HomeMy WebLinkAbout20193006.tiffAugust 6, 2019
Petitioner:
VESTAS BLADES AMERICA INC
11140 EASTMAN PARK DR
WINDSOR, CO 80550-3397
CLERK TO THE BOARD
PHONE (970) 400-4226
FAX (970) 336-7233
WEBSITE: www.weldgov.com
1150 O STREET
P.O. BOX 758
GREELEY CO 80632
Agent (if applicable):
RYAN LLC
C/O SERENA BLACK
16220 N SCOTTSDALE ROAD SUITE 650
SCOTTSDALE, AZ 85254
RE: THE BOARD OF EQUALIZATION 2019, WELD COUNTY, COLORADO
NOTICE OF DECISION
Docket 2019-3006 Appeal 2008224882 Hearing 8/5/2019
Dear Petitioner:
On the day indicated above, the Board of County Commissioners of Weld County Colorado convened and
acting as the Board of Equalization, pursuant to C.R.S. §39-8-101 et seq., considered petition for appeal of
the Weld County Assessor's valuation of your property described above, for the year 2019.
Account # Decision
The Assessment and valuation is set as follows:
Actual Value as Actual Value as Set by
Determined by Assessor Board
R5250708
R6778001
R6778002
Deny - Administrative Deny
Deny - Administrative Deny
Deny - Administrative Deny
$49,064,735
$49,165,551
$24,687,876
$49,064,735
$49,165,551
$24,687,876
Totals: $122,918,162
3 Total Accounts
$122,918,162
A denial of a petition, in whole or in part, by the Board of Equalization must be appealed within thirty (30)
days of the date the denial is mailed to you. You must select only one of the following three (3)
options for appeal:
1. Appeal to Board of Assessment Appeals: You have the right to appeal the County Board of
Equalization's decision to the Colorado Board of Assessment Appeals. A hearing before that Board
will be the last time you may present testimony or exhibits or other evidence, or call witnesses in
support of your valuation. If the decision of the Board of Assessment Appeals is further appealed to
the Court of Appeals pursuant to C.R.S. §39-8-108(2), only the record of proceedings from your
hearing before the Board of Assessment Appeals and your legal brief are filed with the appellate
court.
All appeals to the Board of Assessment Appeals filed after August 10, 2019, MUST comply with the
following provisions of C.R.S. §39-8-107(5):
(5)(a)(I) On and after August 10, 2019, in addition to any other requirements under law, any petitioner
appealing either a valuation of rent -producing commercial real property to the Board of Assessment Appeals
pursuant to C.R.S. §39-8-108(1) or a denial of an abatement of taxes pursuant to C.R.S. §39-10-114 shall
provide to the County Board of Equalization or to the Board of County Commissioners of the County in the
case of an abatement, and not to the Board of Assessment Appeals, the following information, if applicable:
(A) Actual annual rental income for two full years including the base year for the relevant property tax year;
(B) Tenant reimbursements for two full years including the base year for the relevant property tax year;
(C) Itemized expenses for two full years including the base year for the relevant property tax year; and
(D) Rent roll data, including the name of any tenants, the address, unit, or suite number of the subject
property, lease start and end dates, option terms, base rent, square footage leased, and vacant space for
two full years including the base year for the relevant property tax year.
(II) The petitioner shall provide the information required by subparagraph (I) of this paragraph (a) within
ninety days after the appeal has been filed with the Board of Assessment Appeals.
(b)(I) The Assessor, the County Board of Equalization, or the Board of County Commissioners of the
County, as applicable, shall, upon request made by the petitioner, provide to a petitioner who has filed an
appeal with the Board of Assessment Appeals not more than ninety days after receipt of the petitioner's
request, the following information:
(A) All of the underlying data used by the county in calculating the value of the subject property that is being
appealed, including the capitalization rate for such property; and
(B) The names of any commercially available and copyrighted publications used in calculating the value of
the subject property.
(II) The party providing the information to the petitioner pursuant to subparagraph (I) of this paragraph (b)
shall redact all confidential information contained therein.
(c) If a petitioner fails to provide the information required by subparagraph (I) of paragraph (a) of this
subsection (5) by the deadline specified in subparagraph (II) of said paragraph (a), the County may move
the Board of Assessment Appeals to compel disclosure and to issue appropriate sanctions for
noncompliance with such order. The motion may be made directly by the County Attorney and shall be
accompanied by a certification that the County Assessor or the County Board of Equalization has in good
faith conferred or attempted to confer with such petitioner in an effort to obtain the information without action
by the Board of Assessment Appeals. If an order compelling disclosure is issued under this paragraph (c)
and the petitioner fails to comply with such order, the Board of Assessment Appeals may make such orders
in regard to the noncompliance as are just and reasonable under the circumstances, including an order
dismissing the action or the entry of a judgment by default against the petitioner. Interest due the taxpayer
shall cease to accrue as of the date the order compelling disclosure is issued, and the accrual of interest
shall resume as of the date the contested information has been provided by the taxpayer.
Appeals to the Board of Assessment Appeals must be made on forms furnished by that Board, and must be
mailed or delivered within thirty (30) days of the date the denial by the Board of Equalization is mailed to
you.
The address and telephone number of the Board of Assessment Appeals are:
Board of Assessment Appeals
1313 Sherman Street, Room 315
Denver, Colorado 80203
Telephone Number: (303) 864-7710
Email: baa@state.co.us
Fees for Appeal to the Board of Assessment Appeals: A taxpayer representing himself is not charged for the
first two (2) appeals to the Board of Assessment Appeals. A taxpayer represented by an attorney or agent
must pay a fee of $101.25 per appeal.
OR
2. Appeal to District Court: You have the right to appeal the decision of the Board of Equalization to the
District Court of the county wherein your property is located: in this case that is Weld County District
Court. A hearing before The District Court will be the last time you may present testimony or exhibits
or other evidence, or call witnesses in support of your valuation. If the decision of the District Court is
further appealed to the Court of Appeals pursuant to C.R.S. §39-8-108(1), the rules of Colorado
appellate review and C.R.S. §24-4-106(9), govern the process.
OR
3. Binding Arbitration: You have the right to submit your case to binding arbitration. If you choose this
option, the arbitrator's decision is final and you have no further right to appeal your current
valuation. C.R.S. §39-8-108.5 governs this process. The arbitration process involves the following:
a. Select an Arbitrator: You must notify the Board of Equalization that you will pursue
arbitration. You and the Board of Equalization will select an arbitrator from the official list of
qualified people. If you carrot agree on an arbitrator, the District Court of the county in which
the property is located (i.e. Weld) will select the arbitrator.
b. Arbitration Hearing Procedure: Arbitration hearings are held within sixty (60) days from the
date the arbitrator is selected, and are set by the arbitrator. Both you and the Board of
Equalization are entitled to participate in the hearing. The hearing is informal. The arbitrator
has the authority to issue subpoenas for witnesses, books, records documents and other
evidence pertaining to the value of the property. The arbitrator also has the authority to
administer oaths, and determine all questions of law and fact presented to him. The
arbitration hearing may be confidential and closed to the public if you and the Board of
Equalization agree. The arbitrator's decision must be delivered personally or by registered
mail within ten (10) days of the arbitration hearing.
c. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by you and the
Board of Equalization. In the case of residential real property, the fess may not exceed
$150.00 per case. For cases other than residential real property, the arbitrator's total fees
and expenses are agreed to by you and Board of Equalization, but are paid by the parties as
ordered by the arbitrator.
If you have questions concerning the above information, please call me at (970) 400-4226.
Very truly yours,
BOARD OF EQUALIZATION
Esther E. Gesick
Clerk to the Board
Weld County Board of Commissioners
and Board of Equalization
cc: Brenda Dones, Weld County Assessor
August 6, 2019
Agent:
RYAN LLC
C/O SERENA BLACK
16220 N SCOTTSDALE ROAD SUITE 650
SCOTTSDALE, AZ 85254
CLERK TO THE BOARD
PHONE (970) 400-4226
FAX (970) 336-7233
WEBSITE: www.weldgov.com
1150 O STREET
P.O. BOX 758
GREELEY CO 80632
Petitioner:
VESTAS BLADES AMERICA INC
11140 EASTMAN PARK DR
WINDSOR, CO 80550-3397
RE: THE BOARD OF EQUALIZATION 2019, WELD COUNTY, COLORADO
NOTICE OF DECISION
Docket 2019-3006 Appeal 2008224882 Hearing 8/5/2019
Dear Petitioner:
On the day indicated above, the Board of County Commissioners of Weld County Colorado convened and
acting as the Board of Equalization, pursuant to C.R.S. §39-8-101 et seq., considered petition for appeal of
the Weld County Assessor's valuation of your property described above, for the year 2019.
Account # Decision
The Assessment and valuation is set as follows:
Actual Value as Actual Value as Set by
Determined by Assessor Board
R5250708 Deny - Administrative Deny $49,064,735
R6778001 Deny - Administrative Deny $49,165,551
R6778002 Deny - Administrative Deny $24,687,876
$49,064,735
$49,165,551
$24,687,876
Totals: $122,918,162
3 Total Accounts
$122,918,162
A denial of a petition, in whole or in part, by the Board of Equalization must be appealed within thirty (30)
days of the date the denial is mailed to you. You must select only one of the following three (3)
options for appeal:
1. Appeal to Board of Assessment Appeals: You have the right to appeal the County Board of
Equalization's decision to the Colorado Board of Assessment Appeals. A hearing before that Board
will be the last time you may present testimony or exhibits or other evidence, or call witnesses in
support of your valuation. If the decision of the Board of Assessment Appeals is further appealed to
the Court of Appeals pursuant to C.R.S. §39-8-108(2), only the record of proceedings from your
hearing before the Board of Assessment Appeals and your legal brief are filed with the appellate
court
All appeals to the Board of Assessment Appeals filed after August 10, 2019, MUST comply with the
following provisions of C.R.S. §39-8-107(5):
(5)(a)(I) On and after August 10, 2019, in addition to any other requirements under law, any petitioner
appealing either a valuation of rent -producing commercial real property to the Board of Assessment Appeals
pursuant to C.R.S. §39-8-108(1) or a denial of an abatement of taxes pursuant to C.R.S. §39-10-114 shall
provide to the county Board of Equalization or to the Board of County Commissioners of the County in the
case of an abatement, and not to the Board of Assessment Appeals, the following information, if applicable:
(A) Actual annual rental income for two full years including the base year for the relevant property tax year;
(B) Tenant reimbursements for two full years including the base year for the relevant property tax year;
(C) Itemized expenses for two full years including the base year for the relevant property tax year; and
(D) Rent roll data, including the name of any tenants, the address, unit, or suite number of the subject
property, lease start and end dates, option terms, base rent, square footage leased, and vacant space for
two full years including the base year for the relevant property tax year.
(II) The petitioner shall provide the information required by subparagraph (I) of this paragraph (a) within
ninety days after the appeal has been filed with the board of assessment appeals.
(b)(I) The Assessor, the County Board of Equalization, or the Board of County Commissioners of the
County, as applicable, shall, upon request made by the petitioner, provide to a petitioner who has filed an
appeal with the Board of Assessment Appeals not more than ninety days after receipt of the petitioner's
request, the following information:
(A) All of the underlying data used by the county in calculating the value of the subject property that is being
appealed, including the capitalization rate for such property; and
(B) The names of any commercially avalable and copyrighted publications used in calculating the value of
the subject property.
(II) The party providing the information to the petitioner pursuant to subparagraph (I) of this paragraph (b)
shall redact all confidential information contained therein.
