Appraisal Report

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Appraisal Report R E A L E STATE A PPRAISAL R EPORT VALUATION SERVICES Real Estate Appraisal Consulting Litigation Estate Planning Feasibility Analysis Rent Surveys PROPERTY TYPES Land Subdivisions Multi-Family Single-Family (Photo taken July 3, 2019, #12217-98) Industrial Office Medical Retail F O R M E R M I C R O S O F T B UILDING Public 26755 SW 95th Avenue Religious Parks / Open Space Wilsonville, Oregon 97070 Farms / Agricultural Specialty R E P A R E D OR P F Brady Ricks, Real Estate Services Manager Oregon Department of Administrative Services SERVING 1225 Ferry Street SE, U100 Oregon Salem, Oregon 97301 Washington Idaho Northern California P R E P A R E D B Y John C.A. Gillem Powell Banz Valuation, LLC Jonathan B. Banz, MAI 201 Ferry Street SE, Suite 300 PBV File Number: P191319 Salem, Oregon 97301 (503) 371-2403 voice (503) 371-2613 fax www.powellbanz.com E F F E C T I V E D ATE O F V ALUE As Is Date of Value: July 3, 2019 Powell Banz Valuation,LLC L L C I n c July 16, 2019 Brady Ricks, Real Estate Services Manager Oregon Department of Administrative Services 1225 Ferry Street SE, U100 Salem, Oregon 97301 RE: FORMER MICROSOFT BUILDING 26755 SW 95th Avenue Wilsonville, Oregon 97070 Dear Mr. Ricks: As requested, the captioned property has been valued using generally accepted appraisal principles and practices. This appraisal report is intended to comply with the development and report requirements of the Uniform Standards of Professional Appraisal Practice (USPAP) and the Appraisal Institute. A copy of your professional service agreement is included in the Addenda. The subject is identified as a 175,600 SF manufacturing warehouse located on 425,146 SF (9.76 AC) of industrially zoned land in Wilsonville, Oregon. The improvements were formerly occupied by Microsoft for the design and manufacturing of the Surface Hub tablet. The building is equipped with a corporate style Class-A office, manufacturing floor, clean rooms, labs and shipping/receiving warehouse. We have performed no services as appraisers or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this agreement. 201 Ferry Street SE, Suite 300, Salem, Oregon 97301 Voice: 503.371.2403 / Fax: 503.371.2613 [email protected] Brady Ricks July 16, 2019 Oregon Department of Administrative Services Page 2 Based upon our investigation and analysis of available information, the concluded value under the requested scenario is: MARKET VALUE SCENARIOS DATE VALUE “As Is” Value – Fee Simple July 3, 2019 $23,950,000 Estimated Marketing/Exposure Time Approximately One year This appraisal is subject to the conditions and comments presented in this report. If any questions arise concerning this report, please contact the undersigned. Sincerely, POWELL BANZ VALUATION, LLC John C. A. Gillem OR State Certified General Appraiser No. C001372 Expiration Date: October 31, 2020 Jonathan B. Banz, MAI OR State Certified General Appraiser No. C000896 Expiration Date: June 30, 2020 JBB:jcag Appraisal Report P191319 POWELL BANZ VALUATION, LLC © 2019 TABLE OF CONTENTS Transmittal Letter INTRODUCTION Executive Summary .............................................................................................................. 1 Preliminary Appraisal Information ......................................................................................... 2 Assumptions and Limiting Conditions .................................................................................... 8 DESCRIPTION Subject Maps ...................................................................................................................... 11 Description .......................................................................................................................... 15 Subject Photographs ........................................................................................................... 30 Building Diagram ................................................................................................................. 50 MARKET ANALYSIS/HIGHEST & BEST USE Market Analysis/Highest & Best Use ................................................................................... 51 VALUATION METHODS Valuation Methods .............................................................................................................. 60 INCOME APPROACH Income Approach ................................................................................................................ 62 Lease Comparable Tabulation Chart and Adjustment Grid ................................................. 67 Lease Comparable Maps .................................................................................................... 