstow?1 2716 AC Land Sold: S752.100 (SO.62/SF) n lien wit s i 10 5200 W 29th St Greeley 5.37 AC Land Sold: S701.302 ;$3/SF) Mo Lab_ M u esin l kelt 11 'x 460 W 28th St Greeley 22.42 AC Land Sold: $435,000 ($0.45/SF) n o CD 0 12 W 20th Street Rd © 51st Ave Greeley 9.24 AC Land Sold: S2.000.000 (S4 97/SF) 0 eFiec Pac 13 W 20th St @ 71st Ave Greeley 4.84 AC Land Sold: S1,423.105 (S6.75/SF) .E'T'A' LL --Ns cegyncric roport°a cans researdt'cognac to D uCnarne. uc+M.rcr•.&Assoatttes - 'X205. 9/12/2007 Page 1 -.� ..t._,-_-• V 30 r ., Coüimeicut La SipLEs 14 W 2_.r. S: @ 1 :. ,. Gree ev 4.84 AC Land Saki 5920 CM (54 S'= � 1 A' i.. ' E 1-25 Frontage Rd Frederick 14.69 AC Land Sold: $1.145.256 (S1 .73�5F) � i E i-25 Frontage Rd F ederidk 5.16 AC Lard Sold. S720.000 ($3.20/SF) ,hu-m—PoA +iQ 17 4185 Salazar Way Frederick 15 AC Land Sold: $1.209.800 ($1 .85/SF) 1-40 LI) 18 4029 WCR 29 Fort Lupton 25.10 AC Land Sold: 5495.000 (S0.45/S9 -QL1 19 Weld County Rd Fort Lupton 3.85 AC Land Sold: $270.700 (S1.61/SF) Corn m . mania 20 1504 County Road 37 Brighton 39 AC Land Sold: $625:000 (S0.37/SF) , 44 r: Dom. gel Is r T is copyrighted cotterstoutcort �s rrserrm ncertsea to Ductvros. Mcwdr it Assocstes • 'X2C5 9/1 V2007 \A Page 2 , , c ' Dm rylEs.ecciort_ tNt S ittes IMILL232 State Highway 392 - Hold For Development Site SOLD I Windsor, CO 80550 Weld County Sale Date: 08/0812005 (663 days or. mkt) Land Area: 482.645 SF (11.08 AC) illinlirallj Sale Prig $1,575.000 - Full Value lot Dimensions: S/SF Land Gross: $3.25 (6142,148.01/AC) Proposed Use: Hold for Development Parcel No: 080720217002 Comp O: 1040122 Sale Conditions: - Research Status: Research Complob 6686 State Hwy 392 - Hold For Development Site SOLD Wmdscr, CO 80550 Weld County Sale Date: 01/2012006 Land Area. 435.500 SF (10 AC) Sale Price: $1,100,000 - Confirmed Lot Dimensions: - S/SF Land Gross: $2.53 ($110,000.00/AC; Proposed Use: Commercial • Parce' No: 080719000062 Comp ID: 1089361 Sale Conditions. - Research Status: Research Complete 10175 State Highway 392 - Hold For Development Site SOLD Windsor, CO 80550 Weld County Sale Date: 0212412006 Land Area: 522,284 SF (11.99 AC) f . Sale Price: $775,000 - Confirmed Let Dimensions: - _ S/SF Land Gross. $1.48 ($64,637.20/AC) Proposed Use: Mixed Use Parcel No: 080714.000025 Corrp ID: 1107622 Sit a Conditions Assemblage Research Status: Research Complete n _ t513 State Highway 392 - A Zoned:creage SOLD Windsor, CO 80550 Weld County Sale Date: 03128/2005 Land Area: 492.664 SF (11.31 AC) "ri Sale Price: $589.000 - Full Value Lot Dimensions: Irregular S/SF Land Gross: S1.20 ($52,077.81/AC) Proposed Use: Hold for Development LAND Parcel No: 080715000062 Comp la 1016641 Sate Conditions: - Researcn Status: Research Complete Weld County Rd - A Zoned Acreage _ SOLD Nunn. CO 80648 Weld County I I Sale Date: 09/09/2005 Land Area: 1,503,256 SF (34.51 AC) I Sale Price: $250,000 - Full Value Lot Dimensions Irregular $ISF Lard Gross: $0.17 (S7,534.05/AC) Proposed Use: Unknown cue ' Parcel No: - Comp ID: 1056685 Sale Conditions: - Research Status: Research Complete _ 168th Ave - Pud Zoned Acreage SOLD Nederland, CO 80516 Weld County Sale Date: 12/1312005 Land Area: 435,600 SF (10 AC) • Sale Price: $3,165,680 - Confirmed Let Dimensions: Irregular S/SF Lard Gross: $7.27 ($316.568.00/AC) Proposed Use: Retail ' Parcel No: 1467.34-4-00-011 . Comp ID: 10875`9, 4 Sale Conditions: Assemblage Research Status: Research Complete This c--,-"MIK!