(c) If a petitioner fails to provide the information required by subparagraph (I) of paragraph (a) of this
subsection (5) by the deadline specified in subparagraph (II) of said paragraph (a), the County may move
the Board of Assessment Appeals to compel disclosure and to issue appropriate sanctions for
noncompliance with such order. The motion may be made directly by the County Attorney and shall be
accompanied by a certification that the County Assessor or the County Board of Equalization has in good
faith conferred or attempted to confer with such petitioner in an effort to obtain the information without action
by the Board of Assessment Appeals. If an order compelling disclosure is issued under this paragraph (c)
and the petitioner fails to comply with such order, the Board of Assessment Appeals may make such orders
in regard to the noncompliance as are just and reasonable under the circumstances, including an order
dismissing the action or the entry of a judgment by default against the petitioner. Interest due the taxpayer
shall cease to accrue as of the date the order compelling disclosure is issued, and the accrual of interest
shall resume as of the date the contested information has been provided by the taxpayer.
Appeals to the Board of Assessment Appeals must be made on forms furnished by that Board, and must be
mailed or delivered within thirty (30) days of the date the denial by the Board of Equalization is mailed to
you.
The address and telephone number of the Board of Assessment Appeals are:
Board of Assessment Appeals
1313 Sherman Street, Room 315
Denver, Colorado 80203
Telephone Number: (303) 864-7710
Email: baa@state.co.us
OR
2. Appeal to District Court: You have the right to appeal the decision of the Board of Equalization to the
District Court of the county wherein your property is located: in this case that is Weld County District
Court. A hearing before The District Court will be the last time you may present testimony or exhibits
or other evidence, or call witnesses in support of your valuation. If the decision of the District Court is
further appealed to the Court of Appeals pursuant to C.R.S. §39-8-108(1), the rules of Colorado
appellate review and C.R.S. §24-4-106(9), govern the process.
OR
3. Binding Arbitration: You have the right to submit your case to binding arbitration. If you choose this
option, the arbitrator's decision is final and you have no further right to appeal your current
valuation. C.R.S. §39-8-108.5 governs this process. The arbitration process involves the following:
a. Select an Arbitrator: You must notify the Board of Equalization that you will pursue
arbitration. You and the Board of Equalization will 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 (i.e. Weld) will select the arbitrator.
b. Arbitration Hearing Procedure: Arbitration hearings are held within sixty (60) days from the
date the arbitrator is selected, and are set by the arbitrator. Both you and the Board of
Equalization are entitled to participate in the hearing. The hearing is informal. The arbitrator
has the authority to issue subpoenas for witnesses, books, records documents and other
evidence pertaining to the value of the property. The arbitrator also has the authority to
administer oaths, and determine all questions of law and fact presented to him. The
arbitration hearing may be confidential and closed to the public if you and the Board of
Equalization agree. The arbitrator's decision must be delivered personally or by registered
mail within ten (10) days of the arbitration hearing.
c. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by you and the
Board of Equalization. In the case of residential real property, the fess may not exceed
$150.00 per case. For cases other than residential real property, the arbitrator's total fees
and expenses are agreed to by you and Board of Equalization, but are paid by the parties as
ordered by the arbitrator.
If you have questions concerning the above information, please call me at (970) 400-4226.
Very truly yours,
BOARD OF EQUALIZATION
Esther E. Gesick
Clerk to the Board
Weld County Board of Commissioners
and Board of Equalization
cc: Brenda Dones, Weld County Assessor
Chloe Rempel
From:
Sent:
To:
Cc:
Subject:
Cope, Brittnee <Brittnee.Cope@ryan.com>
Wednesday, July 24, 2019 1:38 PM
CTB-County Board of Equalization
Lanzone, Joe
Administrative Denial Request - Vestas
Caution: This email originated from outside of Weld County Government. Do not click links or open attachments unless you recognize the
sender and know the content is safe.
Hello,
We would like to request an administrative denial for accounts R5250708, R6778001, R6778002
Please let me know if you need anything else from us.
Best,
Brittnee
Brittnee Cope
Senior Analyst, Property Tax Consulting
Ryan
MAX at Kierland
16220 North Scottsdale Road
Suite 650
Scottsdale, Arizona 85254
602.955.1792 Ext. 28-1014
602.318.0882 Mobile
602.955.4892 Facsimile
ryan.com
Industry Leaders in Client Service
See what makes us different
1
QO l9 -30000
A.50 103
NOTICE OF DETERMINATION
RECEIVED
Brenda Dones
Weld County Assessor
1400 N 17th Ave
Greeley, CO 80631
JUL 452010
WELD COUNTY
COMMISSIONFPr
Date of Notice: 6/25/2019
Telephone: (970) 400-3650
Fax: (970) 304-6433
Office Hours: 8:00AM - 5:00PM
ACCOUNT
NO.
TAX YEAR
TAX AREA
LEGAL
DESCRIPTION/
PHYSICAL
LOCATION
R5250708
2019
4010
WIN
STRIAL
11140
3GWIP
PARK
EASTMAN
L1
3RD
BLK1
FG
PARK
GREAT
DR WINDSOR
WESTERN INDU
VESTAS
11140
WINDSOR,
BLADES
EASTMAN
CO
AMERICA
PARK
80550-3397
INC
DR
RTY OW I
PROPERTY
CLASSIFICATION
ASSESSOR'S VALUATION
ACTUAL
VALUE
REVIEW
PRIOR
TO
ACTUAL
VALUE
REVIEW
AFTER
INDUSTRIAL
49.064735
49,064,735
TOTAL
49,064,735
49,064,735
The Assessor has carefully studied all available information, giving particular attention to the
specifics included on your protest. The Assessor's determination of value after review is based on
the following:
CM05 - The law requires that data from Jan 2017 to June 2018 be used to establish current values.
We have considered all three approaches to value and we have denied your appeal based upon this
data.
If you disagree with the Assessor's decision, you have the right to appeal to the County
Board of Equalization for further consideration, § 39-8-106(1)(a), C.R.S.
The deadline for filing real property appeals is July 15.
The Assessor establishes property values. The local taxing authorities (county, school district, city,
fire protection, and other special districts) set mill levies. The mill levy requested by each taxing
authority is based on a projected budget and the property tax revenue required to adequately fund
the services it provides to its taxpayers. The local taxing authorities hold budget hearings in the fall.
If you are concerned about mill levies, we recommend that you attend these budget hearings.
Please refer to last year's tax bill or ask your Assessor for a listing of the local taxing authorities.
Please refer to the reverse side of this notice for additional information.
Agent (If Applicable):
RYAN LLC
Joe Lanzone
16220 N SCOTTSDALE ROAD SUITE 650
SCOTTSDALE. AZ 85254
15-DPT-AR
PR 207-08/13
R5250708
2019-3006
/ASO l O
APPEAL PROCEDURES
County Board of Equalization Hearings will be held from
July 25th through August 5th at 1150 0 Street.
To appeal the Assessor's decision, complete the Petition to the County Board of Equalization shown
below, and mail, file online, or deliver a copy of both sides of this form to:
Weld County Board of Equalization
1150 O Street, P.O. Box 758
Greeley, CO 80631
Telephone: (970) 356-4000 ext, 4225
Online: www.co.weld.co.us/appsl/cboe/
To preserve your appeal rights, your Petition to the County Board of Equalization must be
postmarked or delivered on or before July 15 for real property -- after such date, your right to
appeal is lost. You may be required to prove that you filed a timely appeal; therefore, we
recommend that all correspondence be mailed with proof of mailing.
You will be notified of the date and time scheduled for your hearing. The County Board of
Equalization must mail a written decision to you within five business days following the date of the
decision. The County Board of Equalization must conclude hearings and render decisions by August
5, § 39-8-107(2), C.R.S. If you do not receive a decision from the County Board of Equalization and
you wish to continue your appeal, you must file an appeal with the Board of Assessment Appeals by
September 10, § 39-2-125(1)(e), C.R.S.
If you are dissatisfied with the County Board of Equalization's decision and you wish to continue your
appeal, you must appeal within 30 days of the date of the County Board's written decision to ONE of
the following:
Board of Assessment Appeals District Court
1313 Sherman Street, Room 315 Contact the District Court in the County
Denver, CO 80203 where the property is located. See your
(303) 866-5880 local telephone book for the address and
www.dola.colorado.gov/baa telephone number.
Binding Arbitration
For a list of arbitrators, contact the County Commissioners at the address listed for the County Board
of Equalization.
If the date for filing any report, schedule, claim, tax return, statement, remittance, or other document
falls upon a Saturday, Sunday, or legal holiday, it shall be deemed to have been timely filed if filed
on the next business day, § 39-1-120(3), C.R.S.
PETITION TO COUNTY BOARD OF EQUALIZATION
What is your estimate of the property's value as of June 30, 2018? (Your opinion of value in terms of a
specific dollar amount is required for real property pursuant to § 39-8-106(1.5), C.R.S.)
$ 68,163,580
What is the basis for your estimate of value or your reason for requesting a review? (Please attach
additional sheets as necessary and any supporting documentation, i.e., comparable sales, rent roll, original
installed cost, appraisal, etc.)
Maket sales data demonstrates the plausible range of values to be lower than the value assessed
for the 2019 tax year.
ATTESTATION
I, the undersigned owner or agent' of the property identified above, affirm that the statements contained herein
and on any attachments hereto are true and complete.
h
gnature
j oe.lanzone@ryan.com
602.955.1792
Telephone Number
Email Address
'Attach letter of authorization signed by property owner.
1110/2O19
Date
15 -OPT -AR
PR 207-08/13
R5250708
NOTICE OF DETERMINATION
RECEIVED
•
Brenda Dones
Weld County Assessor
1400 N 17th Ave
Greeley, CO 80631
JUL 1 5 20'9
WELD COUNTY
COMMISSION PP c
Date of Notice: 6/25/2019
Telephone: (970) 400-3650
Fax: (970) 304-6433
Office Hours: 8:00AM - 5:00PM
ACCOUNT
NO.
TAX YEAR
TAX
AREA
LEGAL
DESCRIPTION/
PHYSICAL
LOCATION
R6778001
2019
5318
1500
PT L1 BLK
US FG #1
E CROWN
1
THAT
VESTAS
PART
PRINCE
BLADES
LYING
BLVD
& NACELLA
N2 OF
BRIGHTON
SEC
29
CAMP
PROPERTY OWNER
m
BLADES
EASTMAN
CO 80550-3397
AMERICA
PARK
INC
DR
PROPERTY
CLASSIFICATION
ASSESSOR'S
VALUATION
ACTUAL
VALUE
REVIEW
PRIOR
TO
ACTUAL
VALUE
REVIEW
AFTER
INDUSTRIAL
49.165,551
49.165,551
TOTAL
49,165,551
49,165,551
The Assessor has carefully studied all available information, giving particular attention to the
specifics included on your protest. The Assessor's determination of value after review is based on
the following:
CM05 - The law requires that data from Jan 2017 to June 2018 be used to establish current values.
We have considered all three approaches to value and we have denied your appeal based upon this
data.
If you disagree with the Assessor's decision, you have the right to appeal to the County
Board of Equalization for further consideration, § 39-8-106(1)(a), C.R.S.
The deadline for filing real property appeals is July 15.
The Assessor establishes property values. The local taxing authorities (county, school district, city,
fire protection, and other special districts) set mill levies. The mill levy requested by each taxing
authority is based on a projected budget and the property tax revenue required to adequately fund
the services it provides to its taxpayers. The local taxing authorities hold budget hearings in the fall.
If you are concerned about mill levies, we recommend that you attend these budget hearings.
Please refer to last year's tax bill or ask your Assessor for a listing of the local taxing authorities.
Please refer to the reverse side of this notice for additional information.
Agent (If Applicable):
RYAN LLC
ACK Joe Lanzone
16220 N SCOTTSDALE ROAD SUITE 650
SCOTTSDALE. AZ 85254
15-DPT-AR
PR 207-08/13
R6778001
i
APPEAL PROCEDURES
County Board of Equalization Hearings will be held from
July 25th through August 5th at 1150 O Street.