68 Income Approach Summation Table ................................................................................... 73 SALES COMPARISON APPROACH Sales Comparison Approach ............................................................................................... 74 Improved Sales Tabulation Chart and Adjustment Grid ....................................................... 78 Improved Sales Maps ......................................................................................................... 79 ANALYSIS OF VALUE CONCLUSIONS Analysis of Value Conclusions ............................................................................................ 80 CERTIFICATION OF APPRAISAL Certification of Appraisal ..................................................................................................... 81 ADDENDA Professional Service Agreement Taxes, Assessment Data, Deed & Legal Description Purchase and Sale Agreement Regional Description Appraiser Qualifications Appraiser Certifications POWELL BANZ VALUATION, LLC © 2019 EXECUTIVE SUMMARY PROPERTY INFORMATION Property Name: Former Microsoft Building Address: 26755 SW 95th Avenue Wilsonville, Oregon 97070 Tax Account Number: 01420000 Map/Tax Lot: 31W11 1903 Property Type: Industrial Current Use: Specialty Manufacturing Proposed Use: N/A Owner of Record: North Wilsonville Associates BUILDING CHARACTERISTICS Number of Buildings: 1 Number of Tenants: To be owner occupied by buyer Gross Building Area: 175,600 SF Footprint Area: 162,600 SF Percent Occupied: 100.00% upon closing Year Built: 1995/2015 renovation Clear Heights 26 feet Condition: Very Good Substantial Deferred Maintenance: None SITE CHARACTERISTICS Land Area: 425,146 SF (9.76 AC) Zoning Designation: PDI – Planned Development Industrial Conforming Use: Yes HIGHEST AND BEST USE As if Vacant: Industrial: distribution oriented use As Improved: Existing improvements Excess / Surplus Land: None VALUATION INFORMATION Site Valuation: Not Presented Cost Approach: Not Presented Income Approach: $24,100,000 Sales Comparison Approach: $23,705,000 VALUE CONCLUSION Effective Date of Value Value Conclusion Concluded “As Is” Market Value: July 3, 2019 $23,950,000 Allocation for Furniture, Fixtures and Equipment: None P191319 POWELL BANZ VALUATION, LLC © 2019 1 PRELIMINARY APPRAISAL INFORMATION SCOPE OF WORK Scope of Work is defined in 2018-2019 USPAP as “the type and extent of research and analyses in an assignment.” The scope of work addresses the application and extent of the development process. It can include, but is not limited to: the extent to which the property is identified, the extent to which tangible property is inspected, the type and extent of data researched and the type and extent of analyses applied to arrive at opinions or conclusions. The seven items used in defining the scope of work and the proposed solution are discussed in detail below: This appraisal report is designed to inform the reader of all factors influencing the property’s value in a clear and concise manner. The Preliminary Appraisal Information sections provide an overview of the property and general information. The Description section starts with general regional issues and proceeds to more specific issues directly related to the property. The Highest and Best Use section establishes the premise upon which the property is valued. The goal of the appraisers is to produce a credible value conclusion. Credible is defined in 2018-2019 USPAP as “worthy of belief.” In order to conclude a credible market value opinion, a meeting of the minds between the client and appraisers determined that the Valuation section focuses on the "as is" market value of the fee simple interest in the subject property. It describes the Income Capitalization and Sales Comparison Approaches, and includes comparable information, application of market information to the subject, and valuation analysis. The approaches utilized are reconciled into final value conclusions as applicable. All comparable data has been verified by either a party to the transaction or an agent, unless otherwise identified. Supporting information is attached in the Addenda. CLIENT AND INTENDED USER The client for this appraisal is the Oregon Department of Administrative Services. OTHER INTENDED USERS Other intended users may include the client’s regulatory agencies, legal and accounting professionals. INTENDED USE The purpose of this appraisal is to estimate market values, in fee simple, under the applicable scenarios, as described in this report. Without prior written approval from the authors, the intended use of this report is limited to decision-making regarding an acquisition of the subject property by the client. All other uses are expressly prohibited. Reliance on this report by anyone other
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