_ raw: tartans m;aarah I!fenSad to D-iC".-- V.c'/•n^ & A9sco^ir`e - '0.:C& 9/12/2007 LOMA �A Page 1 3 2- -. I t 1 COM mnecteit LA-luD S&cs 7 6303 E County Road 14 - Hold For Investment Site SOLD Loveland, CO 80537 Weld County . 1 ' •• - Sale Date: 04/2512006 Land Area: 413,820 SF (9.50 AC) i Sale Price: $1,100,000 - Confirmed Lot Dimensions: - _ - - S/SF Land Gross: S2.66 (5115,789.47/AC) Proposed Use- Commercial . h,- igi . _ _. Parc& No: 85350-00-018 _ Comp 10: 1121836 Sale Conditions- - Reseatci Status: Research Complete Kipp Ave - Hold For Development Site SOLD Keenesburg, CO 80643 Weld County Sale Date: 12/15/2005 Land Area: 221,285 SF (5.08 AC) Sale Prce: $410,000 • Full Value Lot Dimensions: Irregular 6/SF Land Gross: $1.85 (580.708.66/AC) Proposed Use: Hold for Development ass Parcel No: 130526104002, 130526104003. 130526105002 Comp ID: 1094395 Sele Conditions: - Researcn Status. Research Complete _ MILF642 SE Frontage Rd - Johnstons Corner SOLD Johcstovm, CO 80534 Weld County Sale Date: 07/02/2004 Land Area: 1,209.226 SF (27.76 AC) memseei Sale Price: 5752,100 - Confirmed Lot Dimensions: Irregular 5/SF Land Gross: $0.62 ($27,092.94/AC) Proposed Use: Auto Dealership Lib Parcel No: 85352-11-002, 85352-11-003 Corry ID: 976731 Sale Conditions. Research,. Status: Research Complete 10 W 20th Street Rd @ 51st Ave - Highland Hills SOLD Greeley, CO 80634 Weld County • Sale Date: 06/12/2006 Land Area: 402,582 SF (9.24 AC) Sale Price. $2,000,000 - Confirmed Lot Dimensions: Irregular S/SF Land Gross: $4.97 ($216,403.38/AC) Proposed Use: MultiFamily. Office Park LNG Parcel No: 095915105001, 095915105014, 095915109006, 09S915109007, 095915201004. 09 591 5201 009, 095915202019, 095915202020 Comp ID: 1256727 Save Conditions 1031 Exchange -- Researcn Status: Research Complete W flothst@71stAve - cedarwOOds SOLD Greeley, CO 80634 Weld County Sale Date: 04'10/2006 Land Area. 210,830 SF (4.84 AC) Sale Price. $1,423,105 - Confirmed Lot Dimensions: Irregular 5/SF Land Gross: $6.76 ($294,029.96/ACi Proposed Use Retail LAND Parcel No: 95909011004 Comp ID: 1256731 Sa'e Conditions: - - Research Status: Research Complete _ 1 W 20th St @ 71st Ave - Cedarwoods SOLD Greeley, CO 80634 Weld County Sale Date: 04110/2006 Land Area: 210,830 SF (4.84 AC) Sale Price: $920,000 - Full Value Lot Dimensions: Irregular 5/SF Land Gross: $436 (S190,082641AC) Proposed Use: Retail 1St Parce' No: 095909311012 Comp ID: 1257064 Sale Conditions: - Research Status: Research Complete rhLs octrvr Med r`9x•COMMIS remit sensed 10 0uCryrtw.M*'i4n a ascoarvs -1=5 9/12/2007 `� Page 2 33 F i 1 COMMEDIC tilt LAlib CIOF.7 Ili5200 W 29th St - Developing A Nursing Home SOLD Greeley, CO 80634 Weld County Sale Date: 01/20/2005 (365 days on mkt) Land Area: 233,830 SF (5.37 AC) Sale