To appeal the Assessor's decision, complete the Petition to the County Board of Equalization shown
below, and mail, file online, or deliver a copy of both sides of this form to:
Weld County Board of Equalization
1150 O Street, P.O. Box 758
Greeley, CO 80631
Telephone: (970) 356-4000 ext, 4225
Online: www.co.weld.co.us/appsljcboej
To preserve your appeal rights, your Petition to the County Board of Equalization must be
postmarked or delivered on or before July 15 for real property — after such date, your right to
appeal is lost. You may be required to prove that you filed a timely appeal; therefore, we
recommend that all correspondence be mailed with proof of mailing.
You will be notified of the date and time scheduled for your hearing. The County Board of
Equalization must mail a written decision to you within five business days following the date of the
decision. The County Board of Equalization must conclude hearings and render decisions by August
5, § 39-8-107(2), C.R.S. If you do not receive a decision from the County Board of Equalization and
you wish to continue your appeal, you must file an appeal with the Board of Assessment Appeals by
September 10, § 39-2-125(1)(e), C.R.S.
If you are dissatisfied with the County Board of Equalization's decision and you wish to continue your
appeal, you must appeal within 30 days of the date of the County Board's written decision to ONE of
the following:
Board of Assessment Appeals
1313 Sherman Street, Room 315
Denver, CO 80203
(303) 866-5880
www.dola.colorado.gov/baa
Binding Arbitration
For a list of arbitrators, contact the County Commissioners at the address listed for the County Board
of Equalization.
If the date for filing any report, schedule, claim, tax return, statement, remittance, or other document
falls upon a Saturday, Sunday, or legal holiday, it shall be deemed to have been timely filed if filed
on the next business day, § 39-1-120(3), C.R.S.
District Court
Contact the District Court in the County
where the property is located. See your
local telephone book for the address and
telephone number.
PETITION TO COUNTY BOARD OF EQUALIZATION
What is your estimate of the property's value as of June 30, 2018? (Your opinion of value in terms of a
specific dollar amount is required for real property pursuant to § 39-8-106(1.5), C.R.S.)
$41,265,375
What is the basis for your estimate of value or your reason for requesting a review? (Please attach
additional sheets as necessary and any supporting documentation, i.e., comparable sales, rent roll, original
installed cost, appraisal, etc.)
Maket sales data demonstrates the plausible range of values to be lower than the value assessed
for the 2019 tax year.
ATTESTATION
I, the undersigned owner or agent' of the property identif ed above, affirm that the statements contained herein
an on any attachments hereto are true and complete.
gnature
joeJanzone@ryan.com
602.955.1792
Telephone Numoer
Email Address
' Attach letter of authorization signed by property owner.
7/10/2919
Date
15-DPT-AR
PR 207-08/13
R6778001
Brenda Dones
Weld County Assessor
1400 N 17th Ave
Greeley, CO 80631
NOTICE OF DETERMINATION
RECEIVED
JUL 1 5 2019
WELD COUNTY
COMMISSiOn!EaP
Date of Notice: 6/25/2019
Telephone: (970) 400-3650
Fax: (970) 304-6433
Office Hours: 8:00AM - 5:00PM
ACCOUNT
NO.
TAX
YEAR
TAX AREA
LEGAL
DESCRIPTION/
PHYSICAL
LOCATION
R6778002
2019
5316
1500
PT Li BLK 1
US FG #1 THAT
E CROWN
VESTAS
PT
PRINCE
BLADES
LYING
&
S2 OF
BLVD BRIGHTON
NACELLA
SEC
CAMP
29
VESTAS
11140
WINDSOR,
BLADES AMERICA
EASTMAN PARK
CO 80550-3397
INC
DR
PROPERTY OWI
PROPERTY
CLASSIFICATION
ASSESSOR'S VALUATION
ACTUAL
VALUE
REVIEW
PRIOR
TO
ACTUAL
VALUE
REVIEW
AFTER
INDUSTRIAL
24.687.876
24.687,876
TOTAL
24,687,876
24,687,876
The Assessor has carefully studied all available information, giving particular attention to the
specifics included on your protest. The Assessor's determination of value after review is based on
the following:
CM05 - The law requires that data from Jan 2017 to June 2018 be used to establish current values.
We have considered all three approaches to value and we have denied your appeal based upon this
data.
If you disagree with the Assessor's decision, you have the right to appeal to the County
Board of Equalization for further consideration, § 39-8-106(1)(a), C.R.S.
The deadline for filing real property appeals is July 15.
The Assessor establishes property values. The local taxing authorities (county, school district, city,
fire protection, and other special districts) set mill levies. The mill levy requested by each taxing
authority is based on a projected budget and the property tax revenue required to adequately fund
the services it provides to its taxpayers. The local taxing authorities hold budget hearings in the fall.
If you are concerned about mill levies, we recommend that you attend these budget hearings.
Please refer to last year's tax bill or ask your Assessor for a listing of the local taxing authorities.
Please refer to the reverse side of this notice for additional information.
Agent (If Applicable):
RYAN LLC
Joe Lanzone
16220 N SCOTTSDALE ROAD SUITE 650
SCOTTSDALE, AZ 85254
15-DPT-AR
PR 207-08/13
R6778002
APPEAL PROCEDURES
County Board of Equalization Hearings will be held from
July 25th through August 5th at 1150 0 Street.
To appeal the Assessor's decision, complete the Petition to the County Board of Equalization shown
below, and mail, file online, or deliver a copy of both sides of this form to:
Weld County Board of Equalization
1150 O Street, P.O. Box 758
Greeley, CO 80631
Telephone: (970) 356-4000 ext, 4225
Online: www.co.weld.co.us/appsl/cboe/
To preserve your appeal rights, your Petition to the County Board of Equalization must be
postmarked or delivered on or before July 15 for real property — after such date, your right to
appeal is lost. You may be required to prove that you filed a timely appeal; therefore, we
recommend that all correspondence be mailed with proof of mailing.
You will be notified of the date and time scheduled for your hearing. The County Board of
Equalization must mail a written decision to you within five business days following the date of the
decision. The County Board of Equalization must conclude hearings and render decisions by August
5, § 39-8-107(2), C.R.S. If you do not receive a decision from the County Board of Equalization and
you wish to continue your appeal, you must file an appeal with the Board of Assessment Appeals by
September 10, § 39-2-125(1)(e), C.R.S.
If you are dissatisfied with the County Board of Equalization's decision and you wish to continue your
appeal, you must appeal within 30 days of the date of the County Board's written decision to ONE of
the following:
Board of Assessment Appeals District Court
1313 Sherman Street, Room 315 Contact the District Court in the County
Denver, CO 80203 where the property is located. See your
(303) 866-5880 local telephone book for the address and
www.dola.colorado.gov/baa telephone number.
Binding Arbitration
For a list of arbitrators, contact the County Commissioners at the address listed for the County Board
of Equalization.
If the date for filing any report, schedule, claim, tax return, statement, remittance, or other document
falls upon a Saturday, Sunday, or legal holiday, it shall be deemed to have been timely filed if filed
on the next business day, 39-1-120(3), C.R.S.
PETITION TO COUNTY BOARD OF EQUALIZATION
What is your estimate of the property's value as of June 30, 2018? (Your opinion of value in terms of a
specific dollar amount is required for real property pursuant to § 39-8-106(1.5), C.R.S.)
$ 21,913,120
What is the basis for your estimate of value or your reason for requesting a review? (Please attach
additional sheets as necessary and any supporting documentation, i.e., comparable sales, rent roll, original
installed cost, appraisal, etc.)
Maket sales data demonstrates the plausible range of values to be lower than the value assessed
for the 2019 tax year.
ATTESTATION
I, the undersigned owner or agent' of the property identified above, affirm that the statements contained herein
and on any attachments hereto are true and complete.
Snature
joe.lanzone@ryan.com
602.955.1792
Telephone Number
Email Address
1 Attach letter of authorization signed by property owner.
1040/2019
Date
15-D PT -AR
PR 207-08/13
R6778002
RECEIVED
Ryan*)
Innovative Solutions
to Taxing Problems.
JUL 1 5 2019
WELD COUNTY
COMMISSIONERS
SENT VIA CERTIFIED MAIL 9214 7969 0099 9790 1628 7527 46
RETURN RECEIPT REQUESTED
July 9, 2019
Weld County Board of Equalization
1150 O Street
PO Box 758
Greeley, CO 80631
Re: Protest of Real Property Notices of Determinations
Vestas Blades America, Inc.
2019 Tax Year
To Whom It May Concern:
MAX at Kierland
16220 North Scottsdale Road
Suite 650
Scottsdale, AZ 85254
Tel. 602.955.1792
Fax 602.955.4892
www.ryan.com
Ryan, LLC is the duly authorized agent for property tax matters concerning Vestas Blades
America, Inc. This letter, along with the attached Real Property Petitions, is our notice of protest
for the 2019 tax year. The properties under protest are identified below.
Property
Parcel
2019
AV 2019
SF
2019
AV/SF
• re
Target
uminary
-re
Value Value/SF2019
uminary
arget
Windsor Blades
R5250708
$49,064,735
545,194 $90.00
$38,163,580 $70.00
Brighton
Blades
R6778001
$49,165,551
550,205 $89.36
$41,265,375 $75.00
Bri•
hton Nacelles
R6778002
$24,687,876 273,914 $90.13
$21,913,120 $80.00
Market comparable sales data, including the data attached to this protest, demonstrate the plausible
range of market value for the Vestas properties is from as low as $15 to $75 per square foot. All
but one is considered manufacturing and most of the properties have well over 30 -foot story
heights. As we have pointed out in the past, the unusual configuration of the Vestas properties
reduces the marketability and therefore their market value. Nevertheless, we believe a unit price
toward the high end of the range is appropriate. Our 2017 data averaged $56 per square foot for
buildings averaging over 400,000 square feet in size. The 2019 sales data included herein averages
$49 per square foot for buildings averaging 331,000 square feet in size. This is not a large sample
size, but this new search of the market suggest that larger industrial sales do not show much of an
upward trend.
2 of
The taxpayer is requesting a value of $70.00 per square foot for Windsor Blades, $75.00 per square
foot for Brighton Blades, and $80 per square foot for the Brighton Nacelles facility.
Address
City
ST
Built
Plant
SF
Land
AC
Story
Sale
Date
S/SF
Ht.
10300
390
Mountain
View Dr
Johnstown
CO
1999
0
25.37
30'0"
12/23/2015
$74.76
42400
15'0"-
1601
McGee St
Kansas City
MO
2006
0
5.21
60'0"
5/15/2019
570.99
13011
9586
E
I-25
Frontage
Rd
Longmont
CO
1997
7
7.66
19'3"
4/26/2017
$70.71
27450
9800 Inkster
Rd
Romulus
MI
1996
0
23.73
46'0"
5/9/2018
$70.13
18'0"-
1011
14th
St
Fort Lupton
CO
1973
94535
16.14
30'0"
12/21/2015
$63.47
23058
27'0"-
8201 Chad Colley
Blvd
Fort Smith
AR
2011
8
90
52'0"
3/2/2016
$46.40
61332
25'0"-
3741
Road N
NE
Moses
Lake
WA
2010
15
162
60'0"
9/29/2015
$46.30
1029 W 19th
St (Part of
Multi-
41614
23'0" -
Property
Sale)
Chattanooga
TN
2009
9
64.23
75'0"
_5/29/2018
$36.04
25200
24'0"-
5000 Commerce Center
Dr
Franklin
1998
0
56.8
60'0"
5/25/2018
$31.55
O11
45300
41'0"-
284 Mawsons Way
Newberry
SC
2006
0
50
50'0"
7/14/2017
$30.91
69340
15'0"-
6800
75 S
Sherman
TX
1998
4
78.49
45'0"
11/6/2017
$28.84
Highway
28813
32'0"-
1800
Sturgis Rd
Conway
AR
1995
7
124
60'0"
6/11/2018
$15.27
Please contact me at your earliest opportunity so that we may address the proper valuation
treatment of the subject facilities for the 2019 Tax Year. You may reach me at 602.95 5.1792 or
joe.lanzone@ryan.com. Thank you for your review of this matter.
Best regards,
Joe Lanzone
Manager
Ryan0
ovative Solutions
to Taxing Pgiblenns.
STATEMENT OF AGENCY
Vestas Blades America, Ince
Vestas Nacelles America, Inc -
5780 Fleet Street
Suite 300
Carlsbad, CA 92008
Tel. 442.244.2422
Fax 442.244.2423
www.ryan.com
Hereby appoints Ryan, LLC as agent for the purpose of filing real estate and personal property statements,
renditions, returns and/or assessment appeals, applications or petitions for review of valuation with all counties,
appraisal districts and/or Assessment Appeal Boards, Boards of Review, or Boards of Equalization, appearing on
our behalf before said Boards, examining any records, and discussing with the appropriate governmental authority
the assessment of the property located at the following address:
All property located in Weld County, Colorado
This property being owned by the undersigned incorporated in the State of Colorado. This agency shall remain in
effect for the 2019 and 2020 assessment years.
Print Name
Signature
erc4,.. / •
fie
-7-2_
. AiioeueU,n _di
Notary Public
State of COI0 r ado
Coun}�, of1,02(C1
`J
My commission expires of [ 20
Title
I` f
Date
Subscribed
/Ph
4 ia,4 e IA , 20 i
c
7
r ...-
MICHELE E 6Y0ALEK
NOTARY PUBLIC
STATE OF COLORADO
NOTARY ID 0 1'191400271
MY COMMISSION EXPIRES SEPTEMBER 11, 2019
390 Mountain View Dr - Gateway Center
Gateway Center
Johnstown, CO 80534
Sale on 12/23/2015 for S7,700,000 ($74.76/SF) - Research Complete
103.000 SF Class C Manufacturing Building Built in 1999
SOLD
Recorded Buyer:
True Buyer:
Buyer Broker:
Buyer & Seller Contact Info
U'J 'a d
Map data !x12019 Goc -
Use Real Estate Holdings LLC
US Engineering
1100-1170 W 120th Ave
Westminster, CO 80234
(303) 629-1244
Newmark Knight Frank
Bruce Mawhinney
(303) 260-4255
Mike Wafer
(303) 260-4242
Recorded Seller:
True Seller:
Seller Type:
Listing Broker:
Transaction Details
Civeo Usa Manufacturing Llc
PTI USA Manufacturing LLC
390 Mountain View Dr
Johnstown, CO 80534
(303) 357-4910
Corporate/User
Cushman & Wakefield
Matthew Trone
(303) 813-6426
Steve Hager
(303) 813-6446
Sam Slaton
(303) 813-6463
Stream Realty Partners, LP
Jon Farris
(713) 857-3026
ID: 3477518
Sale Date'
Escrow Length:
Sale Price:
Asking Price:
Price/SF:
Price/SF Land Gross.
12/23/2015 (257 days on market)
$7,700,000 -Confirmed
$9,000,000
$74.76
$6.97
Percent Leased 100.0%
Tenancy: Single
Sale Type:
Bldg Type:
Year Built/Age:
RBA:
Land Area:
Percent Improved:
Total Value Assessed:
Improved Value Assessed
Land Value Assessed:
Land Assessed/SF:
Owner User
Manufacturing
Built in 1999 Age: 16
103,000 SF
25.37 AC (1,105,074 SF)
88.8%
$1,508,280 in 2014
$1,339,400
$168,880
$0.00
Ryan )
Vestas CO 2019 Comparable Sales
Copyrighted report licensed to Ryan Property Tax Practice - 223840.
5/28/2019
Page 1
390 Mountain View Dr - Gateway Center
103,000 SF Class C Manufacturing Building Built in 1999 (con't)
SOLD
Financing:
Parcel No:
Document No:
Sale History:
Down payment of $1,540,000.00 (20.0°/0)
$6,160,000.00 from Commerce Bank
106103411002
4167635
Sold for $7,700,000 ($74.76/SF) on 12/23/2015
Sold for $5,050,000 ($49.03/SF) on 12/5/2011
•
Transaction Notes
The buyer's broker verified the 103,000 SF industrial building sold for $7.7 million.
The buyer will expand to this location. They will occupy the entire building.
Current Industrial Information
Bldg Type:
Bldg Status:
Rent/SF/mo:
Bldg Vacant:
Building FAR:
Office Avail:
Max Contig:
Smallest Space:
Land Area:
Lot Dimensions:
Ceiling Height:
Loading Docks:
Cross Docks:
Drive Ins:
Sprinklers:
Rail Line:
Manufacturing
Built in 1999
0 SF
0.09
0 SF
1,105,074 SF
SIP
30'0"
- (bldg. total)
8/18'0"w x 20`0"h (total)
Wet
None
Property Mix: Industrial
Office
2014 Tax @ $1.25/sf
Expenses:
89,327 SF
13,673 SF
RBA:
'A Leased:
Stories:
Total Avail:
Warehouse Avail:
CAM
Zoning:
Owner Type:
Owner Occupied:
Tenancy:
Column Spacing:
Levelators:
Crane:
Const Type: Steel
Rail Spots:
103,000 SF
100.0%
1
0 SF
0 SF
Industrial
Yes
Single
(86.7%)
(13.3%)
Parking: 181 free Surface Spaces are available; Ratio of 1.75/1,000 SF
Features: Signage
Location Information
315
ID: 1539696
Park Name:
Located:
Metro Market:
Submarket:
County:
CBSA:
CSA:
DMA:
Gateway Center
Mountain View Dr & Longs Peak Rd
Denver
Weld County Ind/Weld County Ind
Weld
Greeley, CO
Denver -Aurora, CO
Denver, CO -WY -NE
Ryan J
`siestas CO 2019 Comparable Sales
Copyrighted report I ceased to Ryan Property Tax Practice - 223840.
5/28/2019
Page 2
2
1601 McGee St - Kansas City Star Printing & Distribution
Kansas City, MO 64108
Sale on 5/15/2019 for $30,100,000 ($70.99/SF) - Research Complete
424,000 SF Class A Manufacturing Building Built in 2006
SOLD
Recorded Buyer:
True Buyer:
Buyer Type
L t. H Pt INE D
LIGHT DISTRICT
e
CROSSROADS
Li
Buyer & Seller Contact Info
1
etk
C,
1 R St
a
0
E 15th St
i l I j 7th
f
Map data c:.:;2019 G c,.
Ambassador Hospitality LLC
Ambassador Hospitality LLC
1 US Bank
St. Louis, MO 63101
(314) 241-7777
Other - Private
Recorded Seller:
True Seller:
Seller Type:
Listing Broker:
Cypress Media LLC
The McClatchy Company
21000 St
Sacramento, CA 95816
(408) 348-2071
REOC
CBRE
Randy Getz
(916) 446-8287
Sale Date:
Escrow Length:
Sale Price:
Asking Price:
Price/SF:
Price/SF Land Gross:
Percent Leased:
Tenancy:
Actual Cap Rate:
Sale Conditions:
No. of Tenants:
Tenants at time of sale:
Legal Desc:
Parcel No:
Transaction Details
05/15/2019 (729 days on market)
$30,100,000 -Confirmed
$30,143,075
$70.99
$132.73
100.0%
Multi
9.25%
Sale Leaseback, Investment Triple
Net
1
The Kansas City Star
Sale Type:
Bldg Type:
Year Built/Age:
RBA:
Land Area:
Percent Improved:
Total Value Assessed:
Improved Value Assessed
Investment
Manufacturing
Built in 2006 Age: 13
424,000 SF
5.21 AC (226,769 SF)
87.8%
$7,457,696 in 2018
$6,546,144
Land Value Assessed: $911,552
Land Assessed/SF: $4.00
STAR OAK STREET ADDITION ---LOT 1
29-240-19-11-00-0-00-000, 29-240-36-08-00-0-00-000
ID: 4761997
Ryan )
Vestas CO 2019 Comparable Sales
Copyrighted report licersed tc Ryan Property Tax Practice - 223840.
5/28/2019
Page 3
1601
424,000
McGee
SF
St - Kansas City Star
Class A Manufacturing Building Built in
Printing
2006 (con'')
&
Distribution
SOLD
Transaction Notes
On May 15th,
2019, this 424,000 SF property at 1601 McGee St. Kansas City, MO sold
in an Sale
Lease Back Investment
sale
for
$30.1 MM. The property was leased
back with annual
lease
payments of S2.8MM. This
building
located
in Jackson County sits on 6.4 acres
of
land as a Steel
construction type.
Costar was able to touch base with a source deemed reliable who confirmed the sale of the property for the
date and price indicated,
transfen-ing
title from The Kansas City Star over to Ambassador Hospitality
LLC. The Source did not give the sales
conditions which affected
the price of the sale.
All
information
regarding the
sale
of this
property was verified by a source deemed reliable
and through public
record information.
Income Expense Data
Estimated Net Income
Net Operating Income
$2,783,878
- Debt Service
- Capital
Experditure
Cash
Flow
Current Industrial
Information
ID:
778726
Bldg
Type: Manufacturing
RBA: 424,000 SF
Bldg
Status: Built
in 2006 % Leased: 100.0%
Rent/SF/mo: - Stories: 2
Bldg
Vacant: 0 SF Total
Avail:
0 SF
Building
FAR: 1.87
'Warehouse Avail:
0 SF
Office Avail: 0 SF CAM -
Max Contig: - Zoning: URD: Urban Redevelopment
Smallest Space: - Owner Type: Other - Private
Land
Area: 226,769 SF Owner Occupied: No
Lot Dimensions: - Tenancy:
Single
Ceiling Height: 15'0"-60'0" Column
Spacing: -
Loading Docks: None (bldg. total)
Levelators:
None
Cross Docks: - Crane: None
Drive Ins:
2/12'0"w x 14'0"h (total) Const Type: Steel
Sprinklers:
Wet Rail
Spots: None
Rail
Line: None
Power: 1000a/277 -480v 3p
Utilities:
Gas, Heating, Lighting,
Sewer, Water
Parking: 50 free Surface Spaces are available;
Ratio of 0.11/1,000 SF
Features: Air Conditioning, Buss Ducts, Floor Drains, Signage
_ Location Information
Second
Address: 1729 Grand Ave
Located: Between McGee & Oak, 17th to Truman
Metro Market: Kansas City
Submarket:
Downtown Ind/Downtown KC Ind
County: Jackson
CBSA: Kansas City, MO -KS
CSA: Kansas City -Overland Park -Kansas City, MO -KS
DMA: Kansas City, MO -KS
Ryan
`:testis CO 2019 Comparable Sales
Copyrighted report (tensed to Ryan Property Tax Practice - 223840.
5/28/2019
Page 4
l
1601 McGee St - Kansas City Star Printing & Distribution SOLD
424,000 SF Class A Manufacturing Building Built in 2006 (con't)
Parcel
Legal
Description:
Number: 29-240-19-11-00-0-00-000, 29-240-36-08-00-0-00-000
-
County: Jackson
Mat
Map: 1601 McGee St
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Ryan.)
Vestas CO 2019 Comparable Sales
Copyrighted report licensed to Ryan Property Tax Practice - 223840.
5/28/2019
Page 5
3
9586
Longmont,
Sale
130,117
E 1-25
CO 80504
Class
Frontage Rd
for $9,200,000 ($70.71/SF)
B Manufacturing
-
Building
Front 25
- Research Complete
Built in 1997
SOLD
on 4/26/2017
SF
•
i
i
s,
I
'fob&
le
{
.—
_..,e,
500 yt
i
Map data 2019 Googie
Google
Buyer & Seller Contact Info
Recorded Buyer:
United Power Inc Recorded Seller: 9586 LLC
True Buyer:
United Power Inc True Seller: The W.W. Reynolds
Companies, Inc.