Price: $701,302 - Confirmed Lot Dimensions: - 5/SF Land Gross: $3.00 (S130,644.93/AC) 7-oposed Use: Hold for Development LAND Parse; No: 0939-22-2-86-009 i Comp ID: 999081 Sale Conditions: • - -- - Research Status: Research Complete 7460 W 28th St - Hold For Development Site SOLD Greeley, CO 80634 Weld County Sale Date: 12/22/2005 Lend Area: 976,615 SF (22.42 AC) Sale Price: $435,000 - Full Value Lot Dimensions: Irregular S/SF Lard Gross: $0.45 (S19,402.32/AC) Proposed Use: Hold for Development LAND Parcel No: 095920000012 Comp ID: 1094403 Sale Conditions: - Research Status: Research Complete 4185 Salazar Way - Del Camino South SOLD Frederick, CO 80504 Weld County '., _ Sale Date: 02/28/2006 Land Area: 653.400 SF (15 AC) M • Sale Price: 61,209,800 - Full Value Lot Dimensions: - A .fliei Lard Gross: S1.85 ($80,653.33/AC) Proposed Use: Hold for Development .— al, Parcel No: 131314308006 Comp ID: 1105157 Sale Conditions: - 1 , Research Status: Research Complete • E I-25 Frontage Rd - Truck Dealership Facility Site SOLD Frederick. CO 80520 Weld County Sale Date: 09/15/2004 Lard Area: 640,001 SF (14.69 AC) Sale Price: 51,105,256 - Confirmed Lot Dimensions: 1000x640 S/SF Lard Gross: 51.73 (575,226.38/AC) Proposed Use: Auto Dealership Patel No: 131326209003, 131326209004 Comp ID: 99891 Sale Conditions: Assemblage Research Status: Research Complete E l-25 Frontage Rd - Truck Dealership Facility Site SOLD Fredrick, CO 80520 Weld County - — Sale Date: 09/152004 Land Area: 224.826 SF (5.16 AC) Sale Price: $720,000 - Confirmed Lot Dimensions: 391x575 S1SF Lard Gross: $3.20 (6139,499.74/AC) Proposed Use: Auto Dealership Parcel No: 131326209001, 131326209002 Comp ID: 1016680 S::-.Le Con&tiars: Assemblage -- - Research Status: Research Complete 1111L029 WCR 29 - Hold For Development Site _ SOLD - Fort Lupton, CO 80621 Weld County Sale Date: 07120/2005 Land Area: 1,093,356 SF (25.10 AC) Sale Price: $495,000 - Full Value Lot Dimensions: Irregular 5/SF Lard Gross: $0.45 (S19,721.12/AC) Proposed Use: Hold for Development LAND Parcel No: 147108000010 Comp ID: 1038325 Sale Conditions - Research Status: Research Complete Thus ccprrened re nor maters reseat ':ceased to DuC'rar•w. WIttvebr &Ass^^_.rer --v c05 9/12/2007 "1,1,7. • Page 3 3 ,t, r COMO/107( e 1)-$41) 19.1ES 19 Weld County Rd - Commercial Zoned Acreage SOLD Fort Lupton, CO 80621 Weld County Sale Date: 0813012005 Land Area: 167,706 SF (3.85 AC) Sale Price: $270,700 - Full Value Lot Dimensions: Irregular $/SF Land Gross: $1.61 ($70,311.691AC) proposed Use: Unknown LAND Parcel No: 147119000073 Comp ID: 1058320 Sale Conditions: - Research Status: Research Complete 20 1504 County Road 37 - Hold For Development Site SOLD Brighton, CO 80603 Weld County Sale Date: 1110812005 Land Area: 1,698.840 SF (39 AC) Sale Price: $825,000 - Full Value Lot Dimensions: - S/SF Land Gross: $0.37 ($16,025.64/AC) Proposed Use: Hoki for Development LAND Parcel No: 147330000005 Comp ID: 1087801 Sale Conditions: - Research Status: Research Complete Th s caveh +MV for!ixorlirs rsseaye,banned to DuCramo Md#4len a As9oaatrs -100205 9/12/2007 LOMa Page 4 35 Hello