500 Cooperative Way
William Reynolds
Brighton, CO 80603
1375 Walnut
St
(303) 642-7921
Boulder,
CO 80305
(303) 442-8687
Buyer Type:
Corporate/User Seller Type: Developer/Owner-RGNL
Buyer Broker:
Hepp Realty
LLC - Metro Brokers Listing Broker: Cushman & Wakefield
Janet Hepp-Struck
Aaron Valdez
(303) 654-1900
(303) 3124204
Chris Ball
(303) 312-4280
Alec Rhodes
(303) 312-4282
Cushman & Wakefield
Jason Ells
(970) 267-7722
Transaction Details
ID:
3890140
Sale
Date:
04/26/2017 (1,686
days on market)
Sale
Type: Owner User
Escrow Length:
- Bldg
Type: Manufacturing
Sale
Price:
$9,200,000 -Confirmed Year Built/Age: Built in 1997
Age: 20
Asking Price:
$11,710,530 RBA: 130,117 SF
Price/SF:
$70.71 Land Area: 7.66 AC
(333,582 SF)
Price/SF Land Gross:
$27.58
Percent Leased:
0.0%
Tenancy:
Single
Transfer Tax:
$920
Financing:
Down payment of $9,200,000.00 (100.0%)
Legal Desc:
DEL-CC3-1 L1 BLK3 AMD DEL CAMINO
CENTER PUD
Ryan
Vestas CO 2019 Comparable Sales
Copyrighted report licensed to Ryan Property Tax Practice - 223840.
5/28/2019
Page 6
9586 El -25 Frontage Rd - Front 25 SOLD
130,117 SF Class B Manufacturing Building Built in 1997 (can't)
Parcel No:
Document No:
Sale History:
131314200078
4297235
Sold for $9,200,000 ($70.71/SF) on 4/26/2017
Sold for 510,037,500 ($77.14/SF) on 12/23/2009
Sold on 9/1/2009 Non -Arms Length
Sold for $7,350,000 ($56.49/SF) on 11/30/2005
Transaction Notes
The property was sold for $9,200,000.
The property had been vacant since 2012 when its previous owner closed for business.
The property has been renamed "Front 25"
The property had some deferred maintenance and that got the buyers a price reduction.
The buyers are not moving from anywhere, this purchase was due to an expansion.
The buyers plan to grow into the property but leasing a portion of the building has not been ruled out.
The property needs to be redeveloped in the interior prior to the new buyers move -in.
Income Expense Data
Expenses
- Taxes
- Operating Expenses
Total Expenses
$107,199
$107,199
Current Industrial Information
ID: 706534
Bldg Type:
Bldg Status:
Rent/SF/mo:
Bldg Vacant:
Building FAR:
Office Avail:
Max Contig:
Smallest Space:
Land Area:
Lot Dimensions:
Ceiling Height:
Loading Docks:
Cross Docks:
Drive Ins:
Sprinklers:
Rail Line:
Property Mix:
Expenses:
Power:
Utilities:
Parking:
Features:
Manufacturing
Built in 1997
0 SF
0.39
0 SF
333,582 SF
ON
19'3"
3 ext (bldg. total)
No
3 (total)
Wet
None
RBA:
% Leased:
Stories:
Total Avail:
Warehouse Avail:
CAM
Zoning:
Owner Type:
Owner Occupied:
Tenancy:
Column Spacing:
Levelators:
Crane:
Const Type:
Rail Spots:
Industrial 120,117 SF (92.3%)
Office 10,000 SF (7.7%)
2017 Tax @ $0.82/sf; 2006 Est Ops @ $1.87/sf
8000a/480v 3p
Gas - Natural, Heating - Gas, Sewer - City, Water - City
252 free Surface Spaces are available; Ratio of 2.00/1,000 SF
Floor Drains
Location Information
130,117 SF
100.0%
1
0 SF
0 SF
PUD
Corporate/User
No
Single
30'w x 40'd
3 ext
None
Masonry
None
Metro Market: Denver
Ryan
!fiestas CO 2019 Comparable Sales
Copyrighted report licensed to Ryan Property Tax Practice - 223840.
5/28/2019
Page 7
9586 E I-25 Frontage Rd - Front 25 SOLD
13C1117 SF Class B Manufacturing Building Built in 1997 (con't)
Submarket: Weld County Ind/Weld County Ind
County: Weld
CBSA: Greeley, CO
CSA: Denver -Aurora, CO
DMA: Denver, CO -WY -NE
Map(Page): Mapsco 262-KD63
Ryan
'fiestas CO 2019 Comparable Sales
Copyrighted report Itersed to Ryan Property- Tax Practice - 22384C.
5/28/2019
Page 8
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4
9800 Inkster Rd
Romulus, MI 48174
Sale on 5/9/2018 for $19,250,000 ($70.13/SF) - Research Complete
274,500 SF Class B Warehouse Building Built in 1996
SOLD
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Buyer & Seller Contact Info
Recorded Buyer:
True Buyer:
STAG Romulus 2 LLC
STAG Industrial, Inc.
1 Federal St
Boston, MA 02110
(617) 574-4777
Buyer Type: Public REIT
Recorded Seller:
True Seller.
Seller Type:
Bridgeway Development Corporation
Bridgeway Development Corporation
James Brown
835 Mason St
Dearborn, MI 48124
(313) 562-6200
Individual
Transaction Details
ID: 4343998
Sale Date:
Escrow Length:
Sale Price:
Asking Price:
Price/SF:
Price/SF Land Gross:
Percent Leased:
Tenancy:
Actual Cap Rate:
No. of Tenants:
Tenants at time of sale:
Parcel No:
Document No:
Sale History:
05/09/2018
$19,250,000 -Confirmed
$70.13
$18.62
100.0%
Single
7.42%
1
Yanfeng US Automotive
80-049-99-0001-707
54412-1482
Sold for $19,250,000 ($70.13/SF) on 5/9/2018
Sold for $9,100,000 ($33.15/SF) on 7/2/2002
Sale Type:
Bldg Type:
Year Built'Age:
RBA:
Land Area:
Investment
Warehouse
Built in 1996 Age: 22
274,500 SF
23.73 AC (1,033,679 SF)
Ryan )
Vestas CO 2019 Comparable Sales
Copyrighted report licersed to Ryan Property Tax Practice - 223840.
5/28/2019
Page 10
9800 Inkster
274,500
SF
Class
Rd
B Warehouse
SOLD
Building Built in 1996 (can't)
Transaction Notes
- - __- .s w..
STAG
$19.25
Industrial
million,
acquired the subject property from Bridgeway Development
or $111 per foot.
...ao.__
Corp (fka Plastechs).
... .—. ... . . ... . .. ., ..._ ...........
The 172,255 SF building traded for
The former
owner of Plastech
had
held
onto the real
estate when Plastech
was sold to Johnson Controls
and successor companies
(Yanfeng US Automotive) and this is hence not a sale
leaseback.
Yanfeng occupied the entire building at the time of the deal.
Income
Expense Data
Expenses - Taxes $152,978
- Operating Expenses
Total
Expenses
$152,978
Net
Income Net
Operating Income
$1,427,400
- Debt Service
- Capital
Expenditure
Cash Flcw
Current
Industrial
Information
ID: 681195
Bldg Type: Warehouse RBA: 274,500 SF
Bldg Status: Built in 1996 4 Leased: 100.0%
Rent/SFimo: - Stories: 1
Bldg
Vacant: 0 SF Total
Avail:
0 SF
Building
FAR: 0.27 Warehouse Avail:
0 SF
Office Avail:
0 SF CAM -
Max Contig: - Zoning- MT2, Romulus
Smallest
Space: - Owner Type: Public REIT
Land Area: 1,033,679 SF Owner Occupied:
No
Lot Dimensions: 1073x931 Tenancy: Single
Ceiling
Height: 46'0" Column
Spacing: 100'w x 100'd
Loading Docks: 22 ext (bldg. total)
Levelators:
16
ext
Cross Docks: - Crane:
6/30-40
tons
Drive Ins:
5/1210"w x 14'0"h
(total)
Const Type: Metal
Sprinklers:
Yes Rail Spots:
None
Rail
Line: None
Property Mix:
Industrial
158,447 SF (57.7%)
Office 13,778 SF (5.0%)
Expenses: 2018 Tax @ $0.56/sf
Utilities:
Heating, Sewer - City, Water - City
Parking: 250 free Surface Spaces are available; Ratio of 1.45/1,000 SF
Location
Information
Metro Market: Detroit
Submarket: Airport/I-275 Ind/Airport District Ind
County: Wayne
CBSA: Detroit -Warren -Dearborn, MI
CSA: Detroit -Warren -Ann Arbor, MI
DMA: Detroit, MI
Map(Page):
Rand McNally
4498-B6
Ryan
'./estas CO 2019 Comparable Sales
Copyrighted report /sensed to Ryar Property Tax Practice - 223840.
5/28/2019
Page 11
9800 Inkster Rd
274,500 SF Class B Warehouse Building Built in 1996 (con't)
SOLD
Parcel Number 80-049-99-0001-707
Legal Description: Por NE4 sec 13 T3S R9E
County: Wayne
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Ryan
Vestas CO 2019 CDmparable Sales
Copyrighted reportkersed to Ryan Property Tax Practice - 223840.
5/28/2019
Page 12
5
1011 14th St
Fort Lupton, CO 80621
Sale on 12/21/2015 for $6,000,000 (S63.47/SF) - Research Complete
94,535 SF Class C Manufacturing Building Built in 1973, Renov 2010
SOLD
i
We*
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500 Id::
Map cats .t2019 G
Buyer & Seller Contact Info
Recorded Buyer:
True Buyer:
Buyer Type:
Buyer Broker:
1011 Fort LLC
Merritt Equipment Company
Everett Merritt
9339 Brighton Blvd
Henderson, CO 80640
(800) 634-3036
Developer/Owner-RGN L
Unique Properties, Inc.
Sam Leger
(303) 321-5888
Timothy Finholm
(303) 321-5888
Recorded Seller:
True Seller:
Seller Type:
Listing Broker:
Transaction Details
Bach Composite Colo Inc
Bach Composite Colo Inc
Geert Skovsgaard
1011 14th St
Fort Lupton, CO 80621
(303) 857-2777
Corporate/User
Newmark Knight Frank
Kittie Hook
(303) 260-4395
Sale Date:
Escrow Length:
Sale Price:
Asking Price:
Price/SF:
Price/SF Land Gross:
Percent Leased:
Tenancy:
No. of Tenants:
Tenants at time of sale:
Financing:
Parcel No:
Document No:
Sale History:
12/21/2015 (950 days on market)
90 days
$6,000,000 -Confirmed
$6,000,000
$63.47
$8.53
100.0%
Single
1
Rader Properties
Down payment of $1,500,000.00 (25.0%)
$4,500,000.00 from Colorado State Bank & Trust
130932000019
4167098
Sold for $6,000,000 ($63.47/SF) on 12/21/2015
Sold for $2,600,000 ($27.50/SF) on 9/2/2009
Sale Type:
Bldg Type:
Year Built/Age:
RBA:
Land Area:
ID: 3476976
Owner User
Manufacturing
Built in 1973, Renov 2010 Age: 42
94,535 SF
16.14 AC (703,058 SF)
Ryan
'Jestas CO 2019 Comparable Sales
Copyrighted report licersed to Ryan Property Tax Practice - 223840.
5/28/2019
Page 13
1011
94,535
14th
SF
Class
St
C Manufacturing Building Built in 1973, Renov 2010 (con't)
SOLD
Transaction Notes
The buyer's
deferred maintenance
broker verified
or
thee
1031
94,535
exchanges.
SF industrial
building
sold
for $6 million.
There were no conditions
to the sale.
There
was no
This
is an expansion for the buyer, they will occupy the entire building
around April 2016. There was a small
sale
lease back
with the buyer
to allow for time to move/close
down. no further details
were available.
Income Expense Data
Expenses -Taxes $66,874
- Operating Expenses
Total
Expenses
$66,874
Current
Industrial
Information
ID:
1527719
Bldg
Type: Manufacturing RBA:
94,535 SF
Bldg
Status: Built
in 1973, Renov 2010 %,% Leased:
100.0%
Rent/SFr-no: - Stories:
1
Bldg
Vacant: 0 SF Total
Avail:
0 SF
Building
FAR: 0.13
Warehouse Avail:
0 SF
Office Avail:
0 SF CAM
-
Max Contig: - Zoning:
1-2
Smallest
Space: - Owner Type:
Individual
Land Area: 703,058 SF Owner Occupied:
Yes
Lot Dimensions: - Tenancy:
Single
Ceiling
Height:
18'0"-30'0" Column Spacing:
-
Loading Docks: 2 ext (bldg.
total)
Levelators:
-
Cross Docks: - Crane:
5
Drive Ins: 9 (total)
Const Type:
Steel
Sprinklers:
Yes Rail
Spots:
Yes
Rail
Line: None
Property Mix:
Office 8,800 SF (9.3%)
Expenses: 2016 Tax @ $0.78/sf
Power: 1200a/480v 3p
Parking: 142 Surface Spaces are available
Location
Information
Metro
Market: Denver
Submarket: Weld County
Ind/Weld County Ind
County: Weld
CBSA: Greeley, CO
CSA: Denver -Aurora, CO
DMA: Denver, CO -WY -NE
Ryan
Vestas CO 2019 Comparable Sales
Copyrighted report licensed to Ryan Property Tax Practice - 223840.
5/28/2019
Page 14
1011 14th St
94,535 SF Class C Manufacturing Building Built in 1973, Renov 2010 (con`t)
Parcel Number: 130932000019
Legal Description: -
County: Weld
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Plat Map: 1011 14th St
ai i.
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Ryan.)
Vestas CO 2019 Comparable Sales
Copyrighted report liversed to Rya'i Property Tax Practice - 22384C.
5/28/2019
Page 15
6
8201
Fort Smith,
Sale on
230,588
Chad
AR
3/2/2016
SF Class
Colley
72916
for
B
$10,700,000
Manufacturing
Blvd
($46.40iSF)
Building
Built
-
Research
in 2011
Complete
SOLD
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Buyer & Seller
Contact
Info
True Buyer:
Glatfelter
True Seller:
City of Fort Smith
96 S George St
623 Garrison Ave
York, PA 17401
Fort Smith, AR 72901
(717) 225-4711
(479) 784-2209
Buyer Type:
Corporate/User Seller
Type:
Government
Buyer Broker
CBRE Listing Broker:
CBRE
David Erstine
Steven Berger
(479) 301-2520
(214) 979-6333
Transaction Details
ID:
3541833
Sale
Date:
03/02/2016 (349 days on market) Sale
Type:
Owner User
Escrow Length:
- Bldg
Type:
Manufacturing
Sale
Price:
$10,700,000 -Confirmed Year Built/Age:
Built
in 2011 Age: 5
Asking Price:
- RBA:
230,588 SF
Price/SF:
$46.40 Land Area:
90 AC (3,920,400 SF)
Price/SF Land Gross:
$2.73
Percent Leased:
0.0%
Percent Improved:
94.9%
Total Value
Assessed:
$30,922,400 in 2015
Improved
Value
Assessed
$29,354,250
Land Value
Assessed:
$1,568,150
Land Assessed/SF:
$0.00
Parcel No:
15275-0001-00000-00
Document No:
000000F03296
Ryan
Vestas CO 2019 Comparable Sales
Copyrighted report licensed to Ryan Property Tax Practice - 223840.
5/28/2019
Page 16
8201 Chad Colley Blvd
230,588 SF Class B Manufacturing Building Built in 2011 (can't)
SOLD
Transaction Notes
On March 2, 2016, the 230,588 SF industrial building located at 8201 Chad Colley Blvd, Fort Smith, AR, sold for $10,700.000, or $46.40 per
SF. The property traded between the City of Fort Smith and Glatfelter.
The asset delivered in 2011, and is situated on 90 acres. Mitsubishi Pcwer Systems Americas broke ground on the facility in 2010, but it
was never used and eventually shuttered in 2012. The property was put on the market in January 2015.
The property features 30.000 SF of office space, and 200,588 SF of warehouse space. Additional features include: 374 parking spaces,
heavy electrical power, fully climate controlled, LEED certified, 52' clear height, six dock high loading doors with levelators, and is fully
sprinklered with an ESFR system.
The buyer is already occupying a portion of the building while they are building the space out. Full occupancy is expected in O2 2016. The
seller removed improvements such as cranes that the buyer would not utilize. Once the property is retrofitted, it is expected to create about
83 jobs.
Information was confirmed with sources deemed reliable.
Income Expense Data
Expenses
- Taxes
- Operating Expenses
Total Expenses
$175,021
$175,021
Current Industrial Information
ID: 9583236
Bldg Type:
Bldg Status:
Rent/SF/mo:
Bldg Vacant:
Building FAR:
Office Avail:
Max Contig:
Smallest Space:
Land Area:
Lot Dimensions:
Ceiling Height:
Loading Docks:
Cross Docks:
Drive Ins:
Sprinklers:
Rail Line:
Property Mix:
Expenses:
Power:
Manufacturing
Built in 2011
0 SF
0.06
0 SF
-
3,920,400 SF
-
27'0"-52`0"
6 ext (bldg. total)
6 (total)
ESFR
None
Industrial
Office
2017 Tax @, $0.18/sf
4000a/277v 3p
200,488 SF
30,000 SF
RBA:
% Leased:
Stories:
Total Avail:
Warehouse Avail:
CAM
Zoning:
Owner Type:
Owner Occupied:
Tenancy:
Column Spacing:
Levelators:
Crane:
Const Type:
Rail Spots:
(86.9%)
(13.0%)
Parking: 371 Surface Spaces are available; Ratio of 1.60/1,000 SF
Features: Fenced Lot
Location Information
230,588 SF
100.0%
0 SF
0 SF
I-1
Corporate/User
Yes
6 ext
20/17-90 tons
Steel
Yes
Metro Market:
Submarket:
County:
CBSA.
DMA:
Fort Smith
Outlying Sebastian County/Outlying Sebastian County
Sebastian
Fort Smith, AR -OK
Ft Smith -Fayetteville -Springdale -Rogers, AR -OK
Ryan
Vestas CO 2019 Comparable Sales
Copyrighted report Ihcersed to Ryai Property Tax Practice - 223840.
5/28/2019
Page 17
3741 Road
N
NE
- Xyleco
SOLD
7
Moses Lake,
Sale on 9/29/2015
613,325 SF
WA 98837
for $28,400,000 ($46.30/SF)
Ciass B Manufacturing Building
Built
- Research
in 2010
Complete
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Buyer & Seller
Contact Info
Recorded
True
Buyer: Xyleco
Buyer: Xyleco
Marshall
271
Woburn;
Realty
Inc
Salem
933-8720
Medoff
St
MA
Wa LIc Recorded Seller:
True Seller:
01801
Knauf Insulation
Knauf
Jon Pereira
1 Knauf
Shelbyville,
(317) 398-4434
Insulation
Dr
Inc
Gmbh
IN 46176
(781)
Buyer Type: Corporate/User
Seller Type: Corporate/User
Buyer Broker: No Buyer Broker on Deal
Listing Broker: Windermere Real
Ralph Kincaid
(509) 750-1822
Estate K-2 Realty
Transaction Details
ID:
3440875
Sale
Escrow
Sale
Asking
Price/SF:
Price/SF Land
Percent
Tenancy:
Transfer
Financing:
Legal
Parcel
Document
Length:
Leased:
Date:
Price:
Price:
Gross:
Desc:
Tax.
No:
No:
09/29/2015
180 days
$28,400,000
$30,677,000
$46.30
$4.02
0.0%
Single
$489,505
Down
Lot 1,
Sec 16,
110069400,
000001353418
payment
Block
Twnp.
(191
-Confirmed
180202000,
1,
days on market)
of $28,400,000.00
Guardian Major
19N, R 29 E.W.M.....See
120175300,
Plat;
Improved
(100.0%)
Ptn.
full
190449001,
Total
Land
Land
of FU 61,
legal description.
110077090
Year
Percent
Value
Value
Value
Blokc
Assessed/SF:
Land
Sale
Bldg
Built/Age:
Improved:
Assessed:
Assessed
Assessed:
41;
Type: Owner User
Type: Manufacturing
Built in 2010 Age: 5
RBA: 613,325 SF
Area: 162 AC (7,056,720 SF)
97.5%
$27,145,015
$26,473,550
$671,465
$0.00
Ptn FU 226, Block 41; Ptn of SW'/.
NW 1/4 of
Ryan
Vestas CO 2019 Comparable Sales
Copyrighted report licensed to Ryan Property Tax Practice - 223840.
5/28/2019
Page 18
3741
613,325
Road
SF Class
N
NE
B
-
Xyleco
SOLD
Building Built in 2010 (con't)
Manufacturing
Transaction Notes
transaction represents the sale
of an industrial
building
located in the Grant County/Moses Lake, Washington Market. The one-story,
This
reinforce concrete, 613,325ft2 building
sits on 162 acres or 7,056,720ft2 including
66 acres platted.
The buyers will
be the first to occupy the
asset since its construction was completed
in 2010.
Xyleco
Inc acquired the property from
Knauf
Insulation
on September 29, 2015 for a confirmed
sale
price of
$28.4 million
which
equates to
approximately $46 price per square foot. However, the sale
price included about $900,000 of undisclosed personal property. The recorded
sale
price for the real
estate only
was $27.5 million
which equates to approximately
$45 price per square foot.
The asset went on the market in 3O2015 with a listing
price of S30,677,000.
The escrow period was about 6 months (180 days).
The
building
features approximately
20
loading docks and 13 grade level
doors. The clear heights can range from 25' to 60'. The office
space is 17,500ft2 plus
595,825ft2 of warehouse/manufacturing space.
The seller's
motivation behind
the sale
was not disclosed.
However,
this may be a growth expansion for the buyer.
The seller did
use external broker representation. The buyer's representative was internal.
As of the date of publication
a deed of trust was not located in public record. The property taxes total approximately $408,393 for the four
parcels.
The information in this
comparable
report was verified by the seller and/or buyer representative(s), marketing
materials
and public
record.
Income Expense Data
L
Expenses - Taxes $408,393
- Operating Expenses
Total Expenses
$408,393
Current Industrial Information
ID: 9640417
Bldg
Type: Manufacturing RBA: 613,325
SF
Bldg Status: Built in 2010 % Leased: 100.0%
Rent/SF/mo: - Stories: 1
Bldg Vacant: 0 SF Total Avail: 0 SF
Building
FAR: 0.09 Warehouse Avail:
0 SF
Office Avail:
0 SF CAM
-
Max Contig: - Zoning: HI
Smallest
Space: - Owner Type: Corporate/User
Land Area: 7,056,720 SF Owner Occupied: No
Lot Dimensions: - Tenancy: Single
Ceiling
Height:
25`0"-60'0" Column
Spacing: -
Loading Docks: 20 ext
(bldg.
total)
Levelators:
-
Cross Docks: - Crane: -
Drive
Ins: 13
(total)
Const Type: Reinforced Concrete
Sprinklers:
- Rail
Spots: -
Rail Line: None
Property Mix: Industrial 595,825 SF (97.1%)
Office 17,500 SF
(2.9%)
Expenses: 2019 Tax @ $1.18/sf
Location Information
County: Grant
CBSA: Moses Lake, WA
CSA: Moses Lake
-Othello,
WA
DMA: Spokane, WA -ID -MT -OR
Ryan )
`fiestas CO 2019 Comparable Sales
Coprigh-ed report licensed to Ryan Property Tax Practice - 223840.
5/28/2019
Page 19
8
1
Chattanooga,
Sale
416,149
029 W 19th
on 5/29/2018
SF Class
TN
St
37408
for
A
- Riverfront
$15,000,000 ($36.04/SF)
Manufacturing Building
Chattanooga
Built
- Research
in 2009
Complete (Part of Multi
SOLD
-Property)
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Buyer & Seller Contact
Info
Recorded Buyer:
West End Property II LLC Recorded Seller:
Aistom
Power Turbomachines. LLC
True Buyer.
Urban Story Ventures True Seller:
General Electric Company
Jimmy White 33-41 Farnsworth St
736-N
Georgia Ave Boston, MA
02210
Chattanooga, TN 37402 (617)
443-3000
(423) 498-2513
Buyer Type:
Individual Seller Type: Corporate/User
Buyer Broker:
Newmark Knight Frank Listing Broker:
CBRE
Michael
Reid Sim Wilson
(404) 307-6900 (423) 498-2800
Aaryn Wilson
(423) 498-2800
- .......
Details ID:
....w.... ,.
4285815
Transaction
„
. .-...,. .••.•,•••••••
Sale
Date:
05/29/2018 (341 days on market)
Sale
Type: Investment
Escrow Length:
- Bldg
Type: Manufacturing
Sale
Price:
$15,000,000
Year Built/Age:
Built in 2009 Age: 9
-Confirmed
Asking Price:
- RBA: 416,149
SF
Price/SF:
$36.04 Land Area: 64.23 AC (2,797,859
SF)
Price/SF Land Gross:
$5.36
Percent Leased:
0.0%
Tenancy:
Multi
Sale Conditions:
High Vacancy Property,
Redevelopment Project
Transfer Tax:
$55,500
Legal Desc:
Metes and Bounds... See full legal description. Exhibit A.
Document No:
11360-0381
Sale
History:
Portfolio
sale
of 2 properties sold for $30,000,000 ($29.20/SF) on 5/29/2018
Sold
for $3,500,000
($8.41/SF) on 2/23/2015
Ryan
Vestas CO 2019 CDrnparable Sales
Copyrighted report licensed to Ryan Property Tax Practice - 223840.
5/28/2019
Page 20
1029
416,149
W 19th
SF
Class
St
A
-
Manufacturing
Riverfront
Building
Chattanooga
Built
in 2009
(con't)
SOLD
Transaction Notes
This transaction represents the sale
of an industrial property located
in the Hamilton County, Chattanooga, TN Market.
The buyers acquired the assets on May
29, 2018
for the purchase price of $30MM
which equates to about $26 price per square foot.
The
sale
consisted of two industrial
buildings
totaling
about 1,146,394ft2.
Several attempts were made to reach out to both the buyer and seller representatives. Both declined to
any
confirm, verify, or disdose
information. Information in this comparable
report was obtained via websites and public
record.
Note: Plat map was not available
at the time of publication.
Income
Expense Data
Expenses - Taxes $388,449
- Operating Expenses
Total Expenses
$388,449
Current Industrial
Information
ID: 7281105
Bldg
Type: Manufacturing RBA: 416,149
SF
Bldg Status: Built in 2009 % Leased: 100.0%
Rent/SF/mo: - Stories: 1
Bldg
Vacant: 0 SF Total
Avail:
0 SF
Building FAR: 0.15 Warehouse Avail:
0 SF
Office Avail:
0 SF CAM
-
Max Contig: - Zoning: M-1
Smallest Space: - Owner Type: Individual
Land Area: 2,797,859 SF Owner Occupied: No
Lot Dimensions: - Tenancy: Multi
Ceiling
Height:
23'0"-75'0" Column
Spacing: -
Loading Docks: 10 ext (bldg.
total)
Levelators:
-
Cross Docks: - Crane: 14/100-509 tons
Drive Ins:
15
(total)
Const Type:
Steel
Sprinklers:
Wet Rail
Spots: Yes
Rail
Line: Norfolk Southern
Property Mix:
Industrial
407,949 SF (98.0%)
Office 8,200 SF (2.0%)
Expenses: 2018
Tax @ $0.93/sf
Power: Heavy
Utilities:
Gas,
Heating, Lighting,
Sewer, Water
Parking: 500 free Surface Spaces are available;
Ratio of 0.93/1,000 SF
Features: Air Conditioning, Cooler,
Fenced Lot, LEED Certified - Gold,
Waterfront
Location
Information
Second Address: 1201 Riverfront Pky
Metro Market: Chattanooga
Submarket: CBD/CBD
County: Hamilton
CBSA: Chattanooga. TN -GA
CSA: Chattanooga -Cleveland
-Dalton, TN -GA -AL
DMA: Chattanooga, TN -GA -NC
Ryan
Vestas CO 20'9 Comparable Sales
Copyrigh:ed report licensed to Rya-) Property Tax Practice - 22384D.
5/28/2019
Page 21
9
5000
Franklin,
Sale on
252,000
Commerce Center
OH 45005
5125/2018 for $7,950,000 ($31.55/SF)
SF Class B Manufacturing
Dr - 5000
Building Built
-
Commerce
Research
in 1998
Center
Complete
Drive SOLD
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at
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,
NVION Pali! eh • .
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its mumaserms
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J
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Buyer & Seller Contact Info
Recorded Buyer: Certa Franklin, LLC Recorded Seller:
True Buyer: - True Seller:
Buyer Broker Dwyer Commercial Real Estate, LLC Listing Broker:
Kevin Dwyer
Dayton
Cox
1611
Dayton,
(888)
Miller
Steve
Newspapers,
Media
S Main
OH
802-6964
-Valentine
Peters
Inc.
Group Ohio Inc.
St
45409
Group Realty
Services
(513) 784-1776 (937) 469-8277
Aaron Savino
(937) 469-8269
Transaction Details ID:
4277879
Sale
Escrow
Date: 05/25/2018
Length: 90 days
(240 days on market)
Sale
Bldg
Type: Owner
Type: Manufacturing
User
Asking
Price/SF Land
Percent
Sale
Price/SF:
Price: $7,950,000
Price: $8,100,000
$31.55
Gross: $3.21
Leased: 100.0%
-Confirmed Year Built/Age:
Land
Built
RBA: 252,000
Area: 56.80
in 1998 Age: 20
SF
AC (2,474,208 SF)
Ryan.)
Vestas CO 2019 Comparable Sales
Copyrighted report licensed to Ryan Property Tax Practice - 22384D
5/28/2019
Page 22
f
5000
252,000
Commerce Center
SF Class B Manufacturing
Dr - 5000 Commerce Center
Building Built in 1998 (can't)
Drive
SOLD
Transacticn Notes
On May
square
Group's
million.
Delivered
The seller,
The closing
The deed
25, 2018, the
foot. At the time
printing facility
in 1998. this
Cox Media
date, sale
was unavailable
252,000
of the
for the
manufacturing/warehouse
Group
price,
Ohio,
and
at the
SF
sale,
Dayton
industrial
the building
Daily
was motivated
parties involved
time of publication.
News.
property
was
This
facility
to
were
not
at 5000
occupied
property
fronts
divest in
verified
Commerce
1-75
the
by
was
and
propety
with the
a tenant.
added
listing
Center
to
sits on
because
broker.
Drive
However,
the
56
in Franklin, OH
the building
market in September
acres.
its printing operations
sold
was
2017
for
previously
were
$7,950,000,
with
moved
a listing
or $31.55
used as Cox Media
price of
to Indianapolis.
per
$8.1
Income
Expense Data
Expenses
- Operating
Total
- Taxes
Expenses
Expenses
$65,921
$65,921
Current Industrial Information
ID:
10462335
Bldg
Rent/SF/mo:
Bldg
Building
Smallest
Lot Dimensions:
Ceiling
Loading
Cross
Office
Max
Land
Bldg
Sprinklers:
Expenses:
Drive
Rail
Status:
Vacant:
Contig:
Space:
Height:
Docks:
Docks:
Power:
Type:
FAR:
Avail:
Area:
Line:
Ins:
Manufacturing
Built
$0.31
252,000
0.10
0
252,000
84,000
2,474,208
-
24'0"-60'0"
13
-
1
-
None
2018
6000a/480v
SF
ext
(total)
in
Tax
1998
SF
(bldg.
SF
SF
SF
total)
@ $0.26/sf
3p
Location
Warehouse
Owner
Column
Information
To Leased:
Total
Owner
Occupied:
Tenancy:
Spacing:
Levelators:
Const
Rail
RBA:
Stories:
Avail:
Avail:
CAM
Zoning:
Type:
Crane:
Type:
Spots:
252,000
-
3
252,000
252,000
-
-
SF
SF
SF
Corporate/User
No
Single
-
-
-
-
-
Metro rvlarket:
Submarket:
County:
CBSA:
CSA:
DMA:
Cincinnati/Dayton
Northern Cincinnati
Warren
Cincinnati, OH
Cincinnati -Wilmington
Cincinnati, OH
-KY
-IN
-IN
-KY
Ind/Monroe/Middletown
Ind
-Maysville, OH -KY -IN
Ryan J
Vestas CO 2019 Comparable Sales
Copyrighted report licensed to Ryan Property Tax Practice - 223840.
5/28/2019
Page 23
284
10 Newberry
Newberry,
Sale
453,000
on
Mawsons
Industrial
SC
7/14/2017
SF Class
29108
for
A
Way
Park
$14,000,000
Manufacturing
- Samsung -
($30.91 /SF)
Building Built
Newberry
-
Research
in 2006
Complete
Industrial
Park
SOLD
•
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. _.,
.
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4
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Map data :2019Goc)e
Buyer & Seller
Contact
Info
Recorded Buyer: - Recorded
True Buyer: Samsung Telecommunications of True
Seller:
Seller:
F G Wilson
Caterpillar
USA LLC
Inc.
America, LLC 510
Lake
Cook Rd
Alejandro
Rivero Deerfield.
IL
60015
6625 Declaration
Blvd
(309) 675-1000
Plano,
TX 75023
(972)
761-7000
Buyer Type: Corporate/User Seller Type: Corporate/User
Listing Broker:
Newmark Knight
Frank
Arthur Ross
(860) 678-2222
Newmark
Knight
Frank
Tommy Turner
(704)
236-3966
Newmark Knight Frank
Robert Blackman
(610)
755-6926
Transaction Details
ID: 3940455
Sale
Date: 07/14/2017 (221 days on market)
Sale
Type: Owner User
Escrow Length: - Bldg
Type: Manufacturing
Sale
Price: $14,000,000 -Full
Value
Year Built/Age:
Built
in 2006 Age: 11
Asking Price: $17,650,000 RBA: 453,000 SF
Price/SF: $30.91 Land Area: 50 AC (2,178,000 SF)
Price/SF Land Gross: $6.43
Percent
Leased: 100.0%
Tenancy: Single
Percent
Improved: 94.3%
Total Value Assessed: $17,694,300 in 2016
Improved
Value
Assessed $16,694,300
Land Value
Assessed: $1,000,000
Land Assessed/SF: $0.00
Ryan
Vestas CO 2019 Comparable Sales
Copyrighted report licensed tc Ryan Property Tax Practice - 223840.
5/28/2019
Page 24
284 Mawsons Way - Samsung - Newberry Industrial Park SOLD
453,000 SF Class A Manufacturing Building Built in 2006 (can't)
Parcel No: 451-9
Document No: 1986-0071
Sale History:
Sold on 11/22/2017 Non -Arms Length
Sold for $14,000,000 ($30.91 /SF) on 7/14/2017
Transaction Notes
Samsung Telecommunications of America, LLC acquired the industrial property at 284 Mawsons Way in Newberry, SC for $14 million, or
about $30.91 per square foot, on July 14, 2017.
284 Mawsons Way is a one-story 453,000 -square foot manufacturing facility. It was vacant at the time of the sale, and has been vacant
since July 2016. The building was last occupied by Caterpillar, Inc.
The seller was represented. It is not known if the buyer had any representation.
The buyer intends to occupy the property in early 2018 after completing extensive renovations on the property.
As we have not been able to contact the parties involved, we have not been able to obtain additional information about the property or the
transaction.
The plat map was not available at the time of publication.
Current industrial Information
ID: 7553148
Bldg Type:
Bldg Status:
Rent/SF/mo:
Bldg Vacant:
Building FAR:
Office Avail:
Max Contig:
Smallest Space:
Land Area:
Lot Dimensions:
Ceiling Height:
Loading Docks:
Cross Docks:
Drive Ins:
Sprinklers:
Rail Line,
Property Mix:
Power:
Utilities:
Parking:
Features:
Manufacturing
Built in 2006
0SF
0.21
0 SF
2,178,000 SF
41'0"-50'0"
7 ext (bldg. total)
1/9'0"w x 10'0"h (total)
Wet
None
Industrial 420,000 SF
Office 33,000 SF
4000a/277 -480v 3p 4w
Gas - Natural, Heating - Gas, Lighting, Sewer - City, Water - City
688 free Surface Spaces are available; Ratio of 1.52/1,000 SF
Air Conditioning
RBA:
% Leased:
Stories:
Total Avail:
Warehouse Avail:
CAM
Zoning:
Owner Type:
Owner Occupied:
Tenancy:
Column Spacing:
Levelators:
Crane:
Const Type:
Rail Spots:
(92.7%)
(7.3%)
Location information
453,000 SF
100.0%
0 SF
0 SF
Corporate/User
Yes
Single
25'w
7 ext
5/10-60 tons
Reinforced Concrete
Park Name:
County:
CBSA:
CSA:
DMA:
Newberry Industrial Park
Newberry
Newberry, SC
Columbia -Orangeburg -Newberry, SC
Columbia, SC
Ryan)
Vestas CO 2019 Comparable Sales
Copyrighted report I!cersed to Ryar Property Tar. Practice - 223840.
5/28/2019
Page 25
11
6800
Sherman,
Sale
693,404
Highway
11/6/2017
SF
75 S
75090
for $20,000,000 ($28.84/SF)
B Manufacturing Building
- Research Complete
Built in 1998
SOLD
TX
Class
on
.f -
in
s
O,1
/
.,
allirlite
itr - - ':;.•
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i1111 I
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Buyer& Seller
Contact Info
Recorded Buyer:
Finisar Sherman
LLC
Recorded Seller: MEMC Southwest
Inc.
RE Holdco
True Buyer:
Finisar Corporation
True Seller: SunEdison Inc
1389-1399
Moffett Park Dr
2 CityPlace
Dr
Sunnyvale,
CA 94089
Saint Louis, MO 63141
(408) 548-1000
(443)
909-7200
Buyer Type_
Corporate/User
Seller
Type: Corporate/User
Buyer Broker:
No Buyer Broker on Deal
Listing Broker: Keen -Summit Capital Partners LLC
Heather
Milazzo
(646) 381-9222
Christopher Mahoney
(646) 381-9222
Binswanger
Holmes Davis
(972)
663-9494
Transaction Details
ID:
4054760
Sale
Date:
11/06/2017 (365 days on market)
Sale
Type: Owner User
Escrow Length:
13 days
Bldg
Type: Manufacturing
Sale
Price:
$20,000,000
Year Built/Age:
Built
in 1998 Age: 19
-Confirmed
Asking
Price:
$21,900,000
RBA: 693,404 SF
Price/SF:
$28.84
Land Area: 78.49 AC (3,419,199 SF)
Price/SF Land Gross:
$5.85
Percent Leased:
0.0%
Tenancy:
Single
Percent Improved: 90.3%
Sale Conditions:
Auction Sale, High Vacancy
1 otal Value Assessed: $20,047,846 in 2017
Property, Bankruptcy Sale
Improved Value Assessed $18,099,587
Land Value
Assessed: $1,948,259
Land
Assessed/SF: $0.00
Financing:
Down payment of $20,000,000.00
(100.0%)
Ryan J
Vestas CO 2019 Comparable Sales
Copyrighted report licensed tc Ryan Property Tax Practice - 223840.
5/28/2019
Page 26
6800
693,404
Highway
SF
Class
75 S
B Manufacturing Building Built
SOLD
in 1998 (con't)
.
Document
Legal
Parcel
Desc:
Final
No: 127622
No: 24816
Plat
of MEMC Southwest Addition, City of Sherman, Vol
11 pg 1
Transaction Notes
Finisar Corporation acquired
or about $28.84 per square foot,
the
industrial
on
November
property
at
6, 2017.
6800 Highway
75 S in
TX from SunEdison Semiconductor for $20 million,
Sherman,
6800 Highway
75 S is a 693,404 -square foot silicon wafer manufacturing
facility.
The property
has been vacant since December 2011.
The property was sold
in a bankruptcy auction sale
with the buyer acquiring the property with a stalking
horse bid.
The property
going under contract
has been on and off the market
for 13 days and closing
for the
after
the
sale
bankruptcy
for the
last 5 years.
court approved
It was
the
listed
sale.
on the market
for approximately
1 year before
The
seller
was represented.
The
buyer represented themselves.
This was an all cash
deal.
It is not known when
the
buyer intends to occupy the property.
A press release
source deemed
issued
reliable.
by the listing brokers confirmed the RBA, sale
price, and the parties involved.
Additional details were
by a
confirmed
The plat
map was not available
at the time of publication.
Income Expense Data
Expenses - Taxes $502,974
- Operating Expenses
Total
Expenses
$502,974
Ryan:)
Vestas CO 2019 Comparable Sales
Copyrighted report licensed to Ryan Property Tax Practice - 223840.
5/28/2019
Page 27
6800 Highway 75 S
693,404 SF Class B Manufacturing Building Built in 1998 (con't)
SOLD
Current Industrial Information
ID: 575490O
Bldg Type:
Bldg Status:
Rent/SF:rno:
Bldg Vacant:
Building FAR:
Office Avail:
Max Contig:
Smallest Space:
Land Area:
Lot Dimensions:
Ceiling Height:
Loading Docks:
Cross Docks:
Drive Ins:
Sprinklers:
Rail Line:
Property Mix:
Expenses:
Power:
Manufacturing
Built in 1998
-
O SF
0.20
O SF
3,419,199 SF
15'0"-45'0"
Yes (bldg. total)
Yes (total)
Wet
None
industrial
Office
2018 Tax @ $0.78/sf
Heavy
518,376 SF
175,028 SF
RBA:
Leased:
Stories:
Total Avail:
Warehouse Avail:
CAM
Zoning:
Owner Type:
Owner Occupied:
Tenancy:
693,404 SF
100.0%
3
O SF
O SF
M1.5
Corporate/User
Yes
Single
Column Spacing:
Levelators:
Crane: Yes
Const Type: Masonry
Rail Spots:
(74.8%)
(25.3%)
Parking: 580 free Surface Spaces are available; Ratio of 0.84/1,000 SF
Features: Air Conditioning
Location Information
Cross Street:
County:
CBSA:
CSA:
DMA:
W Shepherd Dr
Grayson
Sherman -Denison, TX
Dallas -Fort Worth, TX -OK
Sherman -Ada, OK -TX
Ryan J
Vestas CO 2019 Comparable Sales
Copyrighted report Incensed to Ryan Property Tax Practice - 223840.
5/28/2019
Page 28
12
1800
Conway,
Sale
288,137
Sturgis
AR 72034
on 6/11/2018
SF Class
for
B
Rd
$4,400,000
Manufacturing
-
Nucor
($15.27/SF)
Building
Fastener
- Research Complete
Built in 1995
SOLD
1
•
eV
1 ;
Or
i t
ISSOfd
i
Map datai2019 Goo<g,r
Goggle
Buyer & Seller Contact Info
Recorded Buyer: 287 Partnership LLC Recorded Seller:
Nucor Corporation
True
Buyer: Eliken Property Management True Seller:
Nucor Corporation
Eli Zami 1915
Rexford Rd
150 W 28th St Charlotte,
NC 28211
New York,
NY 10001 (704) 366-7000
(212)
290-8330
Buyer Type: Developer/Owner-RGNL
Seller Type:
Corporate/User
Listing Broker:
Binswanger
Holmes Davis
(972) 663-9494
Transaction Details ID:
4292278
Sale
Date: 06/11/2018
(2,624
days on market)
Sale
Type: Investment
Escrow Length: - Bldg
Type: Manufacturing
Sale
Price: $4,400,000 -Confirmed Year Built/Age:
Built
in 1995
Age: 23
Asking Price: $6,800,000 RBA: 288,137
SF
Price/SF: $15.27
Land Area: 124
AC (5,401,440
SF)
Price/SF
Land Gross: $0.81
Percent
Leased: 0.0%
Tenancy: Single
Percent Improved:
83.1%
Sale
Conditions: High Vacancy Property Total
Value
Assessed:
$8.543,950 in 2017
Transfer Tax: $14,520 Improved
Value
Assessed $7,099,850
Land Value
Assessed: $1,444,100
Land Assessed/SF: $0.00
Parcel No: 710-08165-000
Ryan J
Vestas CO 2019 Comparable Sales
Copyrighted report licensed tc Ryan Property Tax Practice - 223840.
5/28/2019
Page 29
1800 Sturgis Rd - Nucor Fastener
288,137 SF Class B Manufacturing Building Built in 1995 (Don't)
SOLD
Current Industrial Information
ID: 816837
Bldg Type:
Bldg Status.
Rent/SF'ma:
Bldg Vacant:
Building FAR:
Office Avail:
Max Contig:
Smallest Space:
Land Area:
Lot Dimensions:
Ceiling Height:
Loading Docks:
Cross Docks:
Drive Ins:
Sprinklers:
Rail Line:
Property Mix:
Expenses:
Power:
Utilities:
Parking:
Metro Market:
Submarket:
County:
CBSA:
CSA:
DMA:
Manufacturing
Built in 1995
$0.21
288,137 SF
0.05
0 SF
288,137 SF
288,137 SF
5,401,440 SF
32'0"-60'0"
13 ext (bldg. total)
10/9'0"w x 12'0"h (total)
Union Pacific Railroad
RBA:
% Leased:
Stories:
Total Avail:
Warehouse Avail:
CAM
Zoning:
Owner Type:
Owner Occupied:
Tenancy:
Column Spacing:
Levelators:
Crane:
Const Type:
Rail Spots:
Industrial 266,988 SF (92.7%)
Office 21,149 SF (7.3%)
2017 Tax @ $0.30/sf
4000a/277 -480v 3p 4w
Gas - Natural, Heating - Gas, Sewer - City, Water - City
175 free Surface Spaces are available; Ratio of 0.61/1,000 SF
Location Information
Little Rock/N Little Rock
Faulkner County/Faulkner County
Faulkner
Little Rock -North Little Rock -Conway, AR
Little Rock -North Little Rock, AR
Little Rock -Pine Bluff, AR
288,137 SF
a
1
288,137 SF
288,137 SF
-
n
Developer/Owner-RGNL
No
Single
25'w x 100'd
8 ext
5/5-25 tons
Metal
Yes
Ryan )
Vestas CO 20'9 Comparable Sales
Copyrighted report 'tensed to Ryan Property Tax. Practice - 22384C.
5/28/2019
Page